Smart waste management through the installation of smart waste bins is expected to grow at a compound annual growth rate (CAGR) of 64.1% to touch US$5.42 billion in 2025, according to a latest research from Frost & Sullivan. The global smart waste bin market currently has an estimated value of US$278.8.
"Innovative treatment technologies, such as self-sorting bins, solar-powered compactors, and recyclable eWaste bins, are becoming viable solutions and hold great business potential," said Deepthi Kumar Sugumar, senior research analyst, Energy & Environment at Frost & Sullivan.
He added: "Cities will increasingly refurbish traditional bins by affixing sensors on them to convert them into smart bins. Emerging markets such as India, China, and Australia are especially proving strong markets for technology firms."
Smart waste management through the installation of smart waste bins is expected to improve the efficiency of waste collection, transportation, and recycling of waste. As sensor-enabled bins communicate the level of waste in them, they can reduce the number of trips haulers need to make, lowering costs and greenhouse gas emissions.
Getting business models right
Entitled “Growth Opportunities in the Global Internet of Bins Market, Forecast to 2025”, the Frost & Sullivan study examines new business models and disruptive technologies and solutions in the market.
It also forecasts the revenue shares of semi-underground containers, four-wheeled and front-end loaders, litter bins, underground containers, smart compactors, bins for commercial buildings, and other containers in the geographic regions of Europe, the Americas, Asia-Pacific (APAC), and the Middle East and Africa (MEA).
"Europe is a pioneer in smart waste management with about 72% of the market share. This strong growth is due to financial constraints of cities and the need for alternatives to reduce waste collection costs," noted Sugumar. "Other factors include a circular economy, collection and recycling targets, and government initiatives. Companies looking to tap opportunities in medium and smaller cities will aim to develop affordable and innovative Internet of Things solutions that can be customized to their needs."
To gain a competitive edge in the market, the technology research firm said smart bin companies need to make the most of the growth opportunities presented by:
- Providing value-added services like cleaning and maintenance, on-site waste audits, and partnering with other solution providers to develop a complete smart waste infrastructure package.
- Adopting performance-based financial business models to encourage capital investments.
- Expanding in regions that are rapidly urbanising and generating a high volume of waste.
- Partnering with solution providers for effective design, installation, and distribution of smart devices.
- Offering accessories such as CCTV cameras for security, LED displays screening waste data, different sensors for events like tilt and fire, and remote configuration for customers.
- Developing different product lines, especially for enhancing the entire value chain. For instance, Big Data platform providers can also present basic-level sensors and image recognition technologies.
- Launching new platforms that can manage the data generated by any connected smart bin device and convey information about the usage and performance of the device.
