Waste Management Market to Grow Over the Next Five Years
According to a new market research report published by MarketsandMarkets, the size of the international waste management market is expected to grow from an estimated 423.4 billion US-Dollar in 2021 to 542.7 billion US-Dollar by 2026.
The key drivers for this global market include stringent regulations of governments worldwide for better management of waste and initiating environmental protection, the market research firm stated. In addition, a strong focus of several governments to conduct awareness programs underlines the importance of waste segregation and waste management. Last but not least technological advances and shortened life cycle of electronic products were increasing e-waste. As reported, the Asia Pacific region – segmented into countries like Japan, China, India, South Korea, Australia, and the rest of Asia Pacific (which majorly includes Malaysia, Singapore, Indonesia, and Thailand) – held the largest share of the waste management market in 2020. The shift of the Asia Pacific population from rural to urban areas is anticipated to result in a rapid increase in solid waste generation, MarketsandMarkets predicted. “The total population in the Asia Pacific is expected to reach 5.1 billion by 2050, out of which the urban population is projected to account for at least a 64.0 percent share.”
(Published in GLOBAL RECYCLING Magazine 2/2022, Page 30, Photo: O. Kürth)
