LONDON --- Technavio analysts forecast the global smart trash bin market to grow at a CAGR of more than 16% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global smart trash bin market for 2017-2021. To determine the market size, the study considers revenue generated from the sales of trash bins that have sensors for motionless operation.
Analysts at Technavio have announced that the Americas is the largest regional segment in the global smart trash bin market. The region will also be responsible for generating the highest incremental growth of over 56% through the forecast period.
The high growth rate in the Americas is attributable to the increasing market penetration of smart trash bins. High disposable incomes of the consumers in the US makes it the highest contributor to the market from this segment. Countries like Brazil and Mexico will post slower growth rates through the forecast period.
Technavio analysts highlight the following three factors that are contributing to the growth of the global smart trash bin market:
• Touchless trash bins offer convenience and prevent cross-contamination
• Smart cities and efficient waste management systems
• Increased use of wireless connected devices and Internet of Things (IoT)
Touchless trash bins offer convenience and prevent cross-contamination
"Smart trash bins that can be remotely controlled via mobile applications is quickly catching up among consumers, driven by technologically advanced offerings. Since the users do not have to handle the trash cans physically, they offer a higher degree of convenience and prevents the spread of any bacteria, thus ensuring sanitation,” says Poonam Saini, one of the lead analysts at Technavio for retail goods and services research.
Vendors such as Nine Stars Group have introduced products that use motion sensors to automatically open and close the lid, which is very convenient for consumers with special needs. Commercial spaces such as hotels, restaurants, and hospitals, where cross-contamination of germs is a common issue, will greatly benefit from the technology.
Smart cities and efficient waste management systems
The emergence of smart cities in countries such as the US, the UK, Germany, and Japan will significantly impact the smart trash bin market. These smart cities will adopt efficient waste management systems, with smart trash can installed in both private and public places to ensure a clean city. Bigbelly Solar offers waste and recycling stations, which are connected with the company's cloud-based application called CLEAN to provide real-time updates about the status of the bins in the network. Such innovative connected offerings will generate significant revenue to the market through the forecast period.
Increased use of wireless connected devices and Internet of Things (IoT)
Beyond smartphones and tablets, wireless connectivity is now being extended to a wide range of household appliances, enabling them to communicate with one another. A lot of smart appliances such as smart trash bins have undergone a transition to incorporate accessibility additions, which attracts a larger consumer base.
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