Electronic Waste Recycling Market will exhibit a CAGR of 16.2% in the forecast period of 2020 to 2030 and is expected to reach USD 99.67 billion by 2030.
Globally, the size of the Electronic Waste Recycling Market is expected to reach USD 99.67 billion at a CAGR of 16.2% during the forecast period 2022-2030 driven by Increasing Electronic Waste Across the Globe and o Rise in Employment Opportunities in Developing CountriesThe electronic waste recycling market has seen significant growth as recycling e-waste is being witnessed as a growing trend across the globe and has initiated to protect human and environmental health mainly due to the widespread environmental pollution impacts of e-waste. The Electronic Waste Recycling market growth is mainly driven by increasing electronic waste across the globe and a rise in employment opportunities in developing countries. Furthermore, artificial Intelligence in E-waste recycling has created an opportunity for growth. However, the lack of regulatory and recycling infrastructure may slow the growth of the electronic waste recycling market. As per MRFR, the market has been growing rapidly over the past few years and is expected to reach USD 99.67 billion by 2030 and is expected to grow at a CAGR of 16.2% during the forecast period 2020–2030.
Rapid advances in technology, economic growth, urbanization processes, increasing demand and spending for electronic equipment, and a downward trend in prices led to the growing recycling trend worldwide during the last two decades. Electronic products are becoming obsolete rapidly due to rapid improvements in technology, functionality, and design. The product on the market today isn’t always the best product in the Electronic Waste Recycling market in six months. The yearly volume of e-waste is more than 50 million tons and is expected to grow substantially during the projected period. With an increased volume of e-wastes, the importance of the valuable substances found in some electronic components has propelled the demand for its recycling to recover valuable metals, plastics, and other valuable materials. Tighter regulation towards e-waste recycling is also a major factor surging its demand across the globe. This study on the global electronic waste recycling market provides detailed information on industry trends, dynamics, Electronic Waste Recycling Market size, Electronic Waste Recycling competitive landscape, and Electronic Waste Recycling Market growth opportunities. This research report categorizes the global electronic waste recycling market by material, source, and region/country. The regions included in the study are North America, Europe, Asia-Pacific, and the Rest of the World. In terms of region, Europe is anticipated to dominate the electronic waste recycling market during the study period.
The outbreak of COVID-19 across regions has resulted in the lockdown of cities, border restrictions, and breakdown of transportation networks. This is projected to have a significant impact on the energy industry, international trade, and manufacturing operations across the world. The control of the COVID-19 and restrictions on business operations travel, and the manufacturing sector has a considerable impact on waste management. Especially during the COVID-19 epidemic, waste management is crucial to human growth and health consequences. Living under COVID-19 lockdowns nowadays appears impossible without the newest electronics. Home offices, homeschooling, internet hangouts with pals, online shopping, movie streaming, game evenings, and so on. The consumption of game consoles, cell phones, electric ovens, and laptops increased due to COVID-19 adding to the consumption of electronic and electrical equipment, and hence future e-waste generation. High-income countries solely cause the increase. While global sales of small electronic devices like cell phones, laptops, and gaming consoles did in fact rise due to COVID-19, this was more than compensated by declining sales of larger equipment, including desktop monitors, TVs, lamps, and home appliances. As a result, numerous experts predict a significant increase in the usage of electrical and electronic equipment and a corresponding increase in e-waste generation.
The Electronic Waste Recycling market growth is mainly driven by increasing electronic waste across the globe and a rise in employment opportunities in developing countries. Furthermore, artificial Intelligence in E-waste recycling has created an opportunity for market growth. However, the lack of regulatory and recycling infrastructure may slow the growth of the electronic waste recycling market.
The global market for electronic waste recycling has increased tremendously in recent years, even as the lifespan of these items has shortened. As more of these products end up in landfills and recycling facilities, policymakers face a new challenge. The majority of individuals are unaware of the potentially harmful consequences of the rising usage of computers, monitors, and television. The hazardous elements in these goods represent a health concern when they are disposed of in landfills or destroyed. When electrical items are disposed of improperly, they have the potential to harm the environment. As more e-waste is disposed of in landfills, environmental pollutants are anticipated to become more prevalent, increasing the risk of neurological illnesses. The short lifespan of most electronic products—less than two years for computers and cell phones—is a key contributor to the growing e-waste problem. The majority of developing countries lack the waste removal infrastructure and technical capabilities needed to ensure safe hazardous waste disposal. In these countries, e-waste has been connected to several health issues.
Electronic waste is one of the world's rapidly increasing environmental issues because a wide range of harmful materials are not closely monitored which can pollute the atmosphere and affect health. Waste management firms use the Internet of Things (IoT) sensors to monitor the status of waste bins across the region. This enables organizations to improve waste collection routes, schedules, and frequencies. The role of AI involves waste or new items scanned with cameras and assessed by deep learning algorithms. AI can distinguish between things made of various materials as well as slight changes between items made of the same substance, such as if an item has been chemically polluted, maintaining waste stream cleanliness. Employing AI in garbage sorting and disposal processes is a better method for smart recycling and waste management. Therefore, AI and various sensors, including RFID tags, are used. Many intelligent dustbins have been developed that are equipped with AI programs and Internet of Things (IoT) sensors in the waste management sector.
Due to rapid technological breakthroughs and the manufacturing of newer electronic equipment, these electronic devices are quickly replaced by newer models. As a result, the amount of e-waste produced has increased exponentially. People are more likely to upgrade to newer versions, and product lifespans have shortened. Furthermore, Electronic garbage (e-waste) is a fast-growing environmental issue, especially in wealthy nations. The globe presently faces several environmental issues as a result of manufacturing operations, such as plastic pollution and electrical waste (e-waste). However, much of the e-waste is transferred to underdeveloped nations rather than being recycled. There are technical options for processing waste, but they are expensive, and for most developed countries, the cheapest alternative has been to export the majority of the trash to developing countries. The lack of recycling infrastructure and regulatory landscape for electronic waste recycling in developing countries such as Pakistan, India, Nigeria, and Argentina is a major restraint for the global electronic waste recycling market. There is a lack of established collection channels for e-waste from the generator to the recycler in these countries
The global electronic waste recycling market has been segmented on the basis of materials and sources.
Based on material, the global electronic waste recycling market has been segmented into metals and chemicals, plastics, glass, and others.
Based on the source, the global electronic waste recycling market has been segmented into household appliances, entertainment & consumer electronics, IT & telecommunication, medical equipment, and others.
By region, the electronic waste recycling market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. The market is led by Europe, which occupied a 54.3% market share in 2020. In sophisticated waste management systems in Europe, the majority of ICT trash is formally recycled and handled. As a result, garbage is collected and handled in a regulated manner, and any dangerous emissions are dealt with. Before incineration, as much as feasible is recycled, and the remainder is disposed of in supervised landfills. In addition, Europe's regulated waste management systems address foreign trash, primarily from North America. North America is followed by Europe, which occupied around 21.7% market share in 2020. Asia-Pacific is considered to be the fastest-growing market.
The global market for electronic waste recycling has witnessed significant growth over the forecast period due to the increasing electronic waste across the globe and rising employment opportunities in developing countries. There are several domestic, regional, and global players operating in the electronic waste recycling market who continuously strive to gain a significant share of the overall market.
Electronic Waste Recycling Market Key Players
These players focus on innovation and thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
Electronic Waste Recycling Market Recent Developments
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the global electronic waste recycling market has been segmented based on component, application, and end-use.
|Market Size||USD 99.67 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||• By Material (Metals and Chemicals, Plastics, Glass, Others) • By Sources (Household Appliances, Entertainment & Consumer Electronics, IT & Telecommunication, Medical Equipment, Others)|
|Geographies Covered||• North America • Europe • Asia-Pacific • Rest of the World (ROW)|
|Key Vendors||• Umicore SA • Quantum Lifecycle Partners (GEEP Inc.) • Enviro-Hub Holdings Ltd. • Stena Technoworld AB • Tetronics International Limited • Electronic Recyclers International Inc. • SIMS Limited • Aurubis AG • Boliden AB • Attero Recycling Pvt. Ltd. • Great Lakes Corporation • E-Parisaraa Private Limited • Greentec • Cleanaway • Veolia Environment SA|
|Key Market Opportunities||o Artificial Intelligence in E-Waste Recycling • Impact Analysis of COVID Pandemic o Impact on Demand for Waste Recycling Services o Impact on Overall Electronic Waste Generation Across Regions o Impact on the Supply Chain|
|Key Market Drivers||o Increasing Electronic Waste Across the Globe o Rise in Employment Opportunities in Developing Countries|
MRFR analysis reveals that the E-waste recycling market can exhibit a 16.2% CAGR and reach USD 99.67 billionby 2030
The major top players in the global Electronic Waste Recycling Market are Umicore SA, Boliden AB, Aurubis AG, SIMS Limited, and Enviro-Hub Holdings Ltd..
The segments in the Electronic Waste Recycling Market are material, and sources.
Europe regional market is projected to be the major driver of the Electronic Waste Recycling Market