Global smart waste collection technology market is expected to grow from $57.6 million in 2016 to over $223.6 million in 2025, says a new report from Navigant Research.
Globally, ample opportunity exists for smart waste collection solutions that can increase efficiency and improve the quality of these services, according to the research agency.
The commercialization of related technologies represents a fertile ground for existing waste haulers and new market entrants, particularly as city administrators face pressure to carry out waste collection as efficiently and effectively as possible—often on a tight budget.
Christina Jung, research associate with Navigant Research, says, “Smart solutions for tracking waste levels, route optimization, and operational analytics allow municipalities and waste service managers to optimize waste management services, reduce operational costs, and better address the environmental issues associated with inefficient waste collection.”
According to the report, most municipal waste collection operations focus on emptying containers according to predefined schedules at a set frequency, creating the possibility of half-full bins being emptied, poor use of city assets, and unnecessary fuel consumption.
While the smart waste collection market is still in its early phase, a wide availability of commercially viable technologies and growing interest in connectivity and city IoT networks are expected to drive growth in this market, reducing these issues, the report said.