The global industrial waste management services market earned revenues of $387.40 billion in 2013 and will reach $750.09 billion in 2020, according to analysis by Frost & Sullivan.
The analysis says regulations that facilitate a shift away from landfill toward more value-adding segments such as recycling are lending momentum to the global industrial waste management services market. Adoption of industrial waste management systems will remain strongest in developed economies that have successfully introduced laws and implemented frameworks for industrial waste treatment.
Smart industrial waste management is becoming a defining factor in modern economies as primary materials become expensive, transportation costs increase, and waste handling and disposal costs escalate. Focus has turned to: lowering refuse generation as well as reducing carbon and water footprint.
Smart collection and processing are particularly important in a scenario where mixed material industrial waste presents low economic value, and requires excessive work and time to fulfill certain parameters. Moreover, the long-term cost savings associated with internal reduction of waste and recovery of valuable secondary resources will prove to be a boon in the long run, the report says.
Annual smart municipal solid waste technology revenue will grow from $2.3 billion in 2014 to $6.5 billion in 2023 and will offer multiple opportunities to those in the MSW management industry, according to a June report by Navigant Research.