Industrial Waste Management Market Strong Application Scope,Status, Analysis and Forecast to 2026
Companies’ Adoption of Innovative Practices Makes Real Bearing on their Bottom-line
Industrial waste management practices has evolved greatly
over the years in industrialized nations. Industries who are at the top of the
list producing industrial waste comprise chemical, oil and gas, and nuclear. A
bevy of new approaches have come to the fore which has helped reduce the
environmental impacts of the industrial waste produced every years - the U.S.
economy alone contributed 7.6 billion
tons of industrial waste annually, as per a statistics obtained in 2017. Environmental
pollution arising from inadequate management of industrial waste has been a
compelling proposition spurring investments across the entire ecosystem in the
- from companies that produce them to companies that collect, recycle, and
convert the waste into useful materials.
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Circular Economy to drive Effective Waste Management
Practices
Thus,
awareness has risen remarkably to improve processes pertaining to collection,
treatment, and disposal, but also to make them more cost-effective so that the
framework works sustainably. The focus on management of hazardous waste has
attracted attention of players in the industrial waste management market. These
wastes are dealt largely at plant sites. Further facility managers are keenly
looking for better methods for land-disposed, non-hazardous industrial wastes.
Implementing the concepts of circular economy has made these efforts
relentless, and will broaden the revenue streams in considerably coming years.
The
opportunities in the industrial waste management market are projected to expand
at 10.6% CAGR
between the forecast period of 2018 - 2026.
Impacts of Industrial Solid Waste on Environmental
Degradation Expands Scope
Industrial
solid waste generated from thermal power plants present an interesting avenue,
especially for regional players in the still-emerging industrial waste
management market. Recognition of the massive environmental degradation their
improper disposable leads to has bolstered the need for innovative practices,
notably including reutilization of the waste stream. For instance, recyclers
are targeting fly ash, one waste coming out of coal power plants. They are keen
on promoting practices that among other things also utilize these for further
economic activities. Recycling of other coal combustion products (CCP) has also
gained attention in recent years. For instance, in the U.S. regulators exhort
utility companies in using CCP as a construction material. It thus generated
revenues and is cost-effective than using Portland cement.
Rise in Governments’ Active Participation to Spur
Demand for Expertise in Waste Management
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Stringent Implementation of Regulations Developed
Nations Spearhead Change
Businesses
across the industries are increasingly keeping the sustainability issue at a
stone’s throw. Over the past several years, due to sheer pace of industrialization
coupled with the lack of adequate infrastructure, a significant proportion of
industrial waste has been seeping into water bodies and land. Several concerns
have arisen due to the pollution it has caused, including the harm it can cause
to human settlements. Waste regulators in various developed nations - notably
the EPA in the U.S.--are increasingly conscious of these impacts and have been
strikingly framing rules. They are endorsing public participation in industrial
waste management policies. Publics have echoed the role of
environmental-friendly sourcing and production strategies, offering a massive
push to the demand in the industrial waste management market. Thus,
legislations play a key role in promoting the science behind the various risk
management strategies for businesses, particularly that deal with hazardous
industrial waste.
North
America and Europe have been substantially lucrative in the global industrial
waste management market for the past few years. The rapid uptake of new sorting
and recycling technologies has played a key part toward this. The regional
market has also thrived on the back of partnerships across the value chain.
Legislations Underpin Change
Developing
nations are also keen on adopting policies that promote sustainability for
businesses. India for instance has seen a growing number of prominent companies
in the manufacturing and production sector strengthening the infrastructure for
industrial waste management. A growing number of service providers have come to
the fore who promise to streamline the operations through collection, sorting,
and recycling. Asia Pacific is expected to a highly promising region for
players in the market. A growing number of studies on specific health problems
of the accidental exposure of industrial waste toxic has stirred the attention
of policymakers and boosted the regional landscape.
Service Providers Expanding Ambit of Waste Management
Plan
Better Technologies to Pave Way to Industrial Ecology
System
Over
the years, manual sorting of industrial waste streams have become almost
negligible. Energy-efficient technologies have replaced manual labor. Players
in the industrial waste management market are keen on integrated management
systems. Most players have been leaning on adopting strategies that increases
the safety in handling, collection, and disposal of hazardous and non-hazardous
waste. Some players have been working on systems that can maximize the recovery
of non-renewable materials from the waste stream.
Some
of the key service providers dotting the landscape in the industrial waste
management market are Waste Management, Inc., Enviroserv Waste Management (Pty)
Ltd., Clean Harbors, Inc., Reclay Group, Stericycle, Inc., and Veolia
Environnement S.A.
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