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The cost of Internet of Things (IoT) sensors has experienced a notable and consistent decline, presenting a significant trend in the technology landscape. According to Goldman Sachs, a global leader in investment banking, the cost of IoT sensors has been on a downward trajectory since 2004. Over the course of a decade between 2004 and 2014, the average cost of IoT sensors witnessed a substantial decrease, plummeting from USD 1.30 to USD 0.60. Projections indicate a further decrease of 37% to reach USD 0.38 by 2020. This price reduction can be attributed to a combination of factors, with the influx of numerous IoT vendors into the market playing a pivotal role in intensifying competition.
The steady drop in the cost of IoT sensors has far-reaching implications for various industries, particularly in the realm of smart waste management. In this context, the integration of different types of sensors—ranging from temperature sensors and proximity sensors to location sensors—is imperative. These sensors play a crucial role in the functioning of IoT-based smart waste management systems, providing waste processing plants with insightful data for enhanced waste management practices.
For instance, garbage bins equipped with sensors and connected through IoT networks can collect a wealth of data, including the level of fill, temperature, and location. This data becomes a valuable resource for the sanitation department, empowering them with actionable insights. A centralized console offers a live feed of the locations and fill levels of all bins, enabling waste collectors to optimize their routes. Through automated route planning, areas in urgent need of cleanup are prioritized, while areas that are relatively clean can be efficiently avoided. This data-driven approach streamlines waste collection operations, making them more efficient and responsive to the dynamic conditions of waste accumulation in urban environments.
The continuous decline in the cost of IoT sensors contributes to the affordability and widespread adoption of smart waste management solutions. As the competition among IoT vendors intensifies, the market is witnessing an influx of innovative technologies and solutions. The integration of sensors into waste management processes not only optimizes resource utilization but also enhances the overall efficiency and sustainability of waste management practices. The live data feeds and automated route planning facilitated by these sensors exemplify how technology can revolutionize waste collection, offering real-time insights that enable a proactive and strategic approach to urban waste management.
Covered Aspects:
| Report Attribute/Metric | Details |
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| Segment Outlook | Component, method |
Smart Waste Management Market Highlights:
Smart Waste Management Market Overview
According to the reports, the Global Smart Waste Management Market size is projected to grow at a compound annual growth rate (CAGR) of 13.20%, reaching a market size of USD 10.2 billion by 2032. Smart waste management is the process of collecting, transporting, and properly disposing of trash in a manner that has the least amount of environmental impact. It is possible to implement smart waste management by incorporating sensors into trash containers, which may be used to monitor the amount of waste in waste bins and inform the municipal garbage collection services when the bins need to be emptied. The information gathered by the sensors is used to detect fill trends, decrease operating expenses, and improve driver timetables and routes, amongst other things.
Figure 1: Smart Waste Management Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Rapid urbanization, a rising economy, and shifting lifestyles are just a few of the reasons contributing to the development of the worldwide smart waste management market growth in recent years. A smart waste management system is a process that collects, transports, and disposes of waste products in an efficient way with the least amount of negative effect on the environment possible. Using smart bins for waste collection and a trash surveillance system to keep track of waste enables waste management agencies to manage waste more efficiently.
In addition to the growing number of smart city projects, there has been a proliferation of sensing devices, which has contributed to the development of the market during the projected period. In contrast, a lack of effective connection may limit the expansion of the smart waste management industry. The waste management system requires broad network coverage as well as high data transfer rates. Structural and process, on the other hand, are built on LTE advanced networks, which do not have the capacity to support the high data rates and minute coverage required by IoT sensors in the future.
This report contains all the information on the global Smart Waste Management Market it’s strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global Smart Waste Management Market forecast for 2025 is also included in the report.
Smart Waste Management Market Covid 19 Analysis
During the COVID-19 pandemic, the implementation of smart city technology, such as smart bins, was expedited, as was the use of smart bins. In India, an alumni of the Indian Institute of Technology (IIT) Kanpur has developed a smart container that has a unique layer on the surface of its opening that reduces the lifetime of the virus by up to 95 percent. This assists in reducing the danger of contamination to other customers as well as increasing the degree of safety while dealing with trash.
Smart Waste Management Market Dynamic
Drivers: An increase in the number of connected devices being used, as well as an increase in the need for cost-effective sophisticated network infrastructure, are driving the development of smart waste management solutions. It is necessary to integrate creative waste management solutions to conduct a variety of activities, including performance and performance monitoring, configuration, and accounting, in order to improve performance while simultaneously reducing time and operating costs.
Opportunities: Increasing acceptance of technology advances such as the Internet of Things (IoT) for trash collection, as well as an increase in the number of people using them in developing nations, are expected to provide profitable opportunities for market participants over the forecast timeframe.
Restraints: High capital expenditures and an absence of effective connection are expected to hamper the development of the smart waste management industry in the near future.
Challenges: According to projections, the worldwide smart waste management industry would see challenges due to a lack of efficient connection and expensive starting costs.
Cumulative Growth Analysis: Advanced techniques such as radio frequency (RFID), the Internet of Things (IoT), and global positioning systems (GPS), among others, are extremely popular for cost-effective smart trash-collecting techniques that are both efficient and environmentally friendly. As a result of this tendency, which is particularly apparent in urban areas to offer a better environment and public health, smart waste management technologies are being adopted by urban societies at an increasing rate. For example, at Shanghai's Zhangjiang High-Tech Park, artificial intelligence-powered smart garbage bins have been placed (China). Another 2,000 artificial intelligence-enabled smart trash bins are expected to be installed by the end of 2019 and will be provided by Alpheus, an AIoT (artificial intelligence + IoT) technology firm that specializes in waste management.
Value Chain Analysis: According to the reports, the worldwide smart waste management market has been categorized based on the element used, the kind of trash generated, the technique used, the application used, and the region used. The smart waste management market has been divided into three categories based on the component used: hardware, solution, and services. Further, the solution sector has been subdivided into data analytics and reporting solution, remote device monitoring solution, asset tracking, network monitoring, asset management, and other categories of solutions.
The smart waste management market has been divided into three categories based on the kind of trash generated: solid waste, special waste, and e-waste. The smart waste management market has been segmented into four categories based on the manner of collection: smart collection, smart processing, smart disposal, and smart energy recovery. The smart waste management market has been divided into many categories based on application, including industrial and commercial, healthcare, food and retail, building, domestic, and others.
Smart Waste Management Market Segmentation Overview
The market is segmented on the basis of the element used, the kind of trash generated, the technique used, the application used, and the region used. The global smart waste management market trends are expected to witness decent growth during the forecast period.
By Application: Based on the application, the market is segmented into industrial and commercial, healthcare, food and retail, building, domestic, and others.
By end-users: Based on the propulsion types, the market is segmented into solid waste, special waste, and e-waste.
Smart Waste Management Market Regional Analysis
According to the reports, On the basis of geography, the worldwide smart waste management market has been divided into the following regions: Asia-Pacific; North America; Europe; the Middle East & Africa; and South America. North America had the biggest smart waste management market share of the market in 2018, accounting for USD 1,095.0 million in total market value. In this area, the smart bin process has been one of the most widely used, which is a key driver driving the market's expansion. In the area, there are many major players that are investing in the research & technological development and improved recovery capabilities, which is also contributing to the market's continued expansion.
For the sake of this study, the European market has been divided into four categories: Germany, the United Kingdom, France, and the rest of Europe. During the projection period, the market in Europe is projected to grow at the fastest rate, with a compound annual growth rate (CAGR) of 20.2 percent. Europe is expected to have the quickest smart waste management industry, according to forecasts. The area features effective legislative policies implemented by governments in a number of nations, which is fueling the market's expansion. Furthermore, rising public awareness of e-waste recycling and government efforts are some of the factors contributing to the market's expansion and development.
Smart Waste Management Market Competitive Landscape
When it comes to expanding their customer services, several rivals in the smart waste management industry have turned to agreements, partnerships, and acquisitions as their primary growth methods. For example, in August 2020, Collaboration, Republic Services Inc inked a partnership agreement with Aria Energy, a renewable energy management business headquartered in the United States. The collaboration intended to convert landfill methane into renewable natural gas.
Smart Waste Management Market Major Key Players
- SAP SE (Germany)
- IBM Corporation (US)
- Enevo (Finland)
- Waste Management, Inc. (US)
- Bigbelly, Inc. (US)
- Ecube Labs Co., Ltd.(South Korea)
- Covanta (US)
- Pepperl+Fuchs Group (Germany)
- OnePlus Systems Inc(US)
- Urbiotica (Spain)
Recent Developments
October 2023: Following the awarding of a historic EUR 2 billion contract for disposing of Hong Kong’s non-hazardous waste, Veolia continues its ecological transformation and regeneration of the city’s resources. For over thirty years and with no fewer than one thousand employees, the Group has been locally decarbonizing activities of the city through several water, waste and energy contracts in order to speed up local ecological change.
September 2023: WM has opened a new recycling facility in Cleveland, Ohio, covering an area of 100,000 square feet. It incorporates modern technology that can handle about 420 tonnes of recyclables every day. The new WM facility comes with glass recovery equipment, an optical sorter, a non-wrapping screen and ballistic separators intended to support recycling programs developed in this region as well as production of high-quality materials for customers who use recycled material as raw material to produce new products.
July 2023: In July 2023, WM commenced operations at its new USD 35 million renewable natural gas plant consisting of fourteen thousand five hundred square feet located in Eco Vista landfill in Texas, according to a company news release. Construction on this project began two years ago but will hire four operational workers and around one hundred construction employees. Also, by May end this year, according to the company, it plans that by the end May, the plant should be fully functional.
June 2023: The Government supported the ‘City Investments to Innovate Integrate Sustain (CITIIS)’ project under Smart Cities Mission Phase-II which aims at promoting integrated management of blended waste services and climate-sensitive reforms. CITIIS is planned for execution in eighteen cities.
Smart Waste Management Market Segmentation
Market by Type
- Smart Collection
- Smart Processing
- Smart Disposal
- Smart Energy Recovery
Market by Component
- Fleet Management
- Remote Monitoring
- Data Analytics & Advanced Reporting
- Network Management
- Asset Management
Market by Services
- Professional Services
- Managed Services
Market by Application
- Residential & Municipality
- Industrial
- Commercial
- Construction & Demolition
- Energy
- Water Supply & Sewage Treatment
Market by Geography
-
North America
- U.S.
- Canada
-
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
-
Latin America
-
Middle East and Africa
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