-- Wet Waste Management Market Snapshot
Clean Harbors Inc. (U.S.), SUEZ Environment Co. S.A. (France), Veolia Environment S.A. (France), Republic Services Inc. (U.S.), Waste Management Inc. (U.S.), Republic Services Inc. (U.S.), Covanta Energy Corporation(U.S.), Advanced Disposal Services, Inc. (U.S.), Stericycle (U.S.), Progressive Waste Solution Ltd. (Canada) and others and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Wet Waste Management Market.
The global Wet Waste Management market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. In addition, in-house research and development capabilities, global footprint network, material offerings, R&D investments, and strong client base have become the key areas to gain an edge over the competitors.
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The vendors compete based on cost, product quality, reliability, and aftermarket service. It is crucial for the vendors to provide cost-efficient and high-quality Wet Waste Management services, in order to survive and succeed in an intensely competitive market environment.
The vendors with better technical and financial resources can develop innovative products that render the competitors' products obsolete and non-competitive even before they are launched, or costs are recovered. Therefore, vendors have to develop new technologies and stay abreast of emerging technologies that could affect the continuing competitiveness of their product lines in the market. The competitive environment in the market is likely to intensify further due to an increase in product/service extensions, technological innovations, and M&A.
The global wet waste management market is expected to grow at a CAGR of ~ 5% during the forecast period 2018-2023.
Wet Waste Management Global Market – Overview
The Global Wet Waste Management Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Wet Waste Management will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2027, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2027).
Wet waste refers to the organic waste, usually heavy due to dampness. Wet waste can be segregated as biodegradable and non-biodegradable. Wet waste management is the process of composting the waste for use as manure, biogas etc.
The global wet waste management market is majorly driven by the rising awareness for wet waste management. The market is also driven by the introduction of new wet waste management technologies such as the waste to energy solutions. Awareness for environmental sustainability and increase in the use of eco-friendly fuels in the residential and commercial segments, are contributing to the growth of the market. Rise in government initiatives for spreading wet waste management awareness, is further expected to propel the market growth. However, the growth of this market is restrained by lack of participation from industries and sectors such as commercial, food & beverage, and healthcare. Lack of treatment plants and landfill sites is also projected to hamper the growth of the global wet waste management market over the forecast period.
Segmentation
Global wet waste management market is segmented based on service & equipment, source, waste type, and region. Based on the service & equipment, the market is segmented into collection & transportation, storage, sorting, processing, and disposal & landfill. The processing is projected to dominate the global wet waste management market and is likely to continue over the forecast period, 2017-2023 due to growing population, coupled with growing waste generation and management services. Based on the source, the market is segmented into household & municipal waste, commercial waste, industrial waste, healthcare & medical waste, and other waste. The household & municipal waste dominated the market in 2016 and is projected to be the fastest-growing source over the review period. The global increase in the urbanization with humongous population growth is creating a wide scope household & municipal waste generation. Based on the waste type, the market is segmented into food scrap, meat & bones, agricultural waste, medical waste, shredded paper, and others. The food wastage is considered as one of the major problems across the world, a huge amount of food is wasted across the world through the residential and commercial sector. Thus, making food scrap as a prominent segment as a waste type in global wet waste management market.
Global Wet Waste Management Market
The global wet waste management is majorly fragmented into four regions namely North America, Europe, Asia Pacific, and Rest of the World. Among these, Asia Pacific is anticipated to grow at highest CAGR and hold the largest market share in the global wet waste management market. The growing awareness for wet waste management of the region with forthcoming advanced new technologies such as waste to energy solution, also the growing utilization of eco-friendly materials and increasing ecological sustainability concerns, improved economic conditions of major emerging nations. All these factors are majorly contributing towards the evolution of the wet waste management market in Asia Pacific region.
Europe held the second largest market share in 2016. The market for wet waste management is primarily driven due to the increasing government initiatives and support schemes to promote waste management. All the major countries in Europe have sponsored various private players in the waste management through their municipal commission at the city level to promote health and hygiene benefits across the population. North American countries are practicing wet waste management techniques from the last few decades and are expected to witness the same stagnant growth over the forecast period. The U.S. and Canada are the prominent countries, which are immensely concentrating on promoting wet waste management at an extensively level to obtain compost for farms and biofuels as transport fuels.
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