Solar Panel Recycling Market to Register an Exceptional CAGR Through 2028F
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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an in-depth TOC on the "Solar Panel Recycling Market"
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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