A research article on present and future services relating to E-Waste recycling and re-use, produced by Transparency Market Research
With the advent of varied technological advancements across the electronics industry, the demand for electronic appliances has increased considerably. With great advantages come great disadvantages. Even if the electronics industry is observing waves of growth, the waste generated by these appliances is a grave issue.
The waste generated by electronic appliances is known as e-waste. This type of waste contains hazardous materials such as nickel, barium, zinc, flame retardants, chromium, and others. These materials are harmful to humans as well as the environment. In addition, if these materials seep into groundwater, they can damage both amphibious and non-amphibious animals. Thus, recycling these materials is crucial for reducing their negative impact on the environment.
Based on all these factors, Transparency Market Research (TMR) expects the e-waste recycling and reuse services market to gain promising growth across the assessment period of 2019-2027. A large number of initiatives and technologies are being implemented across the globe for systematic e-waste recycling. Hence, the growing concerns regarding e-waste may bring tremendous growth opportunities for this particular services market.
Stats and Figures
According to the Global E-Waste Monitor 2020, nearly 59 tons of e-waste was generated in the year 2020 and the number is prognosticated to reach 81 tons by 2030. According to the Environmental Protection Agency (EPA), only 35 percent of e-waste is recycled. These alarming statistics act as a catalyst for the growth of the e-waste recycling and reuse services market.
Rising Awareness about E-Waste Recycling to Play Major Role in Contributing Growth
The lack of awareness about the proper disposal and recycling of these appliances acted as a prominent factor in less e-recycling. With the rising awareness about the process and benefits of e-waste recycling through various initiatives and campaigns, we expect the market to grow immensely across the assessment period.
Government and non-government initiatives are playing a massive role in expanding the growth of the e-waste recycling and reuse services market. The international e-waste day is a classic instance. This day aims to bring all the stakeholders across the market together and engage with the public to raise awareness in terms of dealing with redundant electrical items.
Increasing Investments by Large Conglomerates and Firms in E-Waste Recycling and Reuse Services to Attract Extensive Growth
A large number of companies and firms are investing huge amounts in e-waste recycling and reuse services. For instance, Petonic Infotech, a consulting firm in India recently invested half a million dollars in Prometheus e-waste recycling and reuse services. Such developments add extra stars of growth to the market.
Government funding brings even more growth opportunities. The Western Australia Government recently announced funding of a million dollars in approximately nine initiatives. These initiatives, when implemented will divert almost 1000 tonnes of e-waste from the Western Australia landfill.
Collaborations and Partnerships to Magnify Growth Prospects
Strategic collaborations clear the pathway of further growth. For instance, Shell Singapore has collaborated with Metalo International, a recycling company to install e-waste recycling bins at 24 Shell petrol pumps across Singapore. Similar partnerships and collaborations invite profitable growth opportunities.
Some well-established players are Cimelia Resource Recovery, CRT Recycling, SIMS Recycling Ltd., Global Electric Electronic Processing Inc., and others.
Get More Information about E-Waste Recycling and Reuse Services by TMR