The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Electronic Waste Recycling Market. The growth sectors of the Electronic Waste Recycling Market are identified with precision for a better growth perspective.
The mounting level of e-waste generated currently by the global population is estimated to fortify the growth of the electronic waste recycling market 2020. The SEM industry reports are produced by Market Research Future, which highlights market options for expansion. A 13.03% CAGR is estimated to shape the market worth to USD 39,498.81 Million by 2024.
The government aid in reducing e-waste and institution of strong policies to reduce e-waste is anticipated to benefit the expansion of the e-waste recycling market size. Also, increasing investment by private investors is likely to further bolster the electronic waste recycling market in the forecast period.
The segmental insight into the electronic waste recycling market is carried out on the basis of material, source, and region. On the basis of sources, the electronic waste recycling market is segmented into industrial electronics and consumer electronics. Based on the material, the electronic waste recycling market consists of plastics, glass, metals and chemicals, and others such as plywood, concrete, wood, rubber, and ceramics. On the basis of the regions, the electronic waste recycling market is segmented into Africa, Europe, North America, the Middle East, Asia-Pacific, and South America.
Detailed Regional Analysis
The regional assessment of the electronic waste recycling market includes regions such as Africa, Europe, North America, the Middle East, Asia-Pacific, and South America. The European region is anticipated to dictate the electronic waste recycle market and preserve its share for the duration of the forecast period. This is owing to the swiftly mounting implementation of electronic waste recycling solutions, software, platforms, and systems through industry verticals such as automotive, marketing, healthcare, security, I.T. & telecommunication, agriculture, retail, and manufacturing. Also, the escalating implementation of electronic waste recycling technology for speech and image recognition and data mining also motivates electronic waste recycling market growth in this region. The regional market in the Asia-Pacific region is anticipated to record the top CAGR of 15.25% in the forecast period. Japan is projected to be a principal country-level market and is projected to record a 12.75% CAGR by 2024.
The state of the market is exceptionally indecisive due to the effect of the macro factors operating in the global economy. The road to the resurgence of the market is estimated to be lengthy and arduous due to the degree of a setback it has suffered. The prospects for growth in the market have to be carefully sought out and examined to ensure that they will ensure the favorable development of the market in the coming period. The competitors present in the market are recalibrating their market share to open up new areas of development in the market. The stress on enhancing the production potential and upgradation of the workforce are the top priorities to reinvigorate the development potential of the market in the coming period. The establishment of robust distribution channels is estimated to define the development of the market in the future. The investment in robotic elements in the supply chain is estimated to be seen in the future to reduce the impact of the human capital on the long term market expansion.
The renowned companies in the electronic waste recycling market are Tetronics International Limited (Wiltshire), GEEP Inc (Canada), Boliden AB (Sweden), Enviro Hub Holdings Ltd (Singapore), Stena Technoworld AB (Sweden), Electronic Recyclers International Inc. (U.S.), Umicore S.A (Belgium), Sims Metal Management Limited (U.S.), Aurubis AG (Germany), and Attero Recycling Pvt. Ltd (India).
Apr 2020 The Waste Electrical and Electronic Equipment Fund has declared that it will be giving more than £5 million of financial aid to electronic waste recyclers all through the Covid-19 pandemic in the structure of its WEEE Support Grants and Loans Package. The aid announced by the WEEE Fund will assist in alleviating the brunt of the coronavirus pandemic for the WEEE recycling sector.
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