Hazardous Waste Management Market: Key Highlights
- The global hazardous waste management market was valued at ~US$ 12.1 Bn in 2018 and is anticipated to expand at a CAGR of ~5% during the forecast period.
- Among the physical states, the solid segment accounted for a major share of the global hazardous waste management market in 2018.
- Among the wastes, the chemical segment held a significant share of the global hazardous waste management market in 2018. Investments in the global chemical industry have been increasing over the last few years. According to the International Council of Chemical Associations (ICCA), the chemical industry’s contribution to global GDP was valued at US$ 5.7 Trn in 2017.
- Among the chemical compositions, the inorganic waste segment held a dominant share of the global hazardous waste management market in 2018.
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Key Drivers of Global Hazardous Waste Management Market
- Increase in R&D activities, rise in the number of patients suffering from chronic diseases, and rapid growth of healthcare and pharmaceutical industries worldwide are factors likely to fuel the demand for the collection of medical wastes from large as well as small medical waste generators across the globe in the near future. Statistics from a study conducted by the University of Leeds in 2015 indicate that, the U.S. produces an average of 8.4 kilogram/bed/day of medical wastes. This is the maximum rate of hospital medical waste generation across the world. These factors are expected to propel the global hazardous waste management market during the forecast period.
- Furthermore, several government organizations such as the Food and Drug Administration (FDA), Environment Protection Agency (EPA), and Drug Enforcement Administration (DEA) are consistently working toward the proper management of waste in order to ensure safety from hazardous medical, chemical, and radioactive wastes. Several non-government organizations (NGOs) and community-based organizations (CBOs) are stepping in to help hospitals and other healthcare facilities in the collection, recycle, and disposal of medical waste. For instance, Intervol, a U.S.-based NGO, is actively engaged in the collection of unused medical supplies. It encourages healthcare facilities to recycle unused medical supplies and reduce the cost incurred for their disposal. Such initiatives by governments and NGOs to manage hazardous waste are fueling the global market for hazardous waste management.
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Asia Pacific is a Highly Lucrative Market for Hazardous Waste Management
- North America dominates the global hazardous waste management market, due to the increasing generation of hazardous waste from chemical, pharmaceutical, oil & gas, and nuclear industries in the region. According to the World Nuclear Association, the number of operable reactors in the U.S. was 99 at the end of 2017.
- The hazardous waste management market in Asia Pacific is expected to expand at the maximum CAGR during the forecast period. Asia Pacific is the leading generator of wastes across the globe. Increase in the prevalence of diseases, growth of chemical and nuclear industries, and initiatives taken by governments regarding the management of hazardous waste are expected to boost the hazardous waste management market in Asia Pacific during the forecast period.
- According to the China Hospital Industry Report, the total number of hospitals in China was 33,000 at the end of February 2019. In the first two months of 2019, there were 550 million patient visits to hospitals in China. Thus, medical waste generation in the country is high.
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Hazardous Waste Management Market: Competition Landscape
- The global hazardous waste management market is highly fragmented with the presence of a large number of players.
- High capital investments in facilities, equipment, technologies, and transport vehicles poses a high barrier to the entry of new players in the global hazardous waste management market. Regulatory pathways for the clearance and approval of landfills, incinerators, and other methods of waste management are time-consuming and capital-intensive. This creates another barrier for the entry of new players in the market.
- Key players operating in the global hazardous waste management market are Veolia, Suez, Waste Management, Inc., Bechtel Corporation, SMS Envocare Ltd, Waste Connections Inc., CLEAN HARBORS, INC., Stericycle Inc., Republic Services, Inc., Morgan Group, Recology Inc., Envion India, Chloros Environmental Ltd, and American Waste Management Services, Inc.
Hazardous Waste Management Market by Physical State
- Solid
- Liquid
- Sludge
Hazardous Waste Management Market by Waste
- Nuclear
- Chemical
- Biomedical
- Infectious
- Radioactive
- Explosive
- Flammable
- Others (including Automotive and Oil & Gas)
Hazardous Waste Management Market by Chemical Composition
- Organic
- Inorganic
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There are numerous dangerous elements scattered around especially in industries such as Oil & Gas, Chemical & Pharmaceutical, Energy & Power, and Mining.
These elements can result in accidents, injuries, sickness and sometimes in death itself.
Most of the accidents are caused by human error and hence, safeguarding human lives is an utmost priority in any manufacturing unit or industry.Hazardous area equipment devices are designed to limit the risks for accident or injury at certain points.
Developments in global safety standards and technologies have made hazardous area equipment powerful tools to increase production.
These safety technologies reduce unscheduled downtime and mean time to repair (MTTR) keeping workers safe and streamlining the lockout and tag-out procedures.Get More Details of Report @ https://www.abnewswire.com/pressreleases/hazardous-area-equipment-market-2020-emerging-trends-opportunities-growth-factors-sales-revenue-key-players-statistics-future-plans-and-forecast-2023_497965.htmlResultantly, an increasing number of companies are adopting these safety systems.
Besides technological advancements that have brought about improvements in safety devices such as safety light curtains with the integrated digital indicators have escalated the market growth globally.Recognizing the ascending graph of the growth the market is climbing today; Market Research Future (MRFR) in its recently published study report confirms that the global Hazardous Area Equipment Market will touch a valuation of approximately 8.48 Bn.
