Industrial waste management is a growing industry, particularly in developed economies.

A new analysis by Frost & Sullivan has found that the global market for industrial waste management services generated revenues of $387.40 billion in 2013 and is forecast to reach a value of $750.09 billion in 2020.

Driving demand is the introduction of regulations that facilitate a shift away from landfill and towards more value-adding segments such as recycling. Frost & Sullivan said that adoption of industrial waste management solutions will remain strongest in developed economies that have introduced laws and implemented frameworks for industrial waste treatment.

The need for smart industrial waste management is becoming greater as primary materials become more expensive, transportation costs increase and waste handling and disposal costs escalate. Businesses are looking to generate less refuse as well as reduce their carbon footprint and water usage.

“The benefits of a circular economy based on sustainable industrial waste management has prompted companies to establish efficient collection and processing systems, therefore fueling market revenues,” commented Monika Chrusciak, energy and environmental research analyst for Frost & Sullivan.

Adding to market growth is a preference for advanced waste treatment such as smart collection and sorting, recycling and incineration with energy recovery, Chrusciak noted.

In developing countries, the first stages of regulation are being established for sustainable industrial waste management. Here, though, the focus is more often on landfill sites because of the higher costs and specific skill requirements associated with new waste processing technologies.

Still, looking ahead, rapid industrialization in these regions will lead to more waste being generated and push industries as well as governments to deploy efficient waste processing platforms and infrastructure, Frost & Sullivan said.

The report predicts that developing markets will account for nearly half of global industrial waste management services revenues, with Asia-Pacific, and China especially, offering numerous market opportunities as waste treatment practices evolve.