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Global Hazardous Waste Management Market was Valued at US$ 12.8 Bn in 2019 and it is Expected to Reach More than US$ 21.26 Bn by 2028, Likely to Grow with the CAGR of 5.8% During the Forecast Period.
The waste material has been classified as hazardous and non-hazardous by various government authorities. Regulatory authorities have classified the hazardous waste material into explosive, radioactive, inflammable, oxidizing, infectious, poisonous, reactive or toxic in nature. Increasing scientific research on waste material for various purposes including identification of hazardous nature is adding movement to the waste management activities across the globe.
Hazardous waste management involves reducing the number of hazardous substances produced, treating hazardous wastes to reduce their toxicity along with the other hazardous environmental effects and applying sound engineering controls to reduce or eliminate exposures to these wastes.
The Rapidly Increasing Quantity Of Waste Across The Globe Is Boost The Demand For Hazardous Waste Management
Industrial waste is increasing rapidly across the globe due to rapid industrialization and urbanization in emerging economies such as China and India. The favorable government activities are supporting proper waste disposal management systems in the countries due to growing environmental and health concerns. Rapid industrialization, an increase in environmental awareness, surge in population, and the rise in urbanization foster the growth of the global waste management market.
In addition, according to the World Health Organization (WHO), 15% of medical waste is regarded as hazardous medical waste, which needs proper disposal methods. The availability of trained healthcare professionals and the rise in awareness among waste-handlers, caretakers, and patients about segregation, collection, storage, and disposal of medical waste are key factors that ensure safe medical waste management.
However, the unavailability of an effective network for waste collection acts as a challenge to the hazardous waste management market. Lack of awareness regarding the proper collection and segregation of medical waste among healthcare workers is a major factor restraining the hazardous waste management market.
The Industrial Waste Segment is Expected to Dominate The Hazardous Waste Management Market During the Forecast Period
The industrial waste segment was the largest segment, accounting for over xx % of the global share of the global hazardous waste management market in 2019 and this trend is expected to continue over the forecast period.
The rapid industrialization and urbanization in emerging economies such as China and India along with the increased waste in chemical, oil, and gas industries likely to drive the hazardous waste management market.
The Deep Well Injection Method Held a Significant Share In Global Hazardous Waste Management Market In 2019
The deep well injection method constituted a major share of the Hazardous Waste Management Market in 2019 and it is projected to grow at a significant CAGR of above xx % during the forecast period. Deep well injection systems are projected to handle a volume of above 80000 thousand tons of waste by 2028.
The manufacturers are extending their efforts for the preservation of these wells that function as a low-cost operational alternative in waste management. As the deep well injection method serves as an inexpensive option in the hazardous waste management market, manufacturers are developing new efficacious wells that can be used for disposing of industrial, municipal, oil and gas, and radioactive waste.
The Market in North America Is Expected to Dominate the Global Hazardous Waste Management Market During the Forecast Period
North America has accounted for the largest share in the global hazardous waste management market due to increasing waste disposal activities in the region and is expected to grow at CAGR of above xx % during the forecast period. The presence of major market players in the US is supporting the market growth.
Furthermore, the hospitals are major generators of medical waste in the U.S., owing to the increase in the number of surgical procedures performed in these settings and longer duration of hospital stays of patients suffering from chronic diseases. Thus the increasing waste from hospitals is driving the demand for hazardous waste management in the country.
Additionally, the increase in waste generated from oil and gas refineries and other industries is contributing to the regional market growth. Moreover, nuclear decommissioning requires the disposal of waste generated during the nuclear power plant dismantling process. New nuclear power plants, as well as decommissioning of old nuclear power plants, are estimated to augment the demand for nuclear waste management services. These factors are likely to boost the hazardous waste management market. Canada is significantly contributing to the hazardous waste management market in North America during the forecast period. The nuclear utilities, as well as the Canadian Nuclear Laboratories (CNL), are responsible for the disposal of nuclear wastes, primarily low level, and intermediate-level waste.
The Asia-Pacific Region Is Projected to Register Significant Growth in the Hazardous Waste Management Market during the Forecast Period
The Asia Pacific accounted for over xx % of global revenue share in 2019 and is expected to register substantial growth during the forecast period. A rapid increase in hazardous waste from the industrial and manufacturing sector is increasing the waste disposal management in the region. China and India are significant contributors to the global hazardous waste management market in the Asia-Pacific region.
Some of the key players 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 Key Segments:
Hazardous Waste Management Market, By Physical State
Hazardous Waste Management Market, By Waste Type
- Biomedical Waste
- Industrial Waste
- Domestic Waste
Hazardous Waste Management Market, By Disposal Method
- Deep Well Injection
- Engineered Storage
- Land Burial
- Ocean Dumping
Hazardous Waste Management Market, By Treatment
- Physical & Chemical
Hazardous Waste Management Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America