PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284089
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1284089
According to Stratistics MRC, the Global Hazardous Waste Handling Automation Market is accounted for $30.48 billion in 2022 and is expected to reach $55.61 billion by 2028 growing at a CAGR of 10.54% during the forecast period. Automation of hazardous waste handling is the method of handling hazardous wastes with machines. This can range from classifying and moving the material to actually destroying it. Automation of hazardous waste handling is growing in popularity as businesses explore for solutions to lessen their environmental effect.
According to the US Energy Information Administration, around 85 pounds of MSW can be burned as fuel to produce energy for every 100 pounds of MSW in the US as of December 2022.
The use of waste management by the automotive industry has grown as a result of concerns that rising raw material consumption could result in their depletion. As a result, steps are being taken to use the resources wisely and manage the trash effectively. The automation solutions also help in controlling the expenditure toward healthcare treatment caused by the after-effects of these hazardous wastes on population.
Mismanagement of hazardous waste has a negative impact on the environment in addition to human dangers. If managed improperly, hazardous waste can have severe effects on the environment including contamination, and pollution. Mishandling hazardous waste can result in spills, fires, explosions, reactions, and the exposure of poisonous substances, among other potential concerns. Therefore, these elements are impeding the market's expansion.
To minimise the harm to the environment and people's health, the transporters have received training in handling emergency situations. The safety of hazardous waste transportation will therefore be further improved by such laws applicable to the transporters. Moreover, by implementing automation solutions, efficiency can be increased, which can lead to better profit margins. This element will have a favourable effect on market expansion.
Workers engaged in the collection, sorting, and washing procedures are exposed to chemical dangers due to residues of hazardous chemicals in recyclable containers and the related gaseous emissions. Chlorine, fluorine, pulping and bleaching agents are some of the chemicals that are dangerous. During the forecast period, these occupational dangers will be a barrier to the expansion of the global automated hazardous waste handling market.
The COVID-19 pandemic 2020 has had a significant impact on nations in the area, including India, Australia, and China. During the forecast period, the hazardous waste handling market is anticipated to recover and grow due to rising pharmaceutical and biopharmaceutical company research efforts to create vaccines and medications for the treatment of disease-affected patients, an increase in construction activity, and rising awareness of waste management to comply with environmental pollution regulations.
The telescoping masts segment is estimated to have a lucrative growth. Telescoping Masts are a kind of automated system for handling hazardous waste that is utilised in a variety of industries, including manufacturing, chemical, and energy. It aids in the decrease of the products' size and weight. The biggest benefit of adopting this kind of system is how simple it is to install and run. Recycling can also be done with this technology.
The manufacturing segment is anticipated to witness the fastest CAGR growth during the forecast period, due to it is one of the main sources of hazardous waste. A significant amount of hazardous waste is produced as a result of the numerous production procedures. The manufacturing industry makes substantial use of hazardous waste handling automation to handle and dispose of this material.
North America is projected to hold the largest market share during the forecast period owing to growing government restrictions and public awareness of environmental protection are also anticipated to support market expansion in region. The nation has a strong industrial and chemical sector, which is expected to fuel demand for automated hazardous waste handling in the upcoming years.
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to its sizable population and quick economic expansion. The manufacturing and chemical sectors of the economy have expanded significantly in the nation, which is expected to increase demand for in the region. Additionally, tighter government regulations and growing environmental consciousness are anticipated to support market expansion in this region.
Some of the key players profiled in the Hazardous Waste Handling Automation Market include Hiab, Terex MHPS GmbH, Cargotec Corp., PaR Systems LLC, Liftomatic Material Handling, Inc., Hosokawa Micron Powder Systems, Clean Harbors Inc., RLC Technologies Inc., Veolia Environnement Sa, Hosokawa Micron Powder Systems, PENZ crane, Waste Connections Inc., Rumpke Consolidated Companies Inc., Covanta Holding Corp., Floatograph Technologies, Konecranes, Pallmann Maschinenfabrik GmbH and Co. KG, Stericycle Inc. and PegEx Inc.
In April 2019, Terex Corporation announced that it has sold its boom truck, truck crane and crossover product lines to Load King, a subsidiary of Custom Truck One Source L.P. Included in the transaction are the assets and parts business associated with these product lines.
In February 2019, Terex Corporation sold its Demag Mobile Cranes business to Tadano Ltd. for an enterprise value of approximately USD 215 million. The Demag Mobile Cranes business manufactures and sells all terrain cranes and large crawler cranes.