Solar Panel Recycling Market To Grow at a CAGR of 32% till 2030, Due to Rising Investment in Renewable Energy Sources Globally

Global Solar Panel Recycling Market Analysis:

Global Solar Panel Recycling Market is driven by the increasing adoption of solar energy and the subsequent growth of the solar power industry with a healthy CAGR of 32% during the forecast period of 2022 to 2030.

Market Research Future Insights

According to MRFR analysis, Global Solar Panel Recycling market is expected to register a CAGR of 32% from 2022 to 2030 and hold a value of over USD  0.698 billion by 2030. The global solar panel recycling market refers to the industry focused on the collection, processing, and recovery of valuable materials from end-of-life solar panels. As the deployment of solar energy systems continues to increase worldwide, there is a growing need to manage the disposal of decommissioned or damaged solar panels in an environmentally sustainable manner. The market for solar panel recycling has been expanding steadily due to several factors. Firstly, the increasing adoption of solar energy systems in residential, commercial, and industrial sectors has led to a rise in the number of decommissioned solar panels. Additionally, stringent regulations and environmental policies encourage proper disposal and recycling practices, further driving market growth.

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Covid-19 Impact on Solar Panel Recycling Market:

The pandemic led to disruptions in global supply chains, affecting the solar panel manufacturing industry. This, in turn, impacted the availability of new solar panels, leading to a potential decrease in the volume of panels reaching their end-of-life stage and subsequently impacting the recycling market.

The Covid-19 pandemic caused a slowdown in solar panel installations and replacements. Lockdown measures, social distancing protocols, and economic uncertainties resulted in project delays and cancellations. As a result, the number of solar panels being decommissioned and requiring recycling may have decreased during the pandemic.

Despite the short-term setbacks caused by the pandemic, the long-term growth prospects for the solar panel recycling market remain positive. As the world transitions towards renewable energy sources, the number of decommissioned solar panels is expected to increase in the coming years. This will create a greater need for efficient and sustainable recycling practices.

Market Segmentation:

Global Solar Panel Recycling market has been segmented into Product Type, Operating Platforms.

Type Outlook : Silicon , Monocrystalline , Polycrystalline

Recycling Process : Thermal , Mechanical , Laser

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Regional Analysis:

North America has a mature solar panel recycling market. The United States and Canada have well-established recycling infrastructure and regulations, ensuring the safe disposal and recycling of solar panels. The region also has a strong focus on sustainability and environmental stewardship, driving the demand for solar panel recycling services.

Europe is a leading market for solar panel recycling. Countries like Germany, France, and the Netherlands have implemented strict regulations for the disposal and recycling of solar panels. The European Union’s Waste Electrical and Electronic Equipment (WEEE) directive mandates the proper treatment and recycling of solar panels. The presence of well-established recycling facilities and increasing awareness about environmental issues contribute to the growth of the market in Europe.

The Asia-Pacific region is witnessing rapid growth in the solar panel recycling market. Countries like China, Japan, and India are major contributors to the market. China, being the world’s largest solar panel manufacturer, has recognized the importance of recycling and has implemented policies to promote the recycling of solar panels. In Japan and India, the increasing deployment of solar panels has led to a rise in the demand for recycling services.

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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.

Industry News:

The first solar panel recycling facility in Australia is being opened by Reclaim P.V. The company’s founders have a comprehensive business plan for their fledgling firm. When panels break under warranty, Reclaim P.V. works with other businesses, including Canadian Solar, ReneSola, Q Cells, SunPower, and Suntech, to recycle them.

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