Solid Waste Management: Market worth $340bn by 2024

The global Solid Waste Management Market is set to reach USD 340 billion by 2024, as reported in the latest study by Global Market Insights, Inc. Ongoing adoption of optimized treatment techniques coupled with rising environmental concerns will drive the waste management market size. Increasing the generation of municipal solid waste owing to large-scale urbanization will stimulate industry growth. As per the United Nations Department of Economic and Social Affairs, the share of the urban population across the globe is projected to reach 66% by 2050 when compared with 52% in 2014.

U.S. solid waste management market is set to reach over 400 million tons by 2024. Increasing the generation of industrial and municipal waste coupled with stringent regulations to eradicate the disposal of non-hazardous leftovers will fuel the business. The Land Disposal Program Flexibility Act of 1996 facilitates regulatory flexibility for the land disposal of specific wastes.

Shifting focus toward the reduction of landfills along with government regulations to reduce GHG emissions will foster the solid waste management market. Adoption of advanced waste treatment facilities including recycling, incineration, composting, and anaerobic digestion will further complement the business outlook. In 2015, Walmart announced to achieve the target to use 3 billion pounds of recycled plastics for its packaging and products by 2020.

The collection solid waste management market is projected to witness appreciable growth owing to the introduction of strict regulatory norms to limit landfills. Government measures to encourage the collection of recyclingwaste for treatment facilities will boost product penetration. The Ministry of Environment, Heritage, and Local Government issues waste collection permit regulations for single-region and multi-region waste collection across Europe.

Germany’s solid waste management market is set to grow by over 1.5% owing to favorable government initiatives along with high-end technology adoption by management services. The Waste Management Act of 1972, states that reuse and recycling are given priority over other disposal methods as they are cost-saving methods.

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Government measures to encourage the collection of recycling waste for treatment facilities will boost product penetration. The Ministry of Environment, Heritage, and Local Government issues waste collection permit regulations for single-region and multi-region waste collection across Europe.

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