High demand for waste management equipment expected
The waste management equipment market is anticipated to experience significant demand over the forecast period (2018-2028) due to the growing applications of municipal waste recycling and waste management equipment in major industries worldwide, coupled with the increase in construction waste recycling
Growing environmental effects are making consumers inclined towards industrial waste recycling. Increasing awareness among consumers about the importance of reducing industrial waste is the primary driver for industrial waste recycling machines. A major part of the global waste in developed countries is generated by the industrial sector. The demand for industrial waste recycling machines around the globe is anticipated to grow at a rapid pace, owing to the anticipated increase in growth avenues for the global industrial waste management equipment market in the coming years.
Benefits related to scrap materials obtained from industrial waste recycling machines have further shifted manufacturer preference in favor of industrial waste recycling. Also, regulations imposed by governments to reduce landfills are resulting in an increase in waste management activities, thereby creating substantial demand sales for waste management equipment. However, the high cost of these equipment, coupled with growing concerns related to health risks from electronic waste, would hamper the demand for waste management equipment over the forecast period.
Segmentation on the basis of form: The solid form segment is projected to lead the global waste management equipment market in terms of value, followed by the semi-solid type waste management equipment segment. In terms of growth rate, the solid form segment waste management equipment segment is expected to lead the segment with a CAGR of 4.2%
Segmentation on the basis of end use: The municipal waste recycling segment is projected to lead the waste management equipment market by end use, accounting for maximum demand on a global level. Municipal waste includes all the waste generated from household and commercial sectors
North America and Europe are expected to emerge as lucrative regions and major consumers of waste management equipment by the end of the forecast period. Germany and the U.S are prominent countries with significant demand for waste management equipment in North America and Europe.
The demand for waste management equipment in these regions is also primarily driven by stringent government rules for waste management. China is also anticipated to dominate the market share in terms of volume and value with the region shaping up as a new manufacturing hub.
The Middle East & Africa is projected to remain dominant over the forecast period, due to the growth of key end-use industries in the region.