The global waste management market will add over $180 billion to its value in the next six years according to Allied Market Research (AMR) report.
The report, Waste Management Market by Waste Type and Service: Global Opportunity Analysis and Industry Forecast, 2018-2025, identifies a compound annual growth rate (CAGR) of six per cent which will see the market reach $484.9 billion from $303.6 billion in 2018.
AMR identifies a rise in environmental concerns and the inevitable increases in nonhazardous waste from growing economies and developing nations as the primary drivers of need for the waste management industry.
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Innovation is also a driver, with boosts in the adoption of recycling techniques and the development of advanced technologies and waste collection solutions that have enhanced traditional collection processes.
Market leaders and major providers of services across the industry can expect to benefit from increased government initiative to reduce greenhouse gas emissions and improve environmental conditions.
The market is currently divided into municipal and industrial waste; solid waste is expected to reach a $261 billion market cap over the next six years, growing at a CAGR of 5.8 per cent.
The report shows promise for emerging Asia-Pacific regions like India and South Korea who are expected to show the most growth for this period.
Europe accounted for the highest market share in the waste management industry and is expected to maintain its dominance throughout the report’s forecasted period.