Market overview of industrial waste recycling and services
Technavio’s research analyst predicts the global industrial waste recycling and services market to grow steadily at a CAGR of over 12% during the forecast period. The increasing amount of waste generated due to rapid industrialization is one of the primary growth drivers for this market. This research report indicates that more than 11 billion tons of industrial waste is collected worldwide, which needs to be managed properly, or else there will be land-space constraints, resulting in illegal dumping.
Technological advances in recycling procedures, which include thermal and biological technologies, is also expected to boost the market growth during the forecast period. Waste recycling methods are chosen based on a cost-benefit analysis. By implementing cost-benefit analysis, industries get a proper perspective on the social, economic, and environmental issues involved, which can enable them to choose the most suitable technology.
Segmentation by industry and analysis of the industrial waste recycling and services market
Technavio Announces the Publication of its Research Report – Global Industrial Waste Recycling and Services Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Industrial Waste Recycling and Services Market: Republic Services, Suez Environnement, Veolia Environmental Services and Waste Management
Other Prominent Vendors in the market are: Abengoa, Befesa, Enviro-Serv, Progressive Waste Solution, and Remondis.
Commenting on the report, an analyst from Technavio’s team said: “Onsite recycling is gaining popularity, which bodes well for market growth during the forecast period. Such onsite waste recycling reduces the cost of transporting the waste and keeps the waste out of the waste stream, which leads to either the landfill or the incineration process. This, in turn, protects the environment.”
According to the report, waste collection is a critical aspect of the waste management system and includes gathering waste in collection containers, sorting and grading it, and transporting it to treatment or recycling facilities. Mixed-material wastes offer low economical value and require additional work and time to fulfill certain parameters. Hence, new technologies are introduced such as smart collection and processing that make these processes simpler and more economic. The use of advanced technologies and improved collection processes will drive the recycling and services market.
Further, the report states that the lack of awareness among companies in developing countries poses a challenge to market growth.
Republic Services, Suez Environnement, Veolia Environmental Services, Waste Management, Abengoa, Befesa, Enviro-Serv, Progressive Waste Solution, Remondis.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook