Smart waste management aims at minimizing the cost of operations in waste management by the process of automation through smart technologies such as analytics and Internet of Things (IoT). It helps in scheduling the waste pick-up by monitoring the level fill of the smart dust bins and containers through the use of sensors and providing real-time information and location data through Geographic Information System (GIS). The smart waste management market is expected to grow from USD 1.08 Billion in 2016 to USD 2.37 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.9%.
Technological giants such as IBM Corporation, SAP SE, Waste Management, Inc., Enevo Oy, and BigBelly Solar have created leading smart waste management solutions and services to cater to the needs and demands of the market. These players adopted various growth strategies, such as expansions, acquisitions, agreements, joint ventures, partnerships, and new product launches to expand their economies of scale and diversify their customer reach. Partnerships and collaborations have been a major strategic trend, accounting for major market share of all the growth strategies adopted by the market players.
Enevo Oy and BigBelly are the two key players who adopted these strategies to grow in the market. Enevo adopted a strategic mix of organic and inorganic growth strategies, such as business expansions and partnerships to diversify its presence to new regions. Some of the new developments of Enevo include partnership with Total Waste Systems, a Dutch provider of smart waste collection solutions and logistics services, to serve the municipality of Rotterdam. The company also announced the opening of its new office in California, U.S. to enhance the economies of scale.
BigBelly Solar, Inc. is also a leading player whose main strategic move has been strengthening its market standing and product portfolio in the rapidly growing regions of the market. The company partnered with Egbert Taylor Group to combine the Bigbelly’s customer base and the expertise of Egbert Taylor Group to help both the companies in expanding their operations and increase their efficiency.
Key players are engaging in collaborations and partnerships to provide innovative offerings and increase profitability. Some of the companies that have engaged in partnerships and collaborations in the smart waste management market are SmartBin, Ecube Labs, Urbiotica SL, WAVIoT, and Pepperl+Fuchs.
Smart Waste Management Market by Solution (Asset Management, Analytics & Reporting, Fleet Tracking & Monitoring, Mobile Workforce Management), Service (Consulting, Managed), Application (Retail, Manufacturing, Healthcare) - Global Forecast to 2021
Markets and Markets
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