The global solid waste management market is expected to exceed USD 340 billion (AUD452.8) by 2024, according to a new research report from market research firm Global Market Insights Inc.
According to the report, the solid waste management industry has been growing significantly in terms of remuneration, due in part to increasingly stringent regulatory norms and guidelines.
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The European market is also set to grow exponentially as countries like the UK and Germany adopt new recycling technologies and introduce comprehensive directives to lower air pollution and land usage, according to the report.
It estimates the UK solid waste management industry size will surpass a total processing capacity of over 35 million tonnes by 2024.
The region also has been characterised by the interest in waste to energy (WtE) facilities being set up, the report said. Hitachi Zosen Inova AG has also announded recently to build Turkey’s first WtE plant – planned to be the largest WtE project in Europe with the capacity to process 15 per cent of Istanbul’s solid waste per year.
The report also says that companies like Biffa Group, Hitachi, Veolia, Amec Foster Wheeler, E.L. Harvey & Sons, and Stericycle have been focusing on acquiring upcoming companies to fortify their presence in the industry.