Waste management - the process of collecting, transporting, and disposing of garbage, sewage, and other waste products involves treating solid waste and disposing of unwanted products and substances safely and efficiently. According to recent reports by Allied Market Research, the global waste management market is anticipated to reach USD 2339.8 billion by 2027.
The market growth is driven by factors such as proactive government measures taken with an aim to reduce illegal dumping. Furthermore, the growing population and increase in globalization has resulted in an increase in the overall waste volume, across the world. According to reports, the urban population produced around 1.3 billion tons of municipal solid waste in the year 2012 and this is anticipated to grow to 2.2 billion tonnes by 2025.
Few other factors predicted to contribute towards the growth of the global market include the rapid industrialization in developing countries that has not only resulted in the development of chemical, oil & gas, automobile, and medical industries but also in generating a huge amount of waste, causing pollution.