Solid waste management market set to reach $1.1tn by 2026
Global industrial solid waste management market share has been experiencing exponential growth over the last couple of years owing to initiatives undertaken by authorities to minimize the harmful effects of untreated waste on the environment and public health. Improving purchasing power among people in both developed and developing nations are propelling the demand for upgraded, innovative and advanced products and services, driving industrialization.
Many foreign entities are establishing their production units in emerging countries like China, India, South Korea, Brazil and Japan owing to the cheap availability of both labor and raw materials. Surging establishment of large manufacturing units across the globe to meet the demand of the people is a major factor in the generation of industrial waste. This has led to the need for an effective collection, treatment, and disposal mechanism.
To enhance the prevailing efficiency across the value chain, prominent industry players are aiming at adopting reliable and safe industrial solid waste management techniques. An increase in mining activities results in a large amount of waste generation along with adverse health impacts on the workers and the surrounding ecosystem. Strict regulations established by the government and other authorized entities to ensure effective treatment of the waste in order to safeguard the health of the mineworkers will steer the adoption of the technology.
The need for suitable treatment methods during the extraction of mineral ore and recovery to control the development of hazardous gases will outline the need for robust industrial solid waste management solutions to eliminate environmental degradation. Developing countries such as those in Latin America are witnessing industrialization owing to foreign investments and efforts made by the governments to improve the economy of the region.
In a report by the World Bank Group, in the year 2018, manufacturing value-added across LATAM crosses USD 755.4 billion as opposed to USD 627.6 billion in the year 2009, showcasing a growth of more than 20%. Increasing investment made towards infrastructural development across the industrial sector has led to a rise in waste generation, creating the need for efficient waste disposable systems.