What Lies Ahead for the Waste Management Industry?
The global waste management market has seen dramatic growth over the last few years. From being valued at $330.6 billion in 2017, it is expected to reach $530.0 billion by 2025. Right from converting waste into something as valuable as energy to charging for improper disposal, the global attitude towards waste management has changed a lot.
Let’s take a look at what lies ahead with these 5 waste management market trends:
With the waste management industry having witnessed the largest corporate tax cut in recent history, the companies will have comparatively much more capital on hand. This means in short-term, regional or national companies will be able to bring few of their capabilities to smaller communities. Since collection efficiencies and recycling contamination continue to be major priorities, this will be especially useful. Local communities can also scale new heights of success through access to bigger networks of disposal and processing facilities.
Increased Retailer Responsibility
A majority of the businesses have revamped their operations since they have become more aware of their impact on the environment. They have adopted a proactive approach policy to make their recycling and waste management practices more efficient. They are teaming up with professional waste management companies for better results. Such efforts are also being encouraged by the government with lucrative rewards.
With waste management industry booming, a lot of technological breakthroughs are fueling its growth. Technologies such as self-driving trucks are paving ways for enhanced profitability given the growing crunch of labor shortages. Besides, companies can also expect advanced support for eliminating unnecessary waste pickups, adhering to increasingly rigorous contamination requirements or simplifying recycling and cutting associated costs.
Waste to Energy
The global market for energy-from-waste (EfW) or waste-to-energy (WTE) industries has been gaining momentum in the past few years and is expected to grow tremendously in the coming years. A synergistic approach of integrating multiple municipal processes is being adapted to leverage shared benefits. This will reduce the costs of EfW and become a practical choice for solid waste disposal which in the past has failed to compete with other cheaper options such as landfill disposal. Besides, it will also produce multiple benefits for the community in terms of waste reduction, resource management, sustainability, energy recovery and more.
This synergistic approach to integrating several municipal processes to leverage shared benefits will lower the costs of EfW and serve as a viable alternative for solid waste disposal that historically has not been able to compete with other lower cost options, such as landfill disposal. Additionally, it will lead to community benefits in sustainability, energy recovery, resource management, waste reduction and development of alternative water supplies.
Landfills – Profitable Mines
Waste disposal, an integral part of waste management also serves several profitable opportunities. For instance, Landfills could be great investment options. Even though they require substantial capital investment and are often laced with regulatory trepidations, landfills hold tremendous potential for profit. Looking at the huge quantum of global plastic waste being generated even today, landfill operations appear to be more lucrative since additional fees can be generated through them.
Rise in population, increase in awareness for environmental conservation, surge in urbanization and rapid industrialization are driving the growth of the global waste management market. Besides, increasingly stricter related government rules and regulations are expected to catalyze the growth of this already booming market.