Global industrial solid waste management market set to reach $1.1 trillion by 2026
Global industrial solid waste management market share has been experiencing exponential growth over the last couple of years owing to initiatives undertaken by authorities to minimize the harmful effects of untreated waste on the environment and public health.
Due to this, the global industrial solid waste management market is estimated to be valued at US $1.1 trillion in 2026, growing at a compound annual growth rate (CAGR) of 2.3% between 2020 and 2026, according to Global Market Insights, Inc.
Many foreign entities are establishing their production units in emerging countries like China, India, South Korea, Brazil and Japan owing to the cheap availability of both labor and raw materials. Surging establishment of large manufacturing units across the globe to meet the demand of the people is a major factor in the generation of industrial waste. This has led to the need for an effective collection, treatment, and disposal mechanism.
To enhance the prevailing efficiency across the value chain, prominent industry players are aiming at adopting reliable and safe industrial solid waste management techniques. An increase in mining activities results in a large amount of waste generation along with adverse health impacts on the workers and the surrounding ecosystem. Strict regulations established by the government and other authorized entities to ensure effective treatment of the waste in order to safeguard the health of the mineworkers will steer the adoption of the technology.
The need for suitable treatment methods during the extraction of mineral ore and recovery to control the development of hazardous gases will outline the need for robust industrial solid waste management solutions to eliminate environmental degradation. Developing countries such as those in Latin America are witnessing industrialization owing to foreign investments and efforts made by the governments to improve the economy of the region.