Friday, 05 May 2023 09:33 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / May 5, 2023 / Transparency Market Research Inc. - The Global Solar Panel Recycling Market was valued at US$ 78.1 Mn in 2021 and is projected to advance at a CAGR of 37.0% from 2022 to 2031.
Recent market trends indicate a surge in awareness about adverse environmental impact of waste from end-of-life solar panels when disposed of in landfills. Rapid pace of development of low-cost extraction processes is likely to broaden market outlook. Focus on utilization of smart and sustainable technologies for recycling photovoltaic (PV) panels in developing countries is anticipated to propel the Solar Panel Recycling Industry.
A significant number of recycling projects, especially in the European Union and North America, is likely to pave the way for facilities that can help recover a large proportion of high-purity materials such as glass, polymer, silicon, and copper, and a number of specialty metals. An instance is a recent lab-scale process that can recover 95% of the silver at 99.9% purity.
Rapid installation of small-scale PV systems and concentrated solar power (CSP) systems in the last few decades presents significant opportunities for recycling, as many of these panels have reached the end-of-life. Implementation of recycling requirements for solar manufacturers is anticipated to propel market growth in several developing and developed countries
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Key Findings of Study
- Surge in Demand for Silicon-based PV Panels Recycling: Demand for recycling of silicon-based PV panels is high. Silicon constitutes significant monetary value of a silicon PV cell material. This factor has fueled demand for recycling of these silicon PV cells. Moreover, recent advancements in silicon PV module recycling technologies are expected to make recycling economically more attractive to companies. Rapid adoption of state-of-the-art processes to recover silicon from PV cells is expected to drive market dynamics in the next few years.
- Significant R&D Activities in Recycling Technology and Improvements in Infrastructure: Significant government funding for PV panel recycling technology is likely to propel market development. Solar panel recycling companies are conducting extensive R&D for developing technology to cater to steadily growing demand for end-of-life management for solar photovoltaics. They are specifically focusing on strengthening circular supply chain for solar panels. This is expected to boost the market.
Key Drivers
- Rapid expansion of solar-power production across the globe is a key factor expected to drive the Solar Panel Recycling Market. Significant increase in weight of decommissioned solar panels that could be available for recycling by the end of 2030 is likely to accelerate market development.
- Increase in regulations that mandate PV recycling is poised to propel the market. Rise in awareness about the need for PV panel waste management is expected to drive market expansion.
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Regional Growth Dynamics
- The market in Europe is projected to witness significant revenue growth during the forecast period from 2022 to 2031. Rapid increase in number of solar panel installations in the next few years is expected to drive the market in the region. Stringent implementation of legislations pertaining to PV recycling is anticipated to augment the market in the region.
- Asia Pacific is a lucrative market for solar panel recycling. The market in the region is anticipated to record significant growth in the next few years. However, paucity of policies and regulations, especially in Asia, and rise in volume of PV waste in the next few decades' present latent opportunities to companies in the Solar Panel Recycling Market. Hence, governments and other stakeholders are working collaboratively to develop clear regulatory frameworks for PV recycling.
Competition Landscape
The business landscape in the Solar Panel Recycling Market is highly fragmented. Several companies and governments in a number of countries are focusing on R&D activities in solar panel recycling technology.
Governments in Asia Pacific and Europe are funding initiatives to encourage PV panel recycling rates in near future. These initiatives are also likely to lead to product innovations in the solar panel recycling industry in the near future.
Key players operating in the Solar Panel Recycling Market are
- Morgen Industries, Inc.,
- Silcontel Limited,
- Envaris GmbH,
- First Solar,
- Total Green Recycling,
- SOLARCYCLE Inc.,
- Reclaim PV Recycling Pty Ltd. and Total Green Recycling.
They are expanding their recycling facilities to tap into the rising volume of solar-panel waste that is likely to be generated in the next few years
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Solar Panel Recycling Market Segmentation
Material
- Glass
- Plastic
- Aluminum
- Silicon
- Metals
Product
- Silicon-based PV
- Thin Film PV
- Others
Process
- Thermal
- Mechanical
- Chemical
- Combination
- Laser
Region
- North America
- Europe
- Middle East & Africa
- Latin America
- Asia Pacific
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