Waste Management & Remediation Services Market Size, Share, Growth and Industry Analysis by Type (Waste Collection, Waste Treatment and Disposal, Remediation, And, Material Recovery), By Application (Residential, Government, Services, Manufacturing, Retail/Wholesale, And, Construction and Demolition) Regional Forecast To 2031

Updated On: 01 April 2024

Waste Management & Remediation Services Market REPORT OVERVIEW

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The global waste management & remediation services market size is anticipated to be worth USD 248.050 billion in 2022. As per our research, the market is projected to touch USD 315.70 billion in 2031  with a CAGR of 2.7% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Waste management system and remediation services primarily consists of sale of these solutions and other related goods to various organizations, partnership entities, and also to sole traders. A lot of services like waste collection treatment, remediation services, disposal services are also provided.

Technological advancements have helped in the growth of the market. Many upgraded electronic devices have been introduced with greater lifespan. The increasing buying power of people has led to the generation of more e-waste. This can be identified as the new trend in the market.

Due to urbanization, there have been a lot of construction and renovation activities taking place recently. There has been a noticeable growth in the urban population. All of these factors have played an important role in increasing the waste management & remediation services market growth.

COVID-19 impact: Decreased Waste Production During Pandemic Limited Market Growth

The pandemic of COVID-19 was unprecedented and became an obstacle in the path of all the markets. Waste management market also suffered majorly due to the partial shutdown of offices, industries, hotels, and medical sector.

The halt in the operation of industries, hotels and medical infrastructures reduced a major load of waste production. Shortage of labor for management of the residential waste produced also affected the growth of the market. However, the increase in the demand for vaccinations and reviving production services is expected to change the market dynamics by reinitiating the waste management and remediation systems.

LATEST TRENDS

"Technological Advancements Made in Waste Management and Remediation to Increase Market Growth"

Incorporation of technology can increase efficiency and effectiveness of any market. Many technological advancements have taken place in the waste management and remediation market as well. Many upgraded electronic products are getting introduced in the market. Most of these high-quality electronic goods have a good lifespan and can be used for a relatively greater period of time.

With the increase in the lifespan of such electric products, the e-wastes are gradually reducing enabling easier waste management. However, the growing buying power of individuals is increasing the production of e-waste. This is making waste management and remediation highly necessary. This can be identified as an important trend in the market.

Waste Management & Remediation Services Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type as follows:

Waste collection, waste treatment and disposal, remediation, and, material recovery. The waste collection segment is expected to hold the dominant market share through 2028.

• By Application:

Classification based on application is as follows:

Residential, government, services, manufacturing, retail/wholesale, and, construction and demolition. The residential segment is predicted to dominate the market through 2028.

DRIVING FACTORS

"High Consumption of Construction and Demolition Materials in Construction Industry to Amplify Market Growth"

Growth of construction industry in the recent years has helped in the development of the waste management and remediation market. Construction sector is a major producer of different sources of waste. Due to urbanization, there have been a lot of construction and renovation activities taking place recently.

Construction and demolition (C&D) materials also become waste ma once they been used. There is an increasing need to manage all these wastes that are produced.  EPA (Environmental Protection Agency) advices as well as promotes the usage of an efficient waste and remediation management to reduce the damage being done to the environment. Remediation systems help in sorting diverted materials and send them for recycling. Some materials are reused. All these factors have promoted the market growth in recent years.

"Growth of Urban Population Globally to Accelerate Market Development "

Developing medical facilities, increasing disposable income of people and better job opportunities have contributed in the noticeable growth of urban population over the decades. The World Health Organization has reported a steady growth of population especially in urban areas from the year 1960 to 2020.

Growth in urban population is creating many opportunities for the establishments of industries, and, factories. All of this has increased waste production. Proper waste management and remediation is required to avoid any problems caused due to waste accumulation. This has increased the demand for waste management and remediation systems across the world. 

RESTRAINING FACTOR

"Unorganized Framework for Collection and Segregation of Waste to Bring Down Market Growth"

For the development of a proper waste management system an organized framework is very important. In most of the places there will be no framework that is required for the collection and segregation of waste. This can be a major constraint in the market growth.

Waste management involves segregation of dry and wet waste. Once this segregation happens all the other processes of waste management are like recycling, composting, and incineration are performed. In order to facilitate this a proper framework of collection and segregation must be followed. However, in many countries a proper channel of waste management is not established. This can hamper the market growth.

Waste Management And Remediation Services Market Regional Insights

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"Asia Pacific to Dominate Market Growth During Forecast Period"

Asia Pacific is expected to register a potential growth in the waste management & remediation services market during the forecast period. Major countries involved are China, Japan, South Korea, and Thailand.

The most important factor that has helped in the growth of the Asian market is the presence of highly populated countries with China, and, India being the two most populated countries in the world. Rapid urbanization has led to the development of construction market. This has positively affected the market share in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position in the recent days. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market. Key market players have adopted unique strategies to flourish in the market.

List of Market Players Profiled

• Waste  Management (U.S.)
• Republic Services (U.S.)
• Clean Harbors (U.S.)
• Stericycle (U.S.)
• Progressive Waste Solutions (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations