Market Trends of Smart Waste Management Industry
Analytics Sector to Witness Major Growth
- Waste management has become a crucial issue for cities worldwide in the era of technological advancements and rapid urbanization. Smart waste management has emerged as a promising solution. Fleet management plays a central role in smart waste management systems.
- Fleet management solutions often refer to systems that offer greater control over fleet activities using data communications, logging, and analytics. FMS's various services include vehicle and asset management, operation management, supply chain management, and regulatory compliance. Deploying fleet management solutions reduces factors that account for a significant portion of fleet operation spending, such as fuel costs. Thus, by the benefits they provide, FMS minimizes the cost of fleet operation.
- Fleet management in smart waste management encompasses a range of activities, including monitoring and tracking waste collection vehicles, route optimization, maintenance scheduling, and performance analysis. One of the crucial components of fleet management in this context is using GPS and Internet of Things technologies; according to Ericsson, the adoption number of short-range Internet of Things (IoT) devices is forecast to increase to 25 billion by 2027. and wide-area IoT devices are predicted to reach 5.4 billion by 2027 and used to track the location and movement of waste collection vehicles in real-time
- By equipping these vehicles with GPS devices and sensors, waste management authorities can gain valuable insights into their operations' efficiency, identify improvement areas, and respond immediately to any issues that may arise during the collection process. Moreover, the integration of route optimization software into fleet management systems enables waste management authorities to plan more efficient routes.
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North America Holds Largest Market Share
- Smart cities in the United States use smart waste management solutions more frequently to solve waste collection and disposal issues, which is expected to boost market sales. In addition, strict rules governing the reduction of carbon emissions across the country are anticipated to drive market sales in the coming years. The increasing government's efforts to promote sustainability and achieve net-zero waste will continue to drive up demand in the area.
- Cities in the United States are already implementing strategic programs. The country alone contributes most of the yearly waste produced, with around 230 million metric tons of trash, a significant chunk of which private entities handle. The United States is expected to account for a significant share of the smart waste management market due to government initiatives promoting sustainability and the penetration of smart city initiatives across the high urban concentration region.
- The industrial sector's increased production creates a demand for smart management solutions. The chemical manufacturing industry manages over half (55%) of all TRI chemical waste. According to the BEA, in 2022, the value added from producing chemical products reached approximately USD 501.39 billion, which was USD 447.55 billion in 2021. This demonstrates a substantial increase in the value generated by the chemical industry in the United States.
- Canada's population continues to grow steadily, driven by immigration, natural population increase, and urbanization. As the population expands, so does the overall demand for goods, services, and infrastructure, leading to increased waste generation. As per StatCan, currently, annual immigration in Canada amounts to almost 500,000 new immigrants, which is one of the highest rates per population of any country in the world. As of 2023, there were more than eight million immigrants with permanent residence living in Canada, roughly 20% of the total Canadian population.
- Companies in the country are finding new ways to manage waste sustainably while cutting costs. The changes include integrating sensors and other cloud-based technologies to reduce waste volumes and optimize service levels. Companies are also measuring the carbon footprint of the waste produced to reduce greenhouse gas emissions.
- The country is working towards eliminating the excessive use of single-use plastics in government operations, events, and meetings and purchasing more sustainable plastic products that can be repaired, reused, or repurposed. By 2030, the government aims to extend product life and remove at least 75% of plastic waste from public administrations.
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