A new report from Allied Market Research (www.alliedmarketresearch.com) says that the global E-waste management market will reach an amount of US$49.4 billion by 2020, registering a CAGR [compound annual growth rate] of 23.5% during 2014-2020.

The ever-growing need for adapting the latest technology is the prime factor for a large volume of E-waste generated across the globe, says the research group. The Asia Pacific region contributes to the largest revenue share in the global E-waste management market, followed by European countries. Analysis of the market indicates that the global volume of E-waste accounted for 57.7 million tons in 2013.

StEP (Solving the E-waste problem) is a German based establishment that manages the processing of E-Waste in developed countries. Ruediger Kuehr, executive secretary of StEP, states that Rapid product innovations and replacements for electronic gadgets account for the rise in E-Waste worldwide. The monumental rise of E-waste brings across an impending need for all countries to manage their E-Waste effectively, according to Allied Market Research.

The U.S. is a major exporter of used electronic goods. The region exports a large quantity of CRT (cathode ray tubes) monitors and a considerable number of cellphones, amongst other electronic devices. The National Center for Electronics Recycling (NCER), is a U.S. based non-profit organization dedicated to the enhancement of national infrastructure for recycling E-waste.

NCER states that, nearly 54 million tons (49 metric million tons) of E-waste, i.e. approximately 43 pounds per person, is generated every year across the globe. The study estimates that U.S. generates a large quantity of E-waste, major portion of which is shipped to developing countries (mainly Asia) and West Africa, where it is usually disposed-off in backyards or recycled. These deposits ultimately cause numerous health issues and environmental hazards, notes Allied Market Research.