AI in Waste Management Market Size is predicted to show a 35.2% CAGR during the forecast period for 2024-2031.
AI in waste management allows for more precise rate forecasting by analyzing environmental parameters and past data. With this helpful information, waste management businesses can plan the most efficient garbage pick-up routes, guaranteeing punctual service while reducing fuel usage and carbon dioxide emissions. Improved garbage sorting and recycling operations are within reach with the help of AI technology. Plastics, metals, paper, and other types of garbage can be more accurately and efficiently recycled using artificial intelligence algorithms. An efficient waste management system will make good use of its resources, including garbage trucks. This system uses AI to help determine the most efficient garbage collection route, saving time and making better use of available resources.
The technology optimizes the truck's route for better waste management system performance by leveraging real-time updates from smart trash collectors. Furthermore, waste reduction attempts rely heavily on artificial intelligence predictive skills. Businesses can improve their production and inventory management planning using AI-driven predictive analytics, improving demand forecasts' accuracy.
However, the market growth is hampered by the lack of awareness criteria for the safety and health of low code technology in the insurance market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high AI in waste management. At the same time, if a corporation or municipality installs a smart waste management system, locals may have trouble understanding the technology. As a result of the increasing diversity of trash, it is challenging for AI developers to develop a one-size-fits-all approach to trash management. It is challenging for AI to provide reliable estimates of trash production, recycling, and disposal volumes, particularly in densely populated areas.
The spread of the COVID-19 virus has triggered widespread market volatility and deep economic recession. Artificial intelligence saw a significant slump in the waste management industry due to the strict lockdown established throughout big economies. It is believed that the usage of artificial intelligence in waste management will be hindered by the market's reduced cash liquidity and building and real estate development activities. Significantly reducing demand for residential and commercial buildings and a corresponding decline in existing activity further hindered market expansion.
Competitive Landscape
Some Major Key Players In The AI in Waste Management Market:
- WM Intellectual Property Holdings LLC,
- Waste Connections
- Suez Group
- Veolia
- Stericycle, Inc.
- Republic Services, Inc.
- Meridiam
- Hitachi Zosen Corporation
- Daiseki Co. Ltd.
- Clean Harbors, Inc
- BioMedical Waste Solutions, LLC.
- Biffa
- Other Prominent Players
Market Segmentation:
The AI in waste management market is segmented based on waste type, technology type, and end user. The waste type segment comprises industrial waste, electronic waste, hazardous and chemical waste, plastic and plastic product waste, biological waste, and others. By technology type, the market is segmented into predictive models, classification robots, smart garbage bins, and others. By end user, the market is segmented into industrial, residential, and commercial.
Based On The Waste Type, The Plastic And Plastic Product Waste Segment Is Accounted As A Major Contributor To The AI In Waste Management Market.
The plastic and plastic product waste AI in the waste management market is expected to hold a major global market share in 2022. Plastic waste on a global scale is the overuse of plastic and plastic products in many different industries, including manufacturing, consumer goods, and electronics. Many commonly recyclable plastic items, such as bottles, boxes, and cans, end up in landfills. This causes the category to dominate the global market for artificial intelligence in waste management.
Classification Robots Segment To Witness Growth At A Rapid Rate.
The classification robots make up the bulk of acrylic acid ester usage because the robots equipped with AI models can classify garbage according to different types. As these aids businesses in cutting down on operating costs associated with human labour, artificial intelligence becomes more appealing in the waste management industry.
In The Region, The North American AI In Waste Management Market Holds A Significant Revenue Share.
The North American AI in the waste management market is expected to record a large market revenue share in the near future. It can be attributed to because of the government's friendly programs that promote the use of AI in several sectors. In addition, Asia Pacific is estimated to grow rapidly in the global AI waste management market due to the increased necessity for housing and the federal government's heavy focus on infrastructural development. In addition, environmental authorities' rules encouraging eco-friendly housing and tight limitations on landfill operations are anticipated to stimulate area growth.
Recent Developments:
- In October 2023, Clean Harbors released its sustainability supplement to go along with its latest sustainability report. Additionally, the supplement highlights the positive effects of Clean Harbors' sustainability initiatives on the environment, its customers, and the communities it serves.
- In September 2023, SUEZ declared the execution of two substantial contracts in the water and waste sectors, which will aid in the realization of China's 2060 goal of carbon neutrality. SUEZ and its historical collaborator in Chongqing worked together to strengthen the water supply system's resilience by constructing a new water treatment facility. The Group initiated its inaugural plastics recovery initiative in China in Shanghai.
AI in Waste Management Market Report Scope
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 35.2 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Waste Type, Technology Type, And End User. |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
WM Intellectual Property Holdings, LLC, Waste Connections, Suez Group, Veolia, Stericycle, Inc., Republic Services, Inc., Meridiam, Hitachi Zosen Corporation, Daiseki Co. Ltd., and Clean Harbors, Inc. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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