Pune, India, July 22, 2021 (GLOBE NEWSWIRE) — The global construction and demolition waste management market size is expected to gain momentum by reaching USD 142.92 billion by 2028 while exhibiting a CAGR of 4.0% between 2021 to 2028. In its report titled “, Construction and Demolition Waste Management Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 115.11 billion in 2020.
The increasing demand for integrated technology and IoT-based devices in the construction industry has seen a staggering demand. Artificial intelligence (AI) helps the construction industry by scheduling and risk mitigation, such as worker injury prevention and predictive equipment maintenance. Additionally, it helps in reducing waste and providing high-value materials. For instance, Switzerland-based company the Eberhard Group decided to invest in AI-based intelligent robots, which will help recover mixed construction waste at a rate of 200 tons per hour. Therefore, these advancements in the industry are expected to drive the market.
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The COVID-19 pandemic has caused a substantial economic downturn and a sense of uncertainty in the market. The stringent lockdown imposed worldwide acted as a major downturn for various industries, including the construction and development industry. The reduction in construction activities led to a drop in cash liquidity, thereby obstructing construction activities. For instance, the International Labor Organization report suggested that the unavailability of the working force at construction sites in the Indian construction market has obstructed the pace of construction activities in the country, thus hampering the market growth.
List of Key Market Players Profiled in Global Market
- Veolia Environment S.A. (Aubervilliers, France)
- Waste Connections (Texas, the U.S.)
- Clean Harbors, Inc. (Massachusetts, the U.S.)
- Remondis (Lünen, Germany)
- Republic Services (Arizona, the U.S.)
- FCC Environment Limited (Northampton, United Kingdom)
- Waste Management (Texas, the U.S.)
- Kiverco (Tyrone, Northern Ireland)
- Daiseki Co., Ltd. (Aichi, Japan)
- Windsor Waste (Brentwood, United Kingdom)
- Casella Waste Systems, Inc. (Vermont, the U.S.)
- Renewi plc (Milton Keynes, United Kingdom)
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Report Scope & Segmentation
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||4 %|
|2028 Value Projection||USD 142.92Billion|
|Market Size in 2020||USD 115.11 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||120|
|Growth Drivers||Environmental Benefits and Development of Circular Economy to Promote Growth|
|Hefty Investments by Governmental Authorities to Propel Market Growth|
|Integration of AI-Powered Robots at Recycling Plants to Elevate Quality and Speed of Recycling Activities|
|Pitfalls & Challenges||Limited Capability to Recover and Recycle Construction and Demolition Waste|
By material type, the market is divided into concrete & gravel, bricks and ceramics, asphalt and tar, timber and wood, metal, and others. On the basis of source, the market is segmented into demolition, construction, and renovation
- Based on the source, the renovation segment held a global construction and demolition waste management market share of 17.3% in 2020. This is attributable to low cost, as renovation allows waste recycling over time.
By service, the market is bifurcated into disposal and collection. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market’s growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships and collaboration that will further contribute to the market growth.
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Development of Circular Economy is Expected to Fuel Market Growth
The increasing effort of environmental organizations to promote the circular economy, i.e., collect, recycle, and reuse in new infrastructure and construction activities, drive the construction and demolition waste management market growth. For instance, the European Commission has emphasized the re-use of demolished materials during construction, excluding hazardous materials. Such environment-friendly endeavors will bolster the global market growth during the forecast period.
On the flip side, many countries do not have to recycle centers to segregate demolished waste. Thus lack of recycling and regular filling of landfills are major restraints of the market.
Asia Pacific to Remain at Forefront; Increasing Adoption of Recyclable Material in Construction Sector to Aid Growth
Asia Pacific is expected to hold the largest market share during the forecast period. This is ascribable to the factors such as extensive emphasis of the government on infrastructural development in developing economies such as India and China. For instance, the Indian Ministry of Housing and Urban Affairs (MoHUA) is focusing on developing the construction sector in India through supportive policies. Moreover, the waste generated in the country is enough to provide raw material to recycling centers, thereby contributing to green buildings and eco-friendly construction. The region stood at USD 20.52 billion in 2020.
North America is expected to experience significant growth in this market during the forecast period. This is attributable to the hefty investments made by key market players to establish and operate new recycling construction projects in the region.
Key Players to Focus on Partnerships to Strengthen Their Market Positions
The market for construction and demolition waste management is consolidated by major companies striving to maintain their position by focusing on partnerships and new application launches. For instance, in November 2019, Rotochopper Inc. started a strategic partnership with Austria-based Lindner Recycling, Inc. This partnership was to help the company increase its reach among the customers through sales representation and service support for its products across various regions of the globe. Moreover, other key players adopt proactive strategies such as facility expansion, mergers, and collaborations to favor market growth.
- January 2020: Krause Manufacturing is working on an AI-powered robotic waste sorting system. This will help in segregating various debris automatically. Later this debris can be sent to recycling facilities for further use.
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