- Growing environmental concerns regarding industrial waste recycling is uplifting the market.
- Increasing population worldwide drives the demand for waste management equipment
- Top manufacturers in the global market mainly focusing on new product launches and acquisitions.
In the latest market report published by Credence Research, Inc., waste management equipment market was valued at $11.4 Bn in 2018 and expected to grow at a CAGR of 4.0% during the forecast period from 2019 to 2027.
Increasing awareness about environmental problems are making consumers inclined towards using industrial waste recycling equipment globally. Moreover, rising demand for waste management equipment in the pharmaceutical and medical industry will further spur revenue growth globally. Research in the field of pharmaceutical, chemicals, and life sciences is also creating a large market for medical waste management equipment. The waste generated from food products is also a key factor for the growth of the market. The Food and Agriculture Organization of United nation suggest that one-third of the total food for human consumption is being waste each year.
Rapid urbanization and growing population is also increasing the amount of waste. For instance, as per World Bank Report, in September 2018, global waste generation will be expected 3.4 billion tonnes by next 30 years. Moreover, rising urban population globally contributes to growth of waste management equipment worldwide.
In August 2014, Avis Industrial Corp. acquired IPS Balers Inc. IPS Balers Inc. is a manufacturers of plastics and mixed fiber balers. With the acquisition, IPS becomes third baler Company owned by Avis Industrial Corp.
• In July 2017, Green Machine, manufacturer of recycling and solid waste processing equipment and systems. The mixed materials MRF aims to offer mixed residential post-recycled MSW and mixed dry commercial waste. The mixed MRF can process 30 to 50 tons of solid waste per hour.
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Key Market Movements:
Globally, the waste management equipment market is rising at a CAGR of 4.0% for the estimated period from 2019 to 2027.
North America dominated the global market in 2018. On account of the presence of major waste management equipment manufacturers in the region. Moreover, the dominance of the region led by the presence of multiple industries in North America that increases the demand for waste management equipment for recycling and managing industrial waste.
On the basis of application, municipal waste dominates the waste management equipment market. The dominance led by factors such as increasing urban population. As per the Department of Economic and Social Affair of the United Nations in May 2018, suggest that 55% of the world’s population is living in urban areas and expected to increase to 68% by the year 2050.
The form segment is sub divided into solid and liquid waste. Solid waste holds the largest share. Solid is most common form of waste. Moreover, increasing initiatives regarding solid waste management globally will boost the market growth during forecast period.
List of Companies Covered: Torma Systems ASA, Sierra International Machinery LLC., CP Manufacturing Inc., Dover Corporation, General Kinematics Corporation, Morita Holdings Corporation, Buhler Group, Maren Engineering Inc., KK Balers Ltd., Blue Group, Shed-Tech, Green Machine Sales LLC, Wastequip LLC, JCB, MSS Inc.