A study by the San Antonio-based research firm Frost & Sullivan pegs the market growing to $750.1 billion annually in 2020 compared with $387.4 billion in 2013, according to a news release. Regulations that prompt a shift away from landfills to more value-adding segments such as recycling are fueling the growth, as shown in the report, “Global Industrial Waste Management Services Market.”
Modern economies are increasingly employing smarter industrial waste management as primary materials become expensive, transportation costs rise, and waste handling and disposal costs grow. There is an increased emphasis on lowering waste generation as well as reducing the carbon and water footprint, the report said.
“The benefits of a circular economy based on sustainable industrial waste management has prompted companies to establish efficient collection and processing systems, therefore fuelling market revenues,” said Monika Chrusciak, Frost & Sullivan energy & environmental research analyst. “Preference for advanced waste treatment such as smart collection and sorting, recycling and incineration with energy recovery adds to market growth.”
Developing markets will account for nearly half of the market revenues, particularly Asia-Pacific, as rapid industrialization will result in large waste generation and a drive for governments to develop efficient waste management. But those countries’ lack of consistency in governmental regulations and plans pose great risk for investors, Frost & Sullivan said.