The increase in environment awareness is a significant factor expected to drive the growth of the Global Solar Panel Recycling Market during the forecast period of 2024-2028.
According to the TechSci Research report, “Solar Panel Recycling Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, FY2018-FY2028F“, the Global Solar Panel Recycling Market is anticipated to expand in the coming years.
The electronic waste produced by discarded solar panels is referred to as solar waste. They are traded in as scrap. With the growing climate change and energy needs there is a increasing environmental concern. One such alternative is solar energy. Solar energy is inexpensive, fossil fuel and emission-free, and boosts sustainability efforts.
According to the International Renewable Energy Agency (IRENA), there is an estimate that USD 15 billion could be recovered from recycling solar modules by the year 2050. Moreover, the National Renewable Energy Laboratory (NREL) estimated that recycling costs USD 28 per module, whereas landfilling costs USD 1.38 per module. With these substantially higher recycling costs, most photovoltaics PV panels end up in landfills but with the favorable government support and policies there is a potential growth for the solar panel recycling market.
Some of the favorable government policies are:
- According to the EU Commission, solar panels are regarded to be waste electrical and electronic equipment (WEEE) in Europe, which requires that their waste be gathered and recycled properly. In Germany, there is a statutory take-back requirement that is governed by the ElektroG.
- In June, Federal Environment Minister of Australia formed a scheme design for solar waste. Proper recycling of heavy metals as well as the high purity silicon, aluminium, and plastic components of the panels is environmentally and economically the best long-term solution to this growing waste problem.
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The Global Solar Panel Recycling Market is segmented on the basis of process, type, region, and competitive landscape.
On the basis of type, solar panel recycling market is categorized into monocrystalline, polycrystalline, and thin film. Out of these, monocrystalline dominated the global market in 2018 and is expected to register a healthy growth rate during the forecast period. The wide adoption of monocrystalline solar panels is resulting in them ending up for recycling more than any of the other solar panel types and thereby driving the solar panel recycling market for the monocrystalline type.
Regionally, Asia-Pacific solar panel recycling market is expected to grow at the fastest rate. Growing environment sustainability concerns and cost advantages of solar panel recycling in emerging economies, such as China and India, are expected to aid the region’s solar panel recycling market in the coming years. China recently implemented PV recycling R&D projects, which includes the establishment of the China PV Recycling Center in 2022. Japan has published guidelines for promoting the end-of-life treatment of solar panels and is improving research on high-value glass and low-cost recycling. According to the Korean Environment Institute of South Korea, that there would be approximately 9,665 tons of PV waste in 2023, and up to 112,564 tons in 2040.
In terms of region, North America is anticipated to register a significant growth in the solar panel recycling market during the forecast period. Backed by increasing use of solar PV panels coupled with stringent recycling regulations, United States solar panel recycling market is likely to exhibit robust growth.
The existence of numerous reputable and local vendors has led to a fragmented global solar panel recycling market. Increasing R&D efforts are resulting in the creation of recycling methods that are more effective, increasing the economic benefits from recycled materials. Furthermore, this is resulting in intense market competition, which is expected to worsen in the coming years.
Major market players operating in the Global Solar Panel Recycling Market are:
- Silcontel Ltd.
- Rinovasol Group
- Reiling GmbH & Co. KG
- ENVARIS GmbH
- ECS Refining LLC
- Reclaim PV Recycling Pty Ltd.
- Silrec Corporation
- Canadian Solar Inc.
- Yingli Green Energy Holding Company Limited
- First Solar, Inc.
Some of the recent developments by key players are:
- In June 2020, Hyundai Motor Group and Hanwha Q CELLS, the photovoltaic business of Hanhwa Group, formed a joint venture to recycle used batteries from electric vehicles into energy storage system (ESS). The joint venture focuses on the stable supply of eco-friendly energy for home and infrastructure.
- In 2018, Veolia opened first recycling plant for solar panels and aims to recycle 1,300 tonnes waste solar panels.
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“Global Solar Panel Recycling Market is expected to thrive as there has been a rapid increase in the waste of solar panel. There is an estimate that there would be 60 million tons of PV panels waste in landfills by the year 2050 and all PV contain certain amount of toxic substances, that would significantly become non sustainable way of sourcing energy. Moreover, recycling would create more green job opportunities and produce approximately two billion new panels without the high investment in raw materials,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Solar Panel Recycling Market – Global Type Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Process (Thermal, Mechanical, and Laser), By Type (Monocrystalline, Polycrystalline, Thin Film), By Region, By Competition “, has evaluated the future growth potential of Global Solar Panel Recycling Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Solar Panel Recycling Market.
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