Sustainable Solutions for the Future Assessing Industry Growth and...

Sustainable Solutions for the Future Assessing Industry Growth and Trends in Solar Panel Recycling by 2030

Posted 2023-07-18 10:52:01

Market Overview

Over the past ten years, solar energy has already been increasingly embraced and used in the current energy mix. By 2028, the Solar Panel Recycling Market Size is expected to be worth USD 0.698 billion, growing at a CAGR of 32%. (2023 - 2030).

Solar panels used on building-integrated photovoltaic (BIPV), ground-mounted, or floating solar panels have an estimated lifetime of 30 years. These panels frequently include cadmium, lead, and other poisonous substances, so recycling or removing them from the environment is crucial to prevent dangerous alterations.

Due to its minimal environmental impact, the transitional trend favoring renewable energy sources is projected to boost market growth. Additionally, additional solar photovoltaic module installations are anticipated as a result of the solar panel price decline, which will aid market expansion.

Key Players:

· Yingli Energy Co

· Silcontel

· Reclaim P.V. Recycling

· Zorlu Holding

· First Solar

· Canadian Solar Inc

· Rinovasol Group

· Reiling GmbH & Co

· ECS Refining LLC

Regional classification

In 2019, Europe's revenue share was the highest. It is anticipated to rise significantly between 2020 and 2027 because the area has the most solar farms erected, resulting in a substantial amount of solar panels reaching the end of their useful lives during that time. According to estimates, there will be more solar panel waste due to the abundance of end-of-life solar panels. As a result, it is projected that the need for solar panel recycling will increase in the years ahead.

The market in Germany is expected to reach over USD 70.0 million by 2027 due to technical advances and stringent government waste management rules. In the next seven years, it is anticipated that demand for the product will increase due to the increasing usage of solar panels for power generation as a substitute for other unsustainable sources.

The fastest-growing regional market will be in the Asia Pacific between 2020 and 2027. The largest revenue producers in the APAC area are Japan and China. Due to increasing investments in research and development of recycling technologies, China now has the most patent filings within the solar panel recycling industry.

Industry news

Growing consumer awareness of the advantages of sustainable energy sources, provincial government subsidies, and an increase in solar photovoltaic module installations are key market growth drivers. The primary forces propelling the solar panel recycling sector include increased solar panel adoption, tightening government regulations, improving solar panel disposal, and a rise in solar panel installations as a substitute for other non-eco-friendly resources.

The legislation was created in the European Union to provide collection programs so customers might return their used waste devices for nothing. The directive's objective is to increase the amount of these items that are recycled and reused. The directive's goal is to collect 4 kg of this garbage annually from homes for waste electrical and electronic equipment (WEEE). During the anticipated period, the market for recycled solar panels would also benefit from increased technological improvement, modernization of production techniques, and research and development initiatives. A significant barrier to the market's expansion for solar panel recycling market share is the general lack of knowledge about the practice.

Market Segmentation

By Type