The market for re-manufactured goods whereby discarded products have been repaired and re-sold is already worth around €30bn a year and could treble by 2030 to more than €90bn.
That is the conclusion of a major new report from the European Remanufacturing Network, a two year EU-backed project designed to encourage more firms to embrace remanufacturing models and improve the competitiveness of existing remanufacturers.
The 146-page report attempts to take the pulse of the current industry and identify the opportunities and challenges faced by businesses that provide remanufacturing services.
It concludes that the industry already employs around 190,000 people, with German firms dominating the market and accounting for almost a third of remanufacturing turnover across the bloc.
It adds that supportive government policies and private sector investment could combine to deliver a period of rapid growth for the industry, predicting that it could generate €90bn in revenues and employ 255,000 people across Europe by 2030.
Remanufacturing is widely regarded as the most resource and energy efficient option for a wide array of products when they reach their end of life, and remanufacturing services are seen as critical to the circular economy model the EU is keen to promote.
Seigo Robinson, senior consultant at Oakdene Hollins, which worked on the report, said there was also a compelling business case for many businesses to embrace remanufacturing. "The top motives for businesses to remanufacture are higher profit margins, environmental responsibility, a strategic advantage and increased market share," he said in a statement. "These all point to an encouraging view of the future of the remanufacturing industry from those within the business."
The report said businesses could also be motivated to remanufacture products by a desire to secure spare parts supply, reduce product prices, access new revenue streams, minimise resource security risks, protect their brand reputation, and enhance their environmental credentials.
The report comes as policy makers in Brussels continue work on the European Commission's planned circular economy package, which is expected to introduce a host of new resource efficiency targets and policies across the bloc over the next few years.
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