The global waste sorting equipment market size is predicted to reach USD 1,846.0 million by 2027, exhibiting a CAGR of 12.4% during the forecast period. The rising need for solid waste management will have a tremendous impact on the market during the forecast period, states Fortune Business Insights in a report, titled “Waste Sorting Equipment Market Size, Share & Industry Analysis, By Material Type (Metal, Plastic, Cardboard & Paper, Others), By Application (Municipal and Industrial) and Regional Forecast, 2020-2027” the market size stood at USD 733.3 million in 2019. The rising waste crisis across the world will spur opportunities for the market in the forthcoming years.
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Market Driver:
Government Implication for Environmental Protection to Augment Growth
The growing waste production has led the government to take strict measures to save the environment, which in turn, will boost the growth of the waste sorting equipment market. The stringent policies pertaining to environmental safety and protection will subsequently foster the growth of the market. for instance, several European countries have officially declared the recycling targets to prevent solid waste generation; an objective to recycle a minimum of 55% of municipal waste by 2025. The rising focus towards the processing of recyclable plastic will contribute positively to the growth of the market. Similarly, the construction of waste sorting facilities for the categorization of PE and PP will bode well for the market. Moreover, the introduction of advanced machines with cutting-edge technologies by manufacturers will significantly aid the expansion of the market. For instance, Steinert, a pioneer in waste management technologies company based in Germany announced the introduction of new Chutec chute sorter, sensor-based sorting equipment for nonferrous metals. The new machine has the capability to sort light and heavy metal in small grains, using it using X-ray fluorescence (XRF) to recover zinc, brass, and copper in no-time.
Regional Analysis:
Surge in Plastic Waste to Promote Market in Asia Pacific
The waste sorting equipment market in Asia Pacific is predicted to witness a high growth rate during the forecast period owing to the surge in plastic waste in the region. The expansion of various industries and the rising population will contribute to the waste accumulation in the region. The implementation of strict government regulations regarding plastic waste will have a positive impact on the market. Europe is expected to dominate the market during the forecast period owing to the increasing focus on environmental and waste management in the European countries. The presence of pre-eminent players in the region will further bolster the growth of the market in Europe. Moreover, strict government regulations along with growing recycling initiatives will create opportunities for the market in the region. In addition, the development of various waste management facilities will encourage the healthy growth of the waste sorting equipment market in Europe.
Key Players: