Smart Trash Bins Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Smart Trash Bins Market Analysis
The Global Smart Trash Bins market is expected to register a CAGR of about 15% during the forecast period. Growing general awareness about waste management, supportive government regulations promoting effective waste materials management, and increasing investment in smart city infrastructures are among the factors driving the studied market growth.
- The amount of waste produced each year is greatly influenced by the rapid industrialization and urbanisation taking place in various parts of the world. According to the World Bank, about 2.01 billion tonnes of municipal solid waste is generated annually, with about 33% of that not being managed in an environmentally safe manner. As these waste materials create several environmental and health issues, the demand for effective waste management solutions has been increasing lately.
- The traditional ways of managing waste are no longer effective, considering the amount of workforce and time required. Many organizations have now started looking for innovative solutions to track and manage waste, creating a good market scenario for the growth of the studied market.
- Due to such trends and future market opportunities in this sector, several technology providers have started developing innovative solutions such as sensors, radio-frequency identification (RFID) tags, and analytical platforms to help the waste management industry stakeholders effectively carry out waste collection, processing, and disposal.
- Taking into account the essential procedures associated with waste management, smart trash bins are gaining significant popularity as they can provide various functionalities such as identification of the type of waste, their location, fill level of bins, temperature, etc., all at a single platform which a user can even access remotely, hence, making the waste management process smoother and effective.
- However, the factors such as low awareness, especially among the developing regions, along with lack of supporting infrastructure and the high cost involved bot in installing and managing smart bin infrastructure are among the major factors challenging the growth of the studied market.
- The global outbreak of COVID-19 has had a notable impact on the studied market's growth as increased awareness about maintaining hygiene and cleanliness in the surroundings increased demand for smart trash bins, especially in the residential and healthcare segment, as many organizations and individuals installed mask disposable smart trash bins. As a result of these trends, consumers' purchasing patterns are changing consistently, which is likely to have a beneficial long-term impact on the industry under study.
Smart Trash Bins Market Trends
This section covers the major market trends shaping the Smart Trash Bins Market according to our research experts:
Growing Urbanization & Investment in Smart City Infrastructure to Drive the Market's Growth
- Over the years, urbanization has increased significantly across the globe. For instance, according to the World Bank, in 2021, about 5% of the global population stayed in urban areas. Urbanization directly correlates with waste generation, owing to the higher consumption rate of packaged or processed products.
- Urbanization is having a higher impact in developing regions than in developed regions. In developing regions, a significant portion of the waste is openly dumped, owing to a lack of awareness and required infrastructure. For instance, the World Bank predicts that by2050, total waste generation in the fastest-growing countries, such as Sub-Saharan Africa, South Asia, the Middle East, and North Africa, will have more than doubled. Considering the vast implications that openly dumped waste can have for the environment, the demand for innovative waste management solutions such as smart trash bins is expected to grow across these regions.
- Recent years have witnessed significant growth in smart city infrastructure investment. Governments, especially across emerging and developing countries, are making significant investments in developing smart city infrastructure. For instance, under Under Union Budget 2021-22, the Smart Cities Mission in India has been allocated INR 6,450 crore (USD 868 million) as compared to INR 3,400 crore (USD 457 million) in FY21.
- As smart cities primarily focus on adopting advanced digital technologies, increasing investments are expected to create a supportive market scenario for the growth of the smart trash bins market during the forecast period.
North America to Hold Significant Market Share
- The North American region is expected to hold a significant market share of the global smart trash bins market as the region has a higher percentage of the population staying in urban areas. Additionally, increased consumer and organizational awareness as well as greater use of new technologies are the main drivers of the market's expansion. Furthermore, the presence of many technology companies offering services to smart trash bin providers is also contributing to the market's growth in the region.
- The concept of smart cities and efficient waste management solutions in the North American region is increasing. While touchless trash cans provide comfort while preventing germ cross-contamination, Wi-Fi-enabled devices and the Internet of Things (IoT) are becoming more popular. Hence, the increasing investment in smart cities is expected to drive the region's demand for smart trash bins.
- For instance, in August 2022, San Fransisco state officials announced their plans to replace about 3000 old trash cans with smart trash cans. The new smart trash cans include features such as a QR codes so that people can answer questions related to individual cans. Furthermore, the city has also created interactive maps for residents to track and test the different trash can designs.
- Similarly, other major cities are also making efforts to make the waste collection, treatment, and disposal process smooth and highly efficient. For instance, Ste-Anne-de Bellevue, a small Canadian city in March 2022, announced its plans to adopt a smart garbage collection system. Such trends are expected to support the growth of the studied market during the forecast period.
Smart Trash Bins Industry Overview
The smart trash bins market is growing in competition as increasing awareness, and growing adoption of these bins are encouraging new players to enter the market. As the market is technology-intensive, vendors are highly focused on developing innovative solutions and adding new functionality to their offerings to achieve market differentiation. Partnerships, mergers, and acquisitions are also among the key strategies adopted by the vendors to expand their market presence further.
In September 2022, Romanian city of Brasov announced its plans to replace every garbage bin with a 'Smart' recycling alternative. The announcement aligns with the Romanian Plan for National Recovery and Resilience. The city, which already operates such systems, plans to purchase 275 more such smart systems, which will cost around EUR 6 million.
In April 2022, North Inc., a leading IoT service provider, was selected to provide sensors for waste containers throughout Edinburgh as part of the city's smart city project. The project will see North provision about 11,000 smart sensors in waste containers throughout the city to enable the city council to optimize collection and manage routes more efficiently.
Smart Trash Bins Market Leaders
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CleanRobotics
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Ausko Pte Ltd
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Evreka
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Enevo Inc.
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iTouchless Housewares and Products Inc.
*Disclaimer: Major Players sorted in no particular order
Smart Trash Bins Market News
- March 2022 : Gandhinagar Municipal Corporation, Gujrat, started the installation of IoT-enabled underground bins. These bins are equipped with remote-fill level sensors, enabling underground bins to alert the central command and control center to send the garbage collection vehicle when it is 70% full.
- January 2022 : The New Town Kolkata Development Authority (NKDA) announced that it had started installing smart waste bins in New Town. These bins are equipped with artificial intelligence (AI)-based sensors to help prevent the overflowing of waste once they reach their full capacity. According to NKDA, about 50 such bins would be placed across various locations in the city.
Smart Trash Bins Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Investment in Smart Cities and Effective Waste Management Systems
5.1.2 Increasing penetration of Internet of Things (IoT) and Wireless Connecting Devices
5.2 Market Restraints
5.2.1 Lower Awareness and Higher Cost Restraints the Market's Growth Especially in Developing Countries
6. MARKET SEGMENTATION
6.1 By Solution Type
6.1.1 Hardware (Sensors, RFID Tags, etc.)
6.1.2 Software
6.2 By Sales Channel
6.2.1 Offline
6.2.2 Online
6.3 By End User
6.3.1 Residential
6.3.2 Commercial
6.4 By Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East & Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 CleanRobotics
7.1.2 Ausko Pte Ltd
7.1.3 Evreka
7.1.4 Enevo Inc.
7.1.5 iTouchless Housewares and Products Inc.
7.1.6 Sensoneo
7.1.7 Bine sp. z o. o.
7.1.8 Hangzhou Bosheen Household Technology Co.,Ltd.
7.1.9 Euronics Industries Pvt Ltd
7.1.10 Sehaj Synergy Technologies Pvt. Ltd.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Smart Trash Bins Industry Segmentation
Smart trash bins are basically sensor-based, touchless technology that reduces human effort. These automated garbage bins used for waste management or disposal enable the users to comprehensively control waste operations via one single platform by providing real-time data about the type of water being collected, location, current status, fill level, etc.
The study offers a comprehensive analysis of the smart trash bins market by considering current trends, demand patterns, technological innovations, and emerging opportunities that the market may offer. The study segments the market into various categories, including end-user and geography, to provide more insights into the demand and consumption patterns. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments. A chapter dedicated to the impact analysis of COVID-19 is also a part of the study.
| By Solution Type | |
| Hardware (Sensors, RFID Tags, etc.) | |
| Software |
| By Sales Channel | |
| Offline | |
| Online |
| By End User | |
| Residential | |
| Commercial |
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East & Africa |
Smart Trash Bins Market Research FAQs
What is the current Smart Trash Bins Market size?
The Smart Trash Bins Market is projected to register a CAGR of 15% during the forecast period (2024-2029)
Who are the key players in Smart Trash Bins Market?
CleanRobotics, Ausko Pte Ltd , Evreka, Enevo Inc. and iTouchless Housewares and Products Inc. are the major companies operating in the Smart Trash Bins Market.
Which is the fastest growing region in Smart Trash Bins Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Trash Bins Market?
In 2024, the North America accounts for the largest market share in Smart Trash Bins Market.
What years does this Smart Trash Bins Market cover?
The report covers the Smart Trash Bins Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Trash Bins Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Trash Bins Industry Report
Statistics for the 2024 Smart Trash Bins market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Smart Trash Bins analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
