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Smart City Initiatives Combined Efficiency Improvement Related Financial Benefits will be the Catalyst for a Rapid Growth in Smart Bin Deployment
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Innovative business models like Build-Operate-Transfer (BOT), Build-Operate-Manage (BOM), Software-as-a-service (SaaS), and Sensing-as-as service are becoming a trend in the smart waste management sector. BOT/BOM is a complete package, where the company takes ownership of everything. Municipalities and companies should focus on “Pay-per-use” models that can help public responsibly use compactor smart litter bins. Different schemes such as volume-based and frequency-based waste collection can increase the demand for smart bins among customers.The level of urbanisation and digital advancement will encourage the adoption of smart bins across the world. Working towards the smart city mission, cities are implementing various smart city projects to digitally enhance their infrastructure. This is will drive the demand for sensor-integrated smart bins.The revenue of the Internet of Bins market is estimated to be $278.8 million in 2018 and is expected to grow at a CAGR of 52.8% from 2018 to 2025. This study includes the revenue forecast for Internet of Bins market which is divided into two sections—revenue forecast for Internet of Bins value chain and revenue forecast for product segments.
The study estimates the size of the global Internet of Bins market for 2018 and provides a forecast till 2025. The revenue forecast is divided into two sections: revenue forecast for Internet of Bins value chain, which includes sensor-integrated smart bins, smart bin sensors, and connectivity, data storage, analytics, and platforms; and revenue forecast for product segments, which includes smart underground bins, semi-smart underground bins, smart four-wheeled bins, smart litter bins, smart bins in commercial/office buildings, smart compactors, and other smart stationary bins at both the regional and global levels.
The study includes revenue forecasts for each region: Asia-Pacific, Europe, the Americas, and the Middle East and Africa. A few critical trends that influence the market include smart city initiatives, increase in the waste generated by cities and towns, and rapid increase in the use of smart technologies, such as Internet of Things, artificial intelligence, and predictive analytics. Stringent waste regulation and circular economy and sustainability goals will influence the market, serving as key drivers. Smart city projects have triggered the collaboration between the cities and technology vendors to develop suitable and appropriate IoT solutions for the city.
The global and regional Internet of Bins market trends includes the global revenue forecast of the value chain and product segmentation. The study also includes key hotspot countries across all four regions that have employed smart bins for efficient waste collection. The study provides detailed insights into regional trends, factors, and impediments that influence the market revenue. For instance, Europe holds the highest market share of about 72.5%. Smart bins will overcome the problem that waste collection is facing today, i.e., static routes and schedules where truck drivers are driving to collect waste from bins that are empty or half filled. Europe is also looking forward to cut down unwanted costs, reduce fuel consumption, and curtail the emission of greenhouse gases resulting due to unplanned trips to collect waste. Due to bigger recycling targets, especially in Europe, the recycling market is set to experience tremendous growth during the forecast period and smart waste management will act as pillar.
Many countries in the APAC region have various challenges with respect to waste management. They include no separation at the source, collection issues, open dumping, and so on. As a result, these countries present tremendous opportunities for smart waste management. Many developing countries in this region are pilot testing smart waste management to optimise waste hauling.
The study covers micro to macro visioning scenarios—smart cities, industry Mega Trends, new business models, innovative technologies and solutions, and lastly, the competitive landscape. It also discusses in detail the trends/factors impacting the global Internet of Bins market. The study also highlights the importance of levers for growth, which include new business models, value-added services, geographical expansion, partnerships, and so on.
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