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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Analysts’ Viewpoint
Innovations in solar-powered trash compactors are bolstering the growth of the smart waste collection market. These novel compactors are replacing conventional non-compacting bins and can hold up to eight times more garbage, thus reducing the collection frequency by more than 50%.
SWMS are encouraging local authorities to launch better environmental strategies that are instrumental in enhancing the quality of life for its citizens. However, accidents caused by excessive weights of waste collection trucks pose a challenge for companies. Hence, companies should innovate in weight sensors that facilitate smart hoisting and hauling structures in waste collection trucks. Moreover, cloud platforms are generating value-grab opportunities for companies that provide waste container monitoring and fill-level forecasting to end users.
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
- Asia Pacific is projected to expand significantly in terms of share in the global smart waste collection market during the forecast period. This is due to government trend of smart waste collection in smart cities, which are enhancing the demand for smart waste collection systems in the Asia Pacific region.
Smart Waste Collection Market: Definition
- The smart waste collection market report provides analysis of the global smart waste collection market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the smart waste collection market would help clients understand the adoption analysis of smart waste collection in different countries
- Smart waste collection refers to the actions needed to be taken to manage waste from its generation site to its final disposal site. The actions in smart waste collection include collection of waste, transportation, treatment, and disposal of waste together with regulation and monitoring with Internet of Things (IoT).
- New technologies are expanding across public and private utilities, so as to simplify and optimize performance of smart bins or cans and smart garbage trucks for the development of smart cities across the world. Furthermore, sensors are attached to trash bins to measure the fill level of the smart bins and also for the communication system that transmits the information to the cloud about the waste collection.
- The main objective of waste collection is to protect the environment through effective waste management techniques such as recycling, so as to save energy, reduce pollution, conserve resources, and cut waste disposable costs across the globe
North America Smart Waste Collection Market: Snapshot
North America is a developed region and hence, innovations and new technologies are expected to be key trends in the region over the next few years. North America held a prominent share of the global smart waste collection market in 2018. For the same reason, North America is expected to see highest opportunity addition in the smart waste collection market globally, with Europe and Asia Pacific being the next close regions.
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Key Growth Drivers of the Smart Waste Collection Market
- Government Trend of Smart Waste Collection in Smart Cities with Adoption of IoT Technology
Rising government initiatives, strict regulations, and large-scale investments with the emergence of IoT has revolutionized and addressed operational costs for smart waste collection systems and their management across smart cities worldwide. In addition, increasing adoption of the IoT technology that connects a range of smart sensors and devices to monitor and automate city waste management operations is positively impacting the smart waste collection market across the globe.
- Increasing Use of Data Analytics in Waste Management Operations
Adoption of data analytics by waste management firms helps in improving efficiency by supporting them while making on time data-driven waste management decisions. Additionally, increasing adoption of data analytics helps to acquire on-time information about waste generation on the basis of waste collection and management in different locations. Increasing use of data analytics in waste management operations reduces the risk to workers and also improves the efficiency of waste pick-up vehicles.
Major Challenge for Smart Waste Collection Market Players
- Lack of efficient connectivity in waste management networks is a major restraint to the smart waste collection market
Smart Waste Collection Market – Competition Landscape
- In November 2019, Big Belly Solar, Inc. introduced the Talking Trash bin in Vasteras, Sweden. The company is developing and implementing advanced solutions in smart waste collection devices to increase the popularity of the talking device among consumers.
- In February 2018, IBM brought IoT technology to waste management workflows with its business partner GreenQ. The main aim was to create IoT architecture for the smart waste management system i.e. Internet of Garbage (IoG), so as to bring sensors and Big Data analytics to residential garbage routes. Furthermore, GreenQ aims to build a robust waste management solution with IBM cloud functions, so as to monitor and analyze the capabilities of waste management.
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