Smart Waste Management Market by Offering (Solutions, Services), Function (Smart Collection, Processing, Disposal), Application (Residential & Municipality, Industrial, Commercial, Construction & Demolition), and Geography - Global Forecast to 2031

Smart Waste Management Market Size & Forecast

The Smart Waste Management Market to reach $12.6 billion by 2031 at a CAGR of 17.3% during 2024–2031. The growth of the smart waste management market is driven by the growing adoption of smart bins, the rising integration of IoT, and the increasing concern over the environmental impact of waste management. However, the high cost of connected network infrastructure in developing nations restrain the growth of this market. Moreover, the growing adoption of smart city initiatives across the globe and the use of technological advancements in waste management devices are expected to generate market growth opportunities. However, the non-uniform waste distribution in bins is a major challenge for market stakeholders. Additionally, the growing adoption of data analytics and machine learning in waste management are prominent trends in this market.

Growing Adoption of Smart Bins and Rising Integration of IoT

With the increasing technological advancement, cities are becoming smarter, more resource-efficient, and more resource-saving by utilizing technology and innovation to enhance current waste management systems. However, inefficient route planning leads to congestion and increases the amount of gasoline needed to conduct the waste collection. These results increase the overall carbon footprint. Thus, by designing a more effective route for garbage trucks, such problems are resolved with the use of IoT-integrated waste management technologies.

The growing number of interconnected IoT devices and smart bins help to handle daily urban operations, which improves citizens' experience and lowers the carbon footprint. However, more support from the public and private sectors is required to further advance waste management efficiency. Technology-driven waste bins ensure that waste is sorted correctly by using the power of Artificial Intelligence (AI) to recognize and separate different types of waste. The best approach to building a smart waste management system is with waste level monitors. Smart bins help to measure waste in bins and sensors help track the location of bins, following which the information is provided to waste collectors.

With the growing government initiatives, several metropolitan regions are adopting green efforts and sustainable solutions for waste management. Thus, the increasing developments and technological advancements help provide sustainable waste management systems using smart bins and integration of IoT devices that help to grow the smart waste management market.

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Some of the recent developments are as follows:

• In June 2023, Pittsburgh International Airport (U.S.) partnered with CleanRobotics Technologies, Inc. (U.S.) to implement an AI recycling bin, TrashBot, at the airport to assist with smart waste management initiatives. As part of PIT’s commitment to exploring innovative aviation technologies, TrashBot will join the facility to sort passenger waste and recyclables with 96% accuracy.
• In October 2022, NTUC Fairprice Co-operative Limited (Singapore) partnered with the Agency for Science, Technology, and Research (A*STAR) (Singapore) to launch smart waste sorting bins named BINgo. BINgo employs artificial intelligence (AI), the Internet of Things (IoT), and smart sensors to help address the issues of incorrect recycling practices and low recycling rates in Singapore.

Key Findings in the Global Smart Waste Management Market Study:

Based on Offering, the Solutions Segment to Register the Higher CAGR

Based on offering, the global smart waste management market is segmented into solutions and services. The solutions segment is projected to register the highest CAGR during the forecast period. The increasing focus on developing smart waste management technology to enhance customer experience, the growing demand for low-cost monitoring and management devices in waste management practices in order to reduce overall operational costs, and the increasing usage of connected network devices are expected to support the growth of this segment.

Based on Function, the Smart Waste to Energy Recovery Segment to Register the Highest CAGR

Based on function, the global smart waste management market is segmented into smart waste collection, smart waste processing, smart waste disposal, and smart waste to energy recovery. However, the smart waste to energy recovery segment is expected to register the highest CAGR during the forecast period. The rising use of smart waste to energy to utilize by-products as fertilizers and develop the nutrient content of the soil, the growing need to reduce greenhouse gas emissions, and the increasing adoption of waste to energy to reduce the amount of waste entering landfills are expected to support the growth of this segment.

Based on Application, the Residential & Municipality Segment to Register the Highest CAGR

Based on application, the global smart waste management market is segmented into residential & municipality, industrial, commercial, construction & demolition, energy, and water supply & sewage treatment. However, the residential & municipality is expected to register the highest CAGR during the forecast period. The rising adoption of the collection, separation, reuse, storage, transport, recycling, and end-of-life processes of waste in residential & municipality and the increasing need to reduce infrastructure, operating, and maintenance costs support the growth of the segment. The increasing volume of waste from households, parks, hospitals, and government organizations and the rising concern over the environmental impact of waste management are also expected to support the growth of this segment.

Asia-Pacific to be the Fastest Growing Market

Based on geography, the smart waste management market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the market in global smart waste management market. However, the Asia-Pacific market is projected to register the highest CAGR during the forecast period. The growing adoption of real-time monitoring and analytics to enable better planning and resource allocation for waste management, the increasing government initiatives, including smart city initiatives, the rising adoption of waste sorting and recycling to reduce the amount of waste in landfills and incinerators, and the growing population with economic growth and increasing urbanization are expected to support the growth of this market.

Smart Waste Management Market: Key Companies

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last 3–4 years. The key players operating in the smart waste management market are SUEZ Smart Solutions (France), Veolia Environnement SA (France), Enevo, Inc. (U.S.), Waste Management Holdings, Inc. (U.S.), Big Belly Solar, LLC. (U.S.), Covanta Holding Corporation (U.S.), Bine sp. z o. o. (Poland), Ecube Labs Co., Ltd. (South Korea), Republic Services, Inc. (U.S.), SENSONEO j. s. a. (Slovakia), Allvy Software Solutions Private Limited (India), DVERTEX INFO SYSTEM PRIVATE LIMITED (India), Faststream Technologies (U.S.), Evreka (Turkey), and Averda (U.K.).

Smart Waste Management Market Report Summary:

Key questions answered in the report: