Global Waste Collection Trucks Market: Snapshot
Exponential rise industrial activities, inappropriate waste management methods, and unfitting ways of disposing waste have emerged as serious concerns demanding immediate attention from international authorities. As per a study conducted by the World Bank, the volume of municipal waste alone is expected to reach nearly 2.2 billion by the end of 2025. Rapid urbanization and increasing population are likely to aggravate the situation even further. In order to tackle the impending challenge, international authorities are tightening their guidelines to ensure improved industrial and municipal waste management. Furthermore, governments from across the world are willingly spending to ensure effective functioning of waste and waste water treatment plants. All these factors are cumulatively aiding the expansion of the global waste collection trucks market.
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Several emerging nations have adopted initiatives to eradicate accumulation of waste materials. For instance, China has a five year plan in place under which it has significantly invested in the advancement of its existing infrastructure, keeping in mind the prevailing environmental concerns. Likewise, India has adopted an initiative called Swacchh Bharat which is a high budget plan for a long term aimed at effective waste disposal and management. Several other nations have adopted similar initiatives to manage industrial and household waste efficiently. This in turn is expected to fuel the demand for waste collection trucks in the coming years.
A majority of the prominent companies in the global waste collection trucks market are focusing on implementing diverse strategies to gain edge over competition. They are adopting favorable pricing practices, besides implementing efficient technologies to emerge at the fore. As per recent studies, several companies are also focusing on expanding their product portfolio and forging long term relations with suppliers and localized manufacturers to strengthen their foothold in the global waste collection trucks market. According to the report, in order to amplify their market share several companies are shifting focus towards emerging nations to capitalize on the prevailing opportunities.
Global Waste Collection Trucks Market: Overview
The global waste collection trucks market is anticipated to testify a surge in demand as a result of increasing application in industrial waste management systems. The demand could gain strength as voluntary instructions for these systems have already been issued by the EPA and state governments. Note that these authorities have expressed their concerns over untreated disposal of effluents and solid waste and evaluated the seriousness of the problems arising as a result of it. Another factor that is projected to create handsome growth opportunities in the market could be technological advancement responsible for improving the operational efficiency of waste collection trucks.
Global Waste Collection Trucks Market: Trends and Opportunities
Growing worries about industrial waste being created at an alarming rate, especially in North America due to its massive industrial base, are foreseen to spur the demand for waste collection trucks in the coming years. With industrialization rising at a soaring rate, waste generation has been continuously gaining momentum, thus stimulating the requirement of powerful industrial waste management systems. Colossal amounts of solid and liquid waste are generated in construction, food and beverage, chemical, automotive, and other manufacturing sectors.
Today, waste collection trucks do not lag behind in terms of technology. Waste segregation, novel waste collection equipment, real-time monitoring, and other advanced features have already been added to waste collection trucks.
Global Waste Collection Trucks Market: Market Potential
Surrey, British Columbia’s Port Kells industrial area now has a new biofuel facility that is worth a C$68 million. Opened in March 2018, the facility is said to be North America’s first closed-loop organic waste management system that is fully integrated, according to the City of Surrey. It will provide fuel to waste service and collection vehicles powered by natural gas by converting curbside organic waste into renewable biofuel. One could imagine waste collection trucks picking up their fuel source at curbside, under this closed-loop system.
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Global Waste Collection Trucks Market: Regional Analysis
The international waste collection trucks market is foretold to become more prominent in North American countries such as the U.S. due to the strong presence of various industries. However, Europe could catch up with the growth of North America because of stringent environmental regulations imposed in the region looking at the pollution levels rising globally. Adoption of electric and CNG-based waste collection trucks could be on the rise due to the fuel inefficiency of diesel-based trucks. Other factors that are envisioned to help Europe to gain growth include the stable rise of the residential sector, large industrial base, and snowballing waste generation per capita.
Global Waste Collection Trucks Market: Companies Mentioned
Some of the leading names of the international waste collection trucks market are FAUN Umwelttechnik GmbH & Co. KG, Dulevo International, Iveco, Dennis Eagle, and Geesinknorba.