Smart Waste & Recycling System Market Introduction
- A smart waste & recycling system is a sensor integrated waste and recycling station which has a feature to communicate real-time status with a collection crew. The station is integrated with a web or cloud-based platform to deliver real-time insights to waste management companies.
- Also, the adoption of smart bins, which are equipped with sensors to detect and eliminate overflow helps to improve the operational efficiency of the waste management system have accelerated the demand for smart waste & recycling system market, globally.
Smart Waste & Recycling System Market Dynamics
- Advent of advance technologies accelerates the growth of the smart waste & recycling system market.
- The advent of advanced technologies such as the internet of things and cloud platforms is positively impacting the global smart waste & recycling system market. The integration of advanced technologies in the waste management process provides real-time information which helps to improve process awareness and operational efficiency. Hence, the improvement of the operational efficiency of waste management systems with the integration of smart technologies is accelerating the smart waste & recycling system market.
- Increasing smart city projects provides key growth opportunity to smart waste & recycling system market leaders.
- The increasing investment for the development of smart cities by the governments of various countries has provided a key growth opportunity to the smart waste & recycling system market. For instance, the Ministry of Housing and Urban Affairs, Government of India, launched the smart city project in 2015. The government released total funds of US$ 29.5 billion (INR 2,01,981 crore) for 99 smart cities.
Commercial segment is expected to hold a major share of global smart waste & recycling system market
- The commercial segment is expected to account for the largest market share in smart waste & recycling system owing to extensive adoption of touch-less garbage bins in clinics, corporate offices, hospitals, hotels, restaurants, retail shops, and other public places such as malls, airports, bus & metro stations, multiplexes, and restrooms. Moreover, the demand for touch-less waste bins from the residential sector is estimated to escalate in the upcoming years due to increasing awareness or popularity of automatic trash bins.
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Asia Pacific market expected to expand at the highest CAGR in the global smart waste & recycling system market during the forecast period
- The smart waste & recycling system market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. India, China, Japan, and Australia are some of the key countries which drive the smart waste & recycling system market in this region. The generation of extensive municipal solid waste owing to the large population, and increasing environment factors has accelerated the need for smart waste & recycling systems.
Key players operating in the global smart waste & recycling system market:
- The increasing adoption of acquisition strategy by smart waste & recycling system market leaders of various countries for increasing their market presence or footprints helps to accelerate the global smart waste & recycling system market. For instance:
- In 2016, SmartBin, an Ireland based waste management solution providing company was acquired by OnePlus Systems Inc., a U.S. based company that provides intelligent monitoring solutions for the waste compactor industry.
- In 2019, Alexander & Baldwin, a Honolulu based real estate company are installing Bigbelly solar-powered trash cans on their property.