The recycling industry is the fastest growing industry in the world with millions of people getting employed in it almost every day. Electronics recycling among the recycling industry is growing at an even rapid pace. The industry has turned into an almost $20.6 billion industry and is growing rapidly. Not just this, the number of employees has also increased at a rapid pace from 6,000 to 45,000 within a span of 10 years. The phenomenon has transformed into an industry within a decade. There are several factors determining the rapid pace of development within the industry. The industry almost represents a revolution in movement.
Some of the Major Reasons for the Revolution
Even a decade back so many consumers used to ask- “how to get cash for my phone?”But now the system is known to all. With the development of recycling as an industry people have found several reasons to know more about it. The rapid growth of the industry depends on various factors. They are:
- Growth of rapid consumption of electronic goods
- Awareness brought by laws enforced
- Various kinds of initiatives and programs relating to recycling
- Investment in technology and equipment
All these factors have influenced the rise of recycling as an industry. Though many experts believe that there is enough room for growth within the industry and it has not yet reached its potential development. Over 2.4 million tons of electronic waste has been recycled last year in the world. But, almost around 2 million tons of e-waste is generated every year. Most of this is sent to the landfill thus contributing to the accumulation of e-waste. Also, a new side to this discovery is that, the majority of the waste is derived from the businesses; the corporate houses playing a major role in that. Surprisingly, only a quarter of the waste is generated by the residential consumers.
Formulating the Law for It
There are certain states where recycling has taken a huge turn while in others it has not been really successful. The reason is that people are enlightened in the states where it has taken off and on the contrary where people are not enlightened enough, the movement hasn’t taken off properly. Apart from the size of the state and the number of citizens, another important factor in determining the success of the movement is the law regulating the disposal of electronics. According to stringent laws in certain states, the manufacturer must take back the old existing gadgets and make them reusable. Under this program, consumers can recycle their items without charge.
These laws meet with success when millions of tons of computers, phones and laptops are collected for recycling. It just does not stop here; the goods must be made reusable too. Even 5 years back very few states had any laws regarding recycling promotion and protection. At the present times, the number has increased manifold and several states all around the world have appropriate laws regulating recycling.
Efforts Put by Environmental Groups
Even before governments formulated laws regarding recycling, there were environmental groups and non-profit organization which served the same purpose of enlightening people regarding the same. These groups took care of creating awareness among people not to end up in landfills. The landfills had become the breeding ground for toxic gases, wastes polluting the environment and natural resources. Some of these groups tied up with manufacturing companies to establish systems like picking up the e-waste for a minimal fee to deposit them at the recycling centers.
The amount of pounds or dollars received by these groups or companies influenced their small businesses a lot. Though many of the companies lost a good amount of money, some of them actually garnered profit. However, they expanded at a triple rate and hence their income enhanced. Profit comes with volume and it is not easy to make money in this market. However, people are making money and businesses are expanding within this industry. In fact, the scope for getting employment in this industry has increased with its expansion and people taking it seriously. Eventually, recycling has become a successful industry appointing and recruiting people from all walks of life. It is expected to reach its potential by the next decade.