Futuristic Innovations Generate Revenue Streams in Smart Waste Collection Market
Smart waste management technologies are allowing users to cut down costs, and is making garbage collection more tech-savvy. For instance, the OnePlus Corporation— a provider of waste monitoring sensor solutions has added the OnePlus Metro, an ultrasonic trash can sensor, to its product portfolio that notifies users when a waste container is full. Companies in the smart waste collection market are increasing their research in developing platforms that help users easily monitor the capacity of waste containers.
Smart waste collection systems are being leveraged with data analytics that help a business or an organization tract their waste generation. As such, the revenue of public utility is projected to witness aggressive growth in the market for smart waste collection, where the market is estimated to reach a revenue of ~US$ 4.5 Bn by the end of 2027. Thus, having complete visibility of waste containers supports reduction of costs associated with overfilling a dumpster.
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Companies Eye Untapped Business Potentials in Smart Cities
Analysts of Transparency Market Research opine that a significant number of the ever-increasing global population will be staying in smart cities in the coming years. This phenomena is being fueled with the increasing adoption of IoT in the transportation of municipal wastes and disposal of waste using smart waste management systems (SWMS). The smart waste collection market is witnessing a revolution due to the integration of modern technological innovations in smart cities. Ongoing design proposals and concepts engulfing smart waste collection are anticipated to generate value-grab opportunities for companies. As such, the market is expanding with high presence of largely consolidated players accounting to a market stake of ~65% in 2018.
Smart waste collection is gaining prominence in North America and Europe where the market in both the regions is anticipated for significant growth during the forecast period. Increased research spending on the development of sensors with high-performance batteries is a key focus area for companies in the smart waste collection market.
Weight-based Solutions Address Issues of Non-uniform Trash Distribution
The smart waste collection market is estimated to advance at a favorable CAGR of ~7% during the forecast period. Novel SWMS are helping government authorities to efficiently monitor the quality of service deployed by smart waste solution companies. However, issues such as non-uniform trash distribution inside waste containers has led to gaps in proposed designs for SWMS solutions for smart waste collection. For instance, an individual might mistakenly dump a huge empty carton in the trash and this can mislead to appear as a full trash level with the help of automatic sensors. Hence, companies in the smart waste collection market are increasing their efficacy in weight-based solutions to address these challenges.
Weight sensors are being highly publicized as a novel solution to address the issue of non-uniform trash distribution in the market for smart waste collection. The integration of advanced compactors that compress wastes in waste containers are further bridging the gap in non-uniform trash distribution.
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Smart Waste Collection Market: Overview
- The global smart waste collection market is expected to register a CAGR of ~7% between 2019 and 2027. The market is projected to be driven by increasing use of data analytics in waste management operations.
- Apart from public utilities, private utilities are also expected to boost the smart waste collection market in the near future
- The global smart waste collection market is expected to reach ~US$ 4.5 Bn by 2027 from ~US$ 2.7 Bn in 2019
- North America holds a major share of the smart waste collection market in terms of revenue and is anticipated to dominate the smart waste collection market during the forecast period, followed by Europe
- North America remains the leading region in the smart waste collection market, with revenues in 2019 estimated at US$ 808.9 Mn
- The smart waste collection market in Middle East & Africa and South America are also expected to show moderate growth during the forecast period