E-Waste Management Market Size Experiences Double-Digit Growth, Promoting a Sustainable Electronic Waste Ecosystem
E-waste management market is expected to continue its growth trajectory as environmental concerns and regulatory pressures intensify.
PORTLAND, OREGON, UNITED STATES, June 23, 2023/EINPresswire.com/ — The Electronics Waste Management Market was estimated to be worth $49.88 billion in 2020, and it is anticipated to grow to $143.87 billion by 2028, with a CAGR of 14.3% between 2021 and 2028.
Because both market-driving and market-restraining factors are anticipated to contribute to market growth, the worldwide e-waste management market is anticipated to expand at a modest rate between 2021 and 2028. The causes that are expected to accelerate the development of e-waste include the ongoing decrease in the life expectancy of electronic equipment and their high rate of obsolescence. This ultimately encourages market expansion.
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Growing awareness of the environmental impact of e-waste and the need for sustainable practices has led to the implementation of stringent regulations by governments worldwide. Governments are enacting laws and regulations to enforce responsible e-waste management, including recycling targets, extended producer responsibility (EPR) programs, and bans on improper disposal. These regulations are driving the adoption of proper e-waste management practices by businesses and consumers.
The e-waste management market is witnessing a shift towards circular economy principles. Instead of the traditional linear “take-make-dispose” model, a circular economy aims to minimize waste, extend the lifespan of electronic devices through repair and refurbishment, and promote recycling and resource recovery. Companies are embracing circular economy practices by implementing e-waste recycling programs, refurbishing devices, and extracting valuable materials for reuse.
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Technological advancements are playing a crucial role in the e-waste management market. Innovations such as automated sorting systems, advanced recycling techniques, and eco-design principles are enhancing the efficiency and sustainability of e-waste management processes. Additionally, companies are adopting sustainable practices, such as eco-friendly packaging, product design for recyclability, and the use of environmentally friendly materials, to minimize the environmental impact of electronic devices.
The complex nature of e-waste management requires collaborative efforts between various stakeholders. Governments, manufacturers, recycling companies, and consumers are forming partnerships and collaborations to establish efficient e-waste collection systems, promote responsible disposal practices, and develop recycling infrastructure. International initiatives and programs are also being established to facilitate knowledge exchange and best practices in e-waste management on a global scale.
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The market players operating in the e-waste management market include 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. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. Further, these players are anticipated to invest more in R&D activities to provide compact and cost-effective solutions for numerous applications.
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