Dive Brief:
- A new report released by Markets & Markets, a U.S.-based global market research company, estimates that the global industrial waste management sector could potentially reach $1.4 trillion by 2019.
- As reported by Waste Management World, the current figures have the market sitting at $863.8 billion in 2014, which would mean the rate of growth, worldwide, could rise by 8.9% in the next five years.
- According to the report, the Asia-Pacific region is slated to have the highest potential for growth but faces a challenge as it lacks the necessary infrastructure in place for the proper disposal of materials. Despite this, the area is still expected to grow by a substantial 11.4% between now and 2019.
Dive Insight:
The report, "Industrial Waste Management Market by Services & Geography: Global Trends and Forecasts to 2019," reveals that other areas that will likely see the most growth are Europe and the US, trailed by the Middle East and Africa.
According to the report, collections are expected to have the greatest growth in the industrial waste services field. As of 2013, collections accounted for a 60% market share across the entire industrial waste sector. Analysts assess that the percentage will rise even more in the next few years, attributing the growth to a mounting concern for environmental issues.
Another recently-released report also emphasized the growth potential for this sector in European markets. Recycling instead of landfilling was an important theme highlighted in this report. According to analysts who prepared the report, revenues in C&D are also expect to grow, despite the need for standardized legislation holding it back.
