How To Start E-Waste Recycling Business ?
Startup Investment Opportunities In Electronic Waste Industry
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Electronic waste refers to a scrap of electronics such as mobiles, television, computers, music players, and various other gadgets, which are not recycled but disposed of or dumped. In modern times, the use of electronics, inclusive of android mobiles and musical gadgets, is quite open to every individual and thus it easily produces e-waste, making the e-waste industry a never-ending business. E-waste dumped by the individuals generally comprises of older gadgets and appliances. Though the produced damaged electronic scrap is not accepted in general terms, many of these products are being used by many industries such as entertainment, telecommunication, and data processing in private businesses and households. As per Niir Project Consultancy Services (NPCS), a good amount of e-waste generation, especially in India, is a rising concern in the current scenario as nearly one-fourth of the users left their mobiles as e-waste where India even stands on 5th position in producing e-waste around the world.
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E-Waste Production in India
As per a recent survey conducted in India, approximately 25 percent of the electronic waste production is from the mobile industry within 100 crores of mobiles in circulation. Not only India has become a successful second-largest mobile market with more than 1.03 billion subscribers, all over the world but also with the production of roughly 18.5 lakh metric tons of e-waste every year, it has become the fifth-largest producer.
Related Project: – E-waste Recycling Plant
Besides producing a large amount of e-waste, overall, India is alone accounting for 12 percent of telecom e-waste. It is estimated that every five years, there is an expectation of a 16-28 percent increment in e-waste production. Electronic waste, also known by the names such as obsolete, e-waste, loosely discarded, surplus broken, broken electrical devices, and its accumulation and recycling can cause a huge threat to the environment and human health. Thus, new technologies and many IT companies despite making the electronics cheap and affordable, are on the mission of creating such a device that can reduce the harmful effect of e-waste production and recycling.
Related Books: Waste Management, Waste Disposal and Recycling Industry
Global E-waste Recycling Management
Electronic waste, inclusive of mobile phone and its chargers, motherboards, headphones, compact discs, television sets, computer monitors, and air conditioners, is generated about 2 million tons annually in India which ranks fifth among several e-waste producing countries like the US, Japan, China, and Germany. Where on one hand, India is able to recycle its 95 percent of e-waste in an informal sector in a crude manner; global e-waste is recycled only to 20 percent. India is expected to make immense business in the e-waste market as the increasing population is leading to good growth where it is further seen to have the highest CAGR over the next few years as compared to other countries like Japan to register a 12.75 percent CAGR and Asia pacific’s market to register the highest of 15.25 percent CAGR. Some of the reasons for growth in the e-waste recycling market are:
- Growing population
- Government initiatives
- Growing awareness
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Growth in E-waste Recycling Industry
As per the observations by several experts, Indian production of e-waste is going to see a rise which is estimated to be three times the previous growth rate of about a 30 percent CAGR which is 52 lakh metric tons from prior 18 lakh metric tons by the end of 2020. In addition to this, as a consequence, the market of e-waste recycling is further forecasted to expand at a CAGR of 13.03 percent with a market value of 39.498.81 million by the end of 2024, annually. A few Indian major players in this sector are Eco Recycling Ltd. E-waste recyclers India, High tech recycling India Pvt. Ltd. For the further requirement of business investment in projects like these, kindly contact Niir Project Consultancy Services (NPCS).
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