Rapid growth in urban population, rise in environmental awareness, & stringent government regulation toward illegal dumping are the major drivers of the market
PORTLAND, PORTLAND, OR , UNITED STATES , July 18, 2022 /EINPresswire.com/ — The presence of both driving and limiting factors is expected to balance the growth of the market; therefore, the global e-waste management market is expected to experience moderate growth rate during the forecast period (2021–2028). The continuous decline in life span of electronic devices coupled with high rate of obsolescence are the factors anticipated to mark the growth of e-waste generation. This ultimately supports the market growth.
The global e-waste management market size was valued at $49.88 billion in 2020, and is projected to reach $143.87 billion by 2028, registering a CAGR of 14.3% from 2021 to 2028.
Major market players such as – Waste Management Inc., Capital Environmental Holdings Ltd., and Electronic Recyclers International, Inc., Enviro-Hub Holdings Ltd. (Singapore), Sembcorp Industries Ltd., Veolia Environment S.A., Mri (Australia) Pty ltd., Tetronics (International) Limited, UMICORE SA and TES-AMM.
The problem of scarcity of precious metals used in electronic devices is expected to increase production of several electronic devices, making recycling of e-waste as essential. Therefore, the impact of driving forces is not expected to witness enormous change during the study period. The cost of e-waste processing methods and low awareness about hazardous effects of e-waste among the end users create adverse situations such as release of lead into the environment causes damage to human blood, kidneys, and central and peripheral nervous systems during the forecast period.
The dynamics of the e-waste management market during the study period (2021–2028) depicts the dynamic prospect through 2028. The scarcity of precious metals is expected to create the need for recycling of electronic devices waste for the reuse of these metals in the future. In addition, the high rate of obsolescence of electronic devices including mobiles, computer, laptops and televisions increase e-waste leading to upsurge in recycling activities. Despite expensive recycling methods, recycling is the most suitable option for e-waste management as it provides benefits such as extraction of precious metals and solves the problem of decreasing landfill areas.
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Developing countries lead to recycling the e-waste, as majority of the e-waste is exported to emerging countries by the developed countries. Amongst all sources of e-waste such as IT & telecommunication and consumer electronics, refrigerator sets from household appliances are discarded in highest number as compared to other appliances. The decrease in the life cycle of electronic products, such as computers, laptops, and cell phones generates large amount of electronic waste in the developed countries such as North America.
Moreover, government initiatives and increase in e-waste collection zones fuel the market growth. Despite expensive recycling methods, recycling is the most suitable option for e-waste management as it provides benefits such as extraction of precious metals and solves the problem of decreasing landfill areas. Moreover, government initiatives and increase in e-waste collection zones fuel the market growth.
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The COVID-19 outbreak has high impact on growth of the market. With offices and enterprises adopting mandatory work from home policies, there has been a greater adoption of laptops and mobile devices, thereby lowering the usage of office desktop and computers. This scenario has resulted in creating a recycling option for these equipment, which in turn is set to favor the market growth during the forecast period. Mandatory work from home polices adopted by both private and public organizations has boosted the adoption of mobile devices.
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