As per our research report the Solar Panel Recycling Market size was estimated to be worth 147.4 million dollars in 2021, and it is predicted to be worth 765 million dollars by the end of 2027. During the projection period of 2022 to 2027, the global market is expected to grow at a CAGR of 22.04 percent.
The abundant availability of sunshine is the most promising energy source for creating heat and electricity while posing no environmental risks. Solar power has gained popularity in recent years due to its pollution-free technology. Solar power has been embraced for energy security in many places of the world. Increased PV panel waste, on the other hand, poses a new environmental issue as well as unparalleled opportunity to produce value and develop new business prospects. These include raw material recovery and the introduction of new solar panels. Solar panel recycling, for example, is critical to the world’s transition to a sustainable, economically viable, and growing renewable energy future.
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Solar panel recycling is the process of reusing or recycling solar panel waste once they have reached the end of their useful life cycle or have been damaged. The market study looked at three different types of solar panel recycling processes: thermal, mechanical, and laser. Lead, cadmium, plastics, glass, and other heavy and toxic compounds or metals found in solar panel waste are damaging to the environment and human health. As a result, recycling solar panels rather than disposing of them in landfills is critical.
The progressive change of the energy industry from conventional to renewable fuels the growth of the worldwide solar panel recycling market. Furthermore, during the forecasted time frame, rising awareness of environmental degradation connected with solar panel waste is expected to boost the market. However, the absence of solar panel recycling infrastructure around the world, as well as lax laws on solar panel recycling, will limit the market’s expansion during the projection period. Government measures to reduce carbon footprints and increased investment in renewable energy infrastructure, on the other hand, are expected to give lucrative growth prospects for leading players to maintain their market position in the future years.
The global COVID-19 epidemic has led in a drop in demand for solar panels due to a halt in constructing and construction of commercial and industrial solar infrastructure activities due to government-imposed lockdown measures. The global solar panel recycling market has suffered as a result of this.
SEGMENTATION ANALYSIS:
The global Solar Panel Recycling market segmentation include:
BY PROCESS: Mechanical, Laser
In 2021, the mechanical process accounted for more than 57 percent of total income, and it is expected to grow at a high rate from 2020 to 2027. The laser process segment, on the other hand, is expected to grow at the quickest rate in terms of revenue and volume over the projected period. Due to a drop in silicon content in solar panels, the thermal method has a restricted acceptance scope but is expected to achieve broader usage during the predicted period.
BY PRODUCT: Monocrystalline Solar Panel, Thin Films
Solar energy generation climbed from 33.7 TWh in 2010 to 584.6 TWh in 2018, with significant increases projected over the forecast period. More than 90% of the installations are of the crystalline silicon variety. In 2021, monocrystalline solar panel recycling is predicted to earn the most revenue, with a share of over 60%. These panels are made of crystalline silicon that is unique. Due to their active performance and low cost, thin film solar panels are predicted to be the fastest expanding product segment over the forecast period.
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REGIONAL ANALYSIS:
The solar panel recycling market in Asia-Pacific is predicted to grow at the highest rate, with China being the largest market. With increased pollution concerns and development, particularly in Asia-Pacific, regional solar power generation capacity has grown significantly. In terms of utility, the Chinese solar power market is likely to dominate, and the country is attempting to increase demand for rooftop solar systems. The country’s electricity market was deregulated, allowing distribution-grid-connected (DGC) generators to sell power directly to commercial and industrial customers. China and India are two of the region’s biggest solar power producers, with a high number of solar panel installations.
In 2021, Europe accounted for the majority of revenue. It is expected to continue to grow at a substantial rate from 2022 to 2027, as the region has the greatest number of solar park installed bases, resulting in a magnificent conclusion of the life. Solar panels in the near future. Due to technology advancements and comprehensive government waste management rules, the market in Germany is estimated to hit $ 70.0 million by 2026.
With total installed solar PV capacity of 69.1GW in Q2 2019, the United States is one of the main markets for the solar industry. The solar market is predicted to rise due to favourable government policies promoting clean energy technology and shifting preferences towards renewable energy sources. The solar panel recycling market in North America is likely to be fueled by massive solar panel installations in the utility and residential sectors.
LATEST INDUSTRY DEVELOPMENTS:
Solar cycle, situated in Northern California, offers solar asset owners a technique for recycling and repurposing retired solar panels and technologies. Sun run, solar cycle’s initial partner, is a provider of home solar, battery storage, and energy services. Solar cycle is experimenting with Sunrun’s second-life panels to find new ways to test, reuse, and upcycle the company’s retiring solar panels.
The Circular PV Alliance (CPVA) and Reclaim PV Recycling have announced a partnership in which the two organisations will collaborate to develop standards and testing procedures to promote the reuse and resale of solar panels in Australia. The union was formed when Reclaim PV discovered that more than 31% of the solar panels it collected in a Queensland region might be reused rather than recycled.
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