Smart Waste Collection Technology Market
Smart waste collection technology is an application of various software, sensors, and electronic equipment to improvise the waste collection process. The prime objectives of smart waste collection technique are improving the cost-efficiency of waste collection through route optimization and preventing over-filling of waste collectors. Smart waste collection aids in maintaining hygiene in cities and preventing diseases that spread through contamination in nature. Smart waste collection is an integral part of smart city management across the globe. Internet of things (IoT) has had a cardinal role in the success of smart waste collection technology. Parameters like fill level and temperature and tilt of dustbins are majorly analyzed by this software, to optimize the waste collection route.
The smart waste collection technology market has witnessed robust growth in the recent past, owing to the growing trend of smart city development globally and rapid urbanization in emerging economies. Enhanced awareness about time and cost efficiency is another factor driving the smart waste collection technology market growth. However, huge capital investment and high maintenance costs may restrain the growth of smart waste collection technology market. Alternatively, tremendous potential for IoT and wireless sensing in the future is projected to fuel the market expansion for smart waste collection technology.
The smart waste collection technology market is fragmented on the basis of solution, service, and end-user. By solution, the market includes reporting and analytics solutions, asset management, network management, optimization solutions, and others. In 2018, network management held the largest share of the global market. By service, the market is divided into professional and managed services. Professional services held a major share of the smart waste collection technology market in 2018 and managed services are projected to register a higher CAGR in the future. By end-user, the market includes manufacturing and industrial, food and retail, municipalities, construction, healthcare, and others. The municipality segment held the largest market share in 2018. The manufacturing and industrial segment is projected to grow notably in the global market in the years ahead.
North America accounted for the largest share of the smart waste collection technology market globally in the year 2018. This can be attributed to the region’s strong economy to build the necessary infrastructures, such as sensors, communication nodes, and electronic circuits. The Asia Pacific smart waste collection technology market is estimated to witness the fastest CAGR, owing to rapid urbanization and swift industrialization across the region.
Some major players of the smart waste collection technology market are Bigbelly, Ecube Labs, Enevo, Pepperl+Fuchs, Covanta Holding, Smartbin, IBM, Compology, Waste Management, and SAP.