Wilmington, Delaware, United States, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solar panel recycling market size was worth US$ 78.1 Mn in 2021 and is estimated to reach US$ 1.8 Bn by 2031. The global industry is expected to expand at a CAGR of 37% during the forecast period, from 2022 to 2031. Photovoltaic panels contain toxic metals, and the environment gets damaged if they are disposed in landfills for an extended period of time. Animal and human health are also expected to suffer as a result of the inappropriate disposal of toxic metals. Recycling of PV panels can lower waste production and reduce the requirement for new resources as most of the materials are recovered during the recycling process. The recycled material can be utilized again in new manufacturing processes. Many of the recycling firms are expanding their research activities and innovating operational technologies for recycling solar panels, which is expected to boost market demand during the forecast period.
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Firms that recycle solar panels are developing appropriate tools and systems to deal with the expected volume of end-of-life solar panels. Recovery and recycling processes have been expanded and made more commercially viable by recycling enterprises. Additionally, partnerships and acquisitions also present a huge market potential for players to thrive in this global industry. For instance, earlier this year, SOLARCYCLE and Silicon Ranch Corporation entered into a partnership to handle solar systems from Silicon Ranch installations that are in their end-of-life stage using SOLARCYCLE's advanced, high-recovery recycling technology. By using a unique module recycling method, SOLARCYCLE is able to recover about 95% of the value of solar panels that can then be reintroduced into the supply chain and utilized to make new panels.
Key Findings of Market Report
- A detailed analysis of market trends in the global industry shows that silicon-based PV solar panels are most in demand for the recycling business. In addition to silicon solar cells, silicon-based PV solar panels also include polymer layers, copper wire, glass, a junction box made of plastic, and a back sheet. Notwithstanding the fact that silicon semiconductors only make up a small fraction of solar cells, value of the material is extraordinarily high. As a result, companies that recycle solar cells are doing more to remove silicon from PV cells and prevent the precious material from ending up in landfills.
- The need for energy is growing almost daily all over the world, leading to an energy crisis and damage to the environment. Fossil fuels continue to be an unsustainable source of energy owing to their fast depletion, limited availability, and detrimental impact on the environment. Consequently, there is a greater demand for environmentally safe and sustainable alternative energy sources, including solar energy. High demand for solar energy is expected to foster growth of the global industry.
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Global Solar Panel Recycling Market: Growth Opportunities
- Solar energy generates power without adding to global warming. The issue of high fuel costs and the spikes in fuel price is also avoided. As such, solar energy holds the potential to support transition to more reliable, greener, and affordable sources of power. Hence, an increase in use of solar energy consumption worldwide is expected to increase the market value of solar panel recycling.
- Expansion of infrastructural development, growth of the industrial sector, and growing industrial population are all contributing to a rise in demand for power. Companies all over the world are concentrating on developing low-cost renewable energy generating technologies and regulating disposal of solar panel trash. Government bodies are passing stringent rules and regulations governing the disposal of solar panels. Increasingly strict regulatory requirements are expected to stimulate industry growth during the forecast period.
Global Solar Panel Recycling Market: Regional Landscape
- According to the region-based market forecast, Asia Pacific is expected to hold the second highest market share in terms of value during the forecast period. In the absence of strict guidelines and laws regulating recycling of obsolete panels, solar panel recycling enterprises in Asia Pacific could possibly be flooded with hazardous waste. Innovative thermal, chemical, and mechanical processing methods are tested at several research facilities around Asia in an effort to recycle materials without utilizing dangerous acids.
- Given the large number of solar energy installations in Europe, many of which are predicted to outlive their useful lives over the next few years, the region is anticipated to be a very profitable market for solar panel recycling throughout the forecast period.
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Global Solar Panel Recycling Market: Key Players
- Reiling Glasrecycling Danmark ApS
- Recycle Solar Technologies Limited
- Reclaim PV Recycling Pty Ltd
- ENVARIS GmbH
- Morgen Industries, Inc.
- Total Green Recycling
Global 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
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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