US-based market research and consulting service provider Global Market Insights Inc. predicts that the worldwide solid waste management market will grow at a compound annual growth rate (CAGR) of over 8.5 percent and hit 300 billion US-Dollar by 2023.
The solid waste management industry is characterized by stringent government regulations pertaining to MSW management and efficient implementation including reuse, recycling, reduce and recovery methods. According to the American Environmental Protection Agency (EPA), the U.S. generated over 250 million tons of waste, with a recycling rate of about 34 percent, the company gave account. Rapid urbanization and increasing consumption level of resources such as paper, plastic, edibles and textiles were expected to double the municipal solid waste (MSW) over the forecast period. Australia’s market size was estimated at over 7 billion US-Dollar in 2015 and is supposed to reach more than 9 billion US-Dollar by 2023.
Also in Europe there will be no demand shortfall, the company predicts. And Asian countries such as China and India are anticipated to experience significant demand due to increase in population and government initiatives to ensure healthy environment in the region. Huge initial investment costs were likely to restrain growth in the Middle East & Africa solid waste management market.
The Global Market Insights Inc. takes also the view that recycling is an “effective and efficient solid waste management market technique, increasing environmental concerns coupled with lack of resource availability is likely to propel demand for this practice. Organic material was the leading contributor in this segment followed by newspaper or mechanical paper.” Increasing government regulations accompanied by a rising sustainable development trend would be expected to fuel growth. “However, huge processing and recycling plants costs and low priced substitute such as inexpensive landfilling is likely to be a restraint,” the company states.
The report is titled “Solid Waste Management Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023”. Request for an in-depth table of contents is available at www.gminsights.com/request-toc/upcoming/265.
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