Companies’ Adoption of Innovative Practices Makes Real Bearing on their Bottom-line
Industrial waste management practices has evolved greatly over the years in industrialized nations. Industries who are at the top of the list producing industrial waste comprise chemical, oil and gas, and nuclear. A bevy of new approaches have come to the fore which has helped reduce the environmental impacts of the industrial waste produced every years - the U.S. economy alone contributed 7.6 billion tons of industrial waste annually, as per a statistics obtained in 2017. Environmental pollution arising from inadequate management of industrial waste has been a compelling proposition spurring investments across the entire ecosystem in the - from companies that produce them to companies that collect, recycle, and convert the waste into useful materials.
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Circular Economy to drive Effective Waste Management Practices
Thus, awareness has risen remarkably to improve processes pertaining to collection, treatment, and disposal, but also to make them more cost-effective so that the framework works sustainably. The focus on management of hazardous waste has attracted attention of players in the industrial waste management market. These wastes are dealt largely at plant sites. Further facility managers are keenly looking for better methods for land-disposed, non-hazardous industrial wastes. Implementing the concepts of circular economy has made these efforts relentless, and will broaden the revenue streams in considerably coming years.
The opportunities in the industrial waste management market are projected to expand at 10.6% CAGR between the forecast period of 2018 - 2026.
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Impacts of Industrial Solid Waste on Environmental Degradation Expands Scope
Industrial solid waste generated from thermal power plants present an interesting avenue, especially for regional players in the still-emerging industrial waste management market. Recognition of the massive environmental degradation their improper disposable leads to has bolstered the need for innovative practices, notably including reutilization of the waste stream. For instance, recyclers are targeting fly ash, one waste coming out of coal power plants. They are keen on promoting practices that among other things also utilize these for further economic activities. Recycling of other coal combustion products (CCP) has also gained attention in recent years. For instance, in the U.S. regulators exhort utility companies in using CCP as a construction material. It thus generated revenues and is cost-effective than using Portland cement.
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Better Technologies to Pave Way to Industrial Ecology System
Over the years, manual sorting of industrial waste streams have become almost negligible. Energy-efficient technologies have replaced manual labor. Players in the industrial waste management market are keen on integrated management systems. Most players have been leaning on adopting strategies that increases the safety in handling, collection, and disposal of hazardous and non-hazardous waste. Some players have been working on systems that can maximize the recovery of non-renewable materials from the waste stream.
Some of the key service providers dotting the landscape in the industrial waste management market are Waste Management, Inc., Enviroserv Waste Management (Pty) Ltd., Clean Harbors, Inc., Reclay Group, Stericycle, Inc., and Veolia Environnement S.A.
The global industrial waste management market has been segmented as follows:
Service
- Collection
- Recycling
- Landfill
- Incineration
Waste Type
- Agriculture Waste
- Construction & Demolition
- Manufacturing Waste
- Chemical Waste
- Mining Waste
- Oil & Gas Waste
- Nuclear Waste
- Power Plant Waste
- Others
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