VANCOUVER, BC, July 26, 2021 /PRNewswire/ -- The global E-waste and IT Asset Disposition (ITAD) market size is expected to reach USD 115.06 Billion at a steady revenue CAGR of 8.6% in 2028, according to latest analysis by Emergen Research. Global E-waste and IT Asset Disposition market revenue growth is driven by increasing usage of advanced technologies, electronic devices, and equipment globally, and disposal of these products after end-of-useful life. Rising concerns regarding the harmful effects of E-waste on human health and the environment is a key factor driving market revenue growth. Environmental risks of E-waste are severe as waste contains hazardous and toxic materials, including lead, mercury, chromium, beryllium, cadmium, and chemical flame retardants, which can leach into water and soil. High level of E-waste generation each year is expected to continue to drive revenue growth of the market to a significant extent.
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Rise in demand for advanced and aesthetically pleasing home appliances is also resulting in rapid increase of the amount of discarded consumer electronic devices. This is also turning the E-waste and ITAD market into billion-dollar industry. Accumulation of vast volumes of E-waste is posing a major threat to the environment. Governments and various organizations across the globe are adopting innovative ways to manage the ever-increasing volumes of electronic waste. The urgent need for recycling to reduce these products in landfills and rising awareness among consumers is also having a positive impact on how E-waste is being managed.
Companies generate vast volumes of IT wastes and are currently re-evaluating their procedures for management of IT equipment owing to implementation of stringent regulatory compliances such as HIPAA/HITECH and NIST. Lack of proper plan to dispose of old IT equipment is creating concerns related to identity theft and fraud issues, which is creating rising concerns regarding privacy. Another factor hampering market growth is the additional cost of disposition services. Most companies have no proper disposal plans and several have admitted to delaying implementation of proper plans due to the additional cost of setting a program.
Some Key Highlights From the Report
- In June 2021, Singapore started a nation-wide E-waste recycling program, and on July 1st, certain type of items will be regulated – including ICT equipment, light bulbs and tubes, large appliances, and batteries. These items are being regulated due to their widespread use and impact on the environment. The new program will also make it easy for consumers to recycle their E-waste.
- Home appliance segment accounted for a significantly large revenue share in 2020 as households in developed regions use multiple electronic devices which are replaced at regular intervals thus generating vast amounts of E-waste. Examples of E-waste include refrigerators, washing machines, televisions, air-conditioners, phones, and computers. Rise in awareness among consumers and practice of sustainable purchasing options will help reduce such waste going ahead.
- Media and entertainment segment accounted for a significantly large revenue share in 2020 as the industry is using the latest devices and storage equipment to attract more customers. The industry is rapidly changing due to emergence of new graphics and screens which renders older versions obsolete. Movie industry finds usage of several storage devices, sport stadium deploy advanced scoreboards, arcade are deploying virtual reality technologies and using numerous lighting systems for special effects, flight simulators and immersive 4D gaming experiences also require numerous support systems and electronics, and this is expected to further continue to generate electronic waste going ahead.
- Asia Pacific market revenue is expected to register a rapid growth rate during the forecast period as the region is an electronics product manufacturing hub and a major in the semiconductor industry. The region accounts for 60% of the global semiconductor sales, of which China alone accounts for 30%. Increased spending on electronic R&D initiatives in China, Japan, Taiwan, and South Korea is propelling market growth in the region. In addition, governments in these countries are taking E-waste seriously and launching more efficient E-waste management and recycling programs to tackle the issue.
- Key players in the market include Dell Technologies, Electronic Recyclers International, Inc., Hewlett Packard Enterprise, LifeSpan International, Umicore S.A., Aurubis AG, Tetronics (International) Ltd., IBM Corporation, Boliden AB, and Iron Mountain.
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Emergen Research has segmented the global E-waste and ITAD market on the basis of type, source, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Home Appliances
- Medical Equipment
- Laboratory Devices
- IT Devices
c. Mobile Devices
d. Storage Devices
- Source Outlook (Revenue, USD Billion; 2018–2028)
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- IT and Telecom
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare Industry
- Media and Entertainment
- Aerospace and Defense
- Educational Institutions
- Public Sector and Government Offices
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
f. Rest of Europe
- Asia Pacific
d. South Korea
e. Rest of APAC
- Latin America
b. Rest of LATAM
- Middle East & Africa
a. Saudi Arabia
d. Rest Of MEA
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