Global Waste Recycling Services Market Projected To Reach $376.78 Billion By 2024
The ongoing trend of recycling and reusing is going to enhance the waste recycling services market growth in the forecast period. Currently, recycling of waste is among one of the modern technology trends globally. Due to rapid technological advancements, there has been a lot of change in procedures and methods of operation in the waste recycling services industry. The primary factor likely to boost the waste recycling services market over the forecast period is the short lifespan of consumer electronic devices, which generate huge amounts of electronic waste. Rapid urbanization and growing urban population are anticipated to positively impact the waste recycling services market in the future.
Per the United Nations, in 2012, nearly 50 million tons of electronic waste was generated globally and each person on average produced 15 lbs. of electronic waste. In the same year, the UN also stated that the UK produced nearly 1.3 million tons of electronic waste. The rising urbanization is likely to propel the waste recycling services market expansion in the future. Major government initiatives related to sustainability to reduce environmental hazards are likely to offer growth opportunities to the players operating in the waste recycling services market in the future.
By waste type, the waste recycling services market is segmented into compost and food waste, glass and fiberglass, metal scraps, waste paper, electronic waste, and others. The electronic waste segment is likely to dominate the market in the forecast timeline, owing to the lowered lifespan of consumer electronic devices, which, in turn, results in the generation of huge amounts of electronic waste. By application, the waste recycling services market is segmented into municipal, industrial, and others. The municipal segment is expected to dominate the market in the upcoming years, owing to the number of waste products generated in urban areas, which is directly proportional to the rising population.
By region, Europe is projected to hold substantial revenue share in the global waste recycling services market in the upcoming years. The rising consumer awareness pertaining to environment protection and sustainability are likely to drive this regional market growth in the future. Furthermore, with technological advancement, several organizations are taking initiatives for waste to be reused and recycled in order to reduce pollution and other environmental hazards. These aforementioned factors are projected to further drive the European waste recycling services market growth in the future.
The North American region is projected to witness significant growth in the global waste recycling services market in the years ahead. This regional growth can be attributed to the increasing number of electronic goods and other equipment that are castoff annually due to consumer up-gradation to technologically advanced devices and products and a large number of government initiatives in the U.S. to recycle electronic waste to maintain sustainability.
The Asia Pacific region is predicted to offer significant growth opportunities for the waste recycling services market over the estimated timeframe, owing to the increasing per capita income of the middle-class population and rapid urbanization. The growing rate of urbanization is likely to positively impact the waste recycling services market.
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