LONDON–(BUSINESS WIRE)–Dec 29, 2020–
The smart trash bin market is expected to grow by USD 75.44 million during 2020-2024, expanding at a CAGR of over 5%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges that market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
Technavio has announced its latest market research report titled Global Smart Trash Bin Market 2020-2024 (Graphic: Business Wire)
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. –Get FREE Sample Report within MINUTES
Smart Trash Bin Market: Convenience offered by touchless trash bins to drive growth
Smart trash bins offer convenience to consumers by allowing them to remotely operate the trash bin by a smartphone app connected to a Wi-Fi network. This is beneficial for older consumers and people with disabilities as these are convenient to operate. With the growing need for maintaining health and hygiene, especially at commercial spaces such as hotels, hospitals, and restaurants where the risk of contamination is high, there is a significant demand for efficient sanitary solutions. To capitalize on this demand, vendors in the market are introducing a wide range of touchless trash bins that offer convenience to end-users. For instance, Nine Stars offers touchless smart trash bins that use motion sensors to automatically open and close the lid. All these factors are positively influencing the growth of the global smart trash bin market.
As per Technavio, growing investment in the installation of smart trash bins will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Trash Bin Market: Growing investment in the installation of smart trash bins
Governments across the world are making significant investments in the installation of smart trash bins to optimize waste collection operations and ensure effective utilization of resources. For instance, in March 2019, The City of Canterbury Bankstown in south-west Sydney announced its plans to spend over USD 1 billion to help change the way residents provide and receive communication on waste management issues. Similarly, In January 2018, Baltimore partnered with Korea-based Ecube Labs Co. and invested USD 15 million towards the installation of 4,500 smart trash bins around the city. Many such investments are expected to influence the growth of the market over the forecast period.
“Increasing adoption of smart homes and the increasing number of smart cities will further boost market growth during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Indoor Air Quality Solutions Market in North America – Indoor air quality solutions market in North America is segmented by product (equipment and services), end-user (commercial and residential), and geography (US, Canada, and Mexico). Click Here to Get an Exclusive Free Sample Report
Global Water Heater Market – Global water heater market is segmented by end-user (residential, commercial, and industrial), distribution channel (supermarket, online, and other offline), type (electric, gas, and solar), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Smart Trash Bin Market: Segmentation Analysis
This market research report segments the smart trash bin market by End-user (Residential and Commercial) and Geography (North America, Europe, APAC, South America, and MEA).
The North America region led the smart trash bin market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to the rising disposable incomes and the increased adoption of smart devices in the region.
Technavio’s sample reports are free of charge and Gain competitive intelligence about market players. Track key industry trends, opportunities, and threats. Inform your marketing, brand, strategy, and market development.Request a free sample report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
CONTACT: Technavio Research
Media & Marketing Executive
Email:[email protected]
Website:www.technavio.com/
INDUSTRY KEYWORD: SPECIALTY RETAIL
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 12/29/2020 07:37 PM/DISC: 12/29/2020 07:37 PM
Copyright Business Wire 2020.
