European remanufacturing sector could triple by 2030
The European remanufacturing sector could be worth €90bn by 2030 if it receives cross-sector policy support and investment from industry, a new report has found.
The European Remanufacturing Network (ERN) estimates the current size of the sector to be just under €30bn, around 2% of the size of the new manufacturing market.
This figure reportedly lags behind the US – the largest remanufacturer in the world – although the ERN couldn’t provide updated figures for the exact size of the US market.
The report, released on Tuesday, found that the EU market could triple in size over the next 15 years, provided “cross-sectoral activities to facilitate knowledge transfer and promote the industry” were put in place.
The remanufacturing process aims to return a product to at least its original performance with a warranty that is equivalent or better than that of the newly manufactured product. Keeping components and their embodied material in use can help avoid significant energy use and emissions. In addition to its environmental benefits, remanufacturing provides opportunities for the creation of highly skilled jobs and economic growth.