Small devices (Category II) majorly home appliances and medical equipment acquired the largest market revenue share in the Saudi Arabia E-Waste Market– 6Wresearch.
Category II (small devices) by category types is expected to maintain its dominance, in revenue terms, in the forecast period due to rise in demand of home appliances, driven by urbanization and income growth. Furthermore, The IT and communication devices (Category III) such as PCs, laptops, and smartphones will see a rise in its revenue share in 2028 owing to high composition of valuable raw materials such as gold, silver, semiconductors, and rare earth metals.
According to 6Wresearch, Saudi Arabia E-Waste Market size is projected to grow at a CAGR of 7.1% during 2022-2028. With increasing public and private investment in the biotechnology industry, along with growing pharmaceutical research and development capabilities to reduce import dependency and boost in-house production of vaccines and medicines, the modular cleanroom market is expected to continue growing at a significant rate over the coming years. Moreover, Indian pharmaceutical industry stood at the $42 billion mark in 2021 and is expected to reach $120-130 billion by 2030. Additionally, increasing investment in research and development by Indian pharmaceutical companies and increasing hospital projects in tier II and tier III cities would increase demand for modular clean rooms in the forecast period.
According to Parth Taneja, Research Associate, 6Wresearch, ”Saudi Arabia’s Vision 2030 emphatically stresses on circular economy. With increasing concern for climate change and to lower carbon footprints, Saudi Arabia has set an ambitious target of recycling 100% of its E-Waste by 2035. This presents a huge opportunity for the E-Waste management industry in Saudi Arabia. Furthermore, in a bid to diversify its economy to reduce dependence on oil exports, the government is taking several initiatives to promote circular economy. Recycling and waste management are key component of circular economy. With increasing recycling rate, the e-waste industry is supposed to generate high revenues in coming times.”
According to Abhishek Raj, Research Associate, 6Wresearch, “Saudi’s economy is diversifying towards digital sectors such as telecom, cybersecurity, opening of entertainment sector by the government, rapid expansion in tourism projects such as smart cities of NEOM and Red Sea Development Programme and others would augment the demand for both consumer and industrial electronics across the country. Thus, it would lead to mass disposition of obsolete electronic goods in coming years and would lead to higher e-waste generation in the kingdom. In addition to that, country is swiftly adopting AI and IoT. This will increase the demand for IT and telecommunication devices, which would eventually increase the e-waste generation. “
“Saudi Arabia E-Waste Market (2022-28)” report provides an in-depth analysis with 14 figures and 8 tables, covered in 62 pages. The report comprehensively covers the market by different categories of e-waste. Saudi Arabia E-Waste Market report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.