Solid Waste Management Market revenue is forecast to see substantial growth through 2026 owing to rapid increase in urbanization has burdened the present treatment facilities for municipal wastes. As per the 2019 reports by the World Bank, more than half of the world population resides in cities and will witness a two-fold increase by 2050. —
Solid waste management market demand is expected to surpass about 28 billion tons by 2026. There has been a major demand for solid waste management expanding all the way to commercial, residential and industrial areas to address public health issues and have encouraged several government mandates.
Flourishing economy and a large scale of migration of people from the rural areas will help bolster the industry dynamics owing to a surge in the rates of the non-hazardous waste generation. The steadily escalating e-commerce industry has boosted the production of consumables that are related to cardboards.
Large quantities of paper waste that includes magazines, books, and newspapers have been growing over time and more prominently in both tier 2 and tier-3 cities. This trend has been rendering a positive effect on solid waste management market size, primarily from the paperboard & paper segment. Various industry players like Waste Management Inc., Biffa Group and Waste Connections, among others have been working for the deployment of effective waste treatment infrastructure & facilities.
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Government and various authorities have laid down strict mandates and regulations for the reduction of any illegal dumping. This has been primarily attributed to the rising shift in the focus on recycling techniques as well as resource recovery that will help create a lucrative growth scenario for solid waste management service providers in the coming years.
For example, the U.S. Environmental Protection Agency (EPA) had introduced the Resource Conservation and Recovery Act (RCRA) that has its goal focused on reducing the open dumping of waste besides managing the hazardous and non-hazardous wastes. Authorities have also introduced various sustainability mechanisms in both treatments of wastes and disposal ecosystems that shall contribute to the business outlook.
Major environmental hazards have caused direct or indirect risks towards the health of the public resulting in serious treatment initiatives taken for open dumping to decline. Countries with lower per capita income are often seen practicing these habits as there is a prominent absence of any proper control system. There have been major investment made by the government as well as non-profit organizations for various infrastructure & processes to reduce open dumping of solid wastes.
Latin America solid waste management industry size will be experiencing a significant increase with the steady growth in the urban population in the region. According to the 2018 reports by the UN-Habitat, the cities in Latin America will be composed of about 90% of the population of the region by the year 2050. Regional authorities will be making certain changes and shall restructure the regulatory framework to strengthen management practices, fueling the industry trends over the forecast timeframe.
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