E-Waste Management Market Size Thrives in the Age of Electronics Recycling | Estimated to Hit USD 143.87 Billion by 2028

The E-Waste Management market is driven by increasing electronic consumption, stricter environmental regulations, and growing awareness of sustainability.

PORTLAND, OREGON, UNITED STATES, September 5, 2023/EINPresswire.com/ — The E-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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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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One of the prominent trends in E-Waste Management is the relentless growth in electronic waste volumes. Rapid technology advancements, shorter product lifecycles, and the proliferation of electronic devices are contributing to this surge. As a result, E-Waste Management companies are focusing on scalable and efficient recycling and disposal solutions to manage the rising quantities of e-waste responsibly. Sustainability is a driving force in E-Waste Management. Many organizations are adopting circular economy principles to reduce the environmental impact of electronics. This trend involves designing products with longevity and recyclability in mind, making it easier to recover valuable materials and components from discarded devices. Circular economy initiatives are not only environmentally responsible but also economically beneficial.

Governments and regulatory bodies worldwide are implementing stricter regulations to govern the disposal and recycling of electronic waste. These regulations often include extended producer responsibility (EPR) programs, which compel manufacturers to take responsibility for the entire lifecycle of their products. Compliance with these regulations is a key trend driving E-Waste Management practices. Technology is playing a pivotal role in E-Waste Management. Innovative processes and technologies such as automated sorting, data destruction, and material recovery are becoming more sophisticated and efficient. Additionally, blockchain and IoT (Internet of Things) solutions are being explored to improve transparency and traceability in the e-waste recycling supply chain.

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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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Allied Analytics LLP
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