Dive Brief:
- A new report from Navigant Research projects that the market for smart waste collection technology could grow from $57.6 million in 2016 to $223.6 million in 2025 at a compound annual growth rate of 16.3%, as reported by Environmental Leader.
- This includes bins with sensors that alert collection crews when they need to be emptied and can serve additional purposes such as wireless hotspots. Software that provides route optimization and other functions is also part of this market.
- According to Navigant, some of the top companies to keep an eye on are BigBelly, SmartBin and Ecube Labs.
Dive Insight:
Sensors bins have become increasingly common in an effort to keep streets, campuses, businesses complexes and other areas clean while saving on the labor costs of repeatedly emptying regular bins. Seeing the opportunity in this market, OnePlus acquired SmartBin earlier this year and the company's competitors are also optimistic about their potential for growth.
Whether companies are handling small street bins or large containers, this technology is also seen as a way to optimize their collection routes. The move toward more advanced communication and routing devices which allows dispatchers to redirect trucks as needed has also begun. While a pilot program using this approach has caused some controversy among custodians at Disney World, it seems to be a more natural fit for drivers.
If this report's projections are accurate, the industry can expect to see more sensor bins and related technology becoming a normal part of operations. Some ideas that seem futuristic — such as a smart bin that can tell users how to recycle by scanning the bar code of products — are already on their way to the market. By the time 2025 arrives there will likely be even more advanced options.
