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Waste management systems are vital as they keep homes and communities free from unwanted clutter. Although these waste management services exist in nearly every community, the industry’s current operating standards have proven to be highly inefficient.
This inefficiency is largely due to outdated manual collection methods and logistical processes which lack efficient data-driven solutions.
However, the waste management industry is beginning to develop and implement IoT-related solutions to these problems. Smart trash bin or automatic garbage bins/cans are technologically advanced waste management systems which are used for garbage management or disposition. They are touchless and sensor-based systems which reduce human efforts and can also be remotely controlled via mobile applications with wireless ultrasonic sensors embedded inside.
The demand for smart trash bins is increasing at a rapid pace due to growth in urbanization and heavy globalization. The smart trash bins market is expected to show growth at a robust rate in the coming years.
The growth of this market is attributed towards major relying factors including the need for improvement in waste management system worldwide, the growing preference for touch-less trash cans, increased use of wireless connecting devices and Internet of Things (IoT), increasing awareness about the usage of technologically advanced trash bins among users, increase in developing concepts of smart cities and efficient waste management systems across the globe and rising dependency of users on smart systems that have the ability of reducing manpower requirements to handle the garbage collection process etc.
With public welfare organizations, government bodies, and other concerned regulatory boards increasingly undertaking initiatives such as the Namami Gange Programme, Swachh Bharat Abhiyan, Gramin Swachh Bharat Mission and others, to ensure cleaner surroundings in urban areas, manufacturers of touchless garbage bins are escalating their efforts to boost the adoption of their offerings. As a result, the residential populations are getting encouraged to adopt touchless trash cans in the day-to-day waste disposal activities. This also allows the governments to raise funds for the completion of such initiatives.
Moreover, these smart connected trash bins allow consumers to search the space availability of trash bins bags with the help of an app installed in their mobile devices. Additionally, old aged people and people with disabilities find touch-free option as a value addition and convenient to operate.
Furthermore, innovation and technology improvements along with e-commerce are fueling market growth. Moreover, the rising preference for touchless trash bins as it offers convenience and prevents cross contamination of germs are expected to provide ample growth opportunities to the market players. Additionally, smart cans are now installed in washrooms at public places like airports, metro stations, bus stations, and shopping malls to provide a healthy and hygienic environment.
However, the low and slow adoption of smart solutions in developing countries, easy availability of several alternative solutions to trash bins worldwide, high cost required for training the employees to operate smart trash bins along with its overall maintenance cost, shorter ranges and lower data speeds of wireless technologies used, limited memory size of sensor nodes are a few factors which are likely to hinder the growth of this market.
SMART TRASH BINS MARKET SEGMENTATION:
By Distribution Channel:
North America has been dominating the global smart trash bin market for the past few years and is likely to maintain its dominance throughout the next few years as well. The U.S. is the major contributor in the region and holds about 3/4th of the global market share. This growth can be majorly attributed to the high purchasing power of the people, growing investments by market players in latest technologies, strong inclination of the population to adopt latest technologies, presence of key industry participants, growing demand for methodical or systematic waste disposal practices and growing innovation in the smart trash bin such as sensors, wireless communication modules, and other innovations etc.
While the European region is the second largest market for smart trash bins in the world, the Asia Pacific is also a potential market for smart trash bins and is expected to bolster growth owing to factors such as the growing demand for trash bins and increasing preference for smart products, growing urbanization and increasing garbage with insufficient waste disposition holdings, increasing initiatives by countries like India for marking smart cities which also drive economic growth and enhance the global market of the smart bin systems.
FEW KEY PLAYERS IN SMART TRASH BINS MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global smart trash bins market by the following segments:
- Distribution Channel
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Smart Trash Bins Industry Report
The report offers a comprehensive insight on the Smart Trash Bins Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.