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Waste Management Industry Growth to Soar with Rising Demand for Recycling Services - Grand View Research, Inc.
Waste recycling services have provided a fillip to recycling centers to minimize the volume of landfills, reduce energy usage, cut GHG emissions, lessen water and air pollution and protect natural resources. Besides minimizing carbon footprint, recycling has become paramount to prevent the consumption of fresh raw materials. With the waste recycling services market share poised to witness an uptick, stakeholders are likely to up their geographical expansion strategies and invest in state-of-the-art technologies. For instance, in November 2022 , AMP Robotics raised USD 91 million in corporate equity in Series A financing to boost recycling efficiency.
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An exponential rise in food waste has put the spotlight on its management as food security concerns become pervasive. Oxfam projected that 745 million people lived in extreme poverty by 2021. The expanding food service and tourism sector have spurred the need for food waste management by, including but not limited to, providing training to employees for inventory management, using smart waste technology, joining forces with local farmers to reduce food waste sources and turning waste into animal feed. The adoption of bespoke solutions will bring a paradigm shift in the food waste management marketplace.
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Trends that are likely to have an overarching influence on the global outlook are elucidated below:
Stakeholders expect the U.S. and Canada to provide buoyant waste management policies and programs to minimize solid waste. According to the latest figure from the U.S. EPA, the U.S. generated 292.4 million tons of municipal solid waste in 2018 alone. Moreover, the U.S. Department of Agriculture cited data alluding to around 4% of the U.S. greenhouse gas emissions linked to uneaten food. In February 2023 , the USDA announced pouring USD 9.4 million to minimize and divert food waste from landfills. The food waste reduction project will help build strong food waste reduction solutions and food recovery networks, thereby underpinning North America waste management industry growth.
The competitive landscape suggests forward-looking companies could inject funds into organic and inorganic strategies to bolster their footfall and tap into the global market. Key players will likely emphasize geographical expansion, technological advancements, innovation, R&D activities, partnerships and mergers & acquisitions. To illustrate, in
December 2022 , Honeywell announced that GE Technology would use its advanced plastic recycling technology in
South Korea . The plant can transform mixed waste plastics into Honeywell Recycled Polymer Feedstock (RPF) to create new plastics.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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