The global industrial waste recycling and services market will grow about 10 percent annually through 2016, according to a new report.

A new study by Elmhurst, Ill.-based TechNavio forecasts a compound annual growth rate for the market of 10.02 percent during the period 2012-2016, with a key factor in the growth being the increase in sources of industrial waste generation, according to a news release.

The report states that the industrial waste recycling and services market also has been experiencing an increased need to reduce hazards caused from waste emissions.

However, the increase in the methods of dumping industrial waste could present a challenge to the market’s growth, TechNavio said.

The report covers the regions of the Americas, Asia-Pacific and Europe, the Middle East and Africa. It examines the market landscape and growth prospects for the future.