The global waste management services market was valued at almost USD 651 billion in 2016 and is expected to surpass USD 1061 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on waste management services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the public relations services market during the forecast period. Some of the top vendors listed in this industry analysis include Veolia Environnement, Suez Environnement, Remondis, Stericycle, and Waste Management.
Among various geographical segmentations, APAC occupied the maximum share of around 38% in the global waste management services market and is expected to post the highest growth at a CAGR of around 11% through 2021. The growth can be attributed to the generation of huge amounts of construction-related and other industrial waste due to rapid industrialization in emerging countries such as China and India.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Shift to digitization has gained popularity in the market. Obama signed legislation in 2012 that required the EPA to adopt digital record maintenance by 2015 to streamline reporting of hazardous waste creation by industries and waste tracking by authorities. Digitization aids in reducing the commercial use of paper helps generates less waste. It also reduces human effort to save and retrieve data, and track process flow, resulting in enhanced efficiency and productivity. Industries and institutions across the globe are digitizing their databases and operation processes to enjoy agility and efficiency in workflow monitoring and productivity.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Rapid industrialization and urbanization
Regions such as the Middle East, North Africa, Latin America, and APAC are witnessing large-scale industrialization and expansion activities in market segments such as electronics, energy, and construction that produce huge volumes of waste. However, the treatment facilities in these regions are insufficient to process such huge volumes of waste. So, there is growing regional demand for proper waste management infrastructure and services, and the market is expecting increased investments in proper waste management facilities.
Focus on energy and resource recovery
Several developed and developing countries are actively adopting alternative waste management practices such as recycling and waste-to-energy, to focus on recovering materials and energy via recycling and recovery.
Sustainable practices
Sustainable practices have enabled innovative waste management techniques such as waste separation at source, composting, anaerobic decomposition, incineration, recycling, and waste-to-renewable energy conversion. To manage their waste, organizations engage with specialized waste management service providers to collect, transport, store, process, recover and dispose of the generated waste.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Waste Management Services – Procurement Market Intelligence 2016.’
