According to a recent study from Navigant Research, worldwide revenue from smart MSW technology will grow from $2.3 billion annually in 2014 to $6.5 billion in 2023.
Latest smart technologies offer the enhanced collection of municipal solid waste (MSW), generate renewable energy and optimize the environmental performance of landfills, the agency said.
Mackinnon Lawrence, research director, Navigant Research, said, “The total volume of waste generated globally will grow by 50 percent over the next ten years and with the adoption of innovative technologies will result in more integrated waste management offerings. This dynamic evolution offers lots of opportunities for both existing waste management stakeholders and new industry entrants.”
According to the report, the main agenda of smart waste evolution is reduction of operational costs adopting MSW as a strategic renewable resource for material and energy recovery.
This view is supported by technologies for smart collection like using radio frequency identification [RFID], tagging and global positioning system [GPS], smart processing and energy recovery.
The Smart Waste report analyzes the global market for smart MSW technologies, with a focus on smart collection, smart processing, smart energy recovery, and smart disposal.
Global market forecasts for the volume of MSW generated and managed globally and the revenue generated from the deployment of smart waste technologies, segmented by geography and smart waste segment, extend through 2023.