According to IMARC Group’s latest report, titled “Solar Panel Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global solar panel recycling market size reached US$ 132.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 353.4 Million by 2028, exhibiting a growth rate (CAGR) of 17.9% during 2023-2028.
Solar panel recycling refers to the procedure of disassembling the components of solar cells, such as metal framing, silicon solar cells, wires, glass sheets, and other parts, to recover the valuable materials and recycle them for reusing in future applications. In line with this, some of the common processes generally include mechanical, thermal, laser, etc. These solar panel recycling solutions help in reducing waste generation, prevent the release of hazardous substances in the environment, minimize human health risks, ensure proper end-of-life (EoL) management, and lower the greenhouse (GHG) gas emissions of photovoltaic (PV) modules. Consequently, they are extensively utilized across the globe.
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Solar Panel Recycling Market Trends:
The growing adoption of renewable energy sources is resulting in a massive amount of waste streams in landfills, which is among the key factors driving the solar panel recycling market. Additionally, the implementation of various stringent regulations by government bodies across countries, including product stewardship and higher landfill costs, is also positively influencing the global market. Apart from this, the increasing legalization of recycling processes and the development of several solar energy projects are acting as significant growth-inducing factors. Moreover, the rising investments by key market players in R&D activities for recovering and recycling rare metal elements from solar panels are further stimulating the market growth. Besides this, the elevating focus of numerous leading manufacturers on purifying recovered materials for using them in new panels and other components, such as glass foam, is expected to bolster the solar panel recycling market over the forecasted period.
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Solar Panel Recycling Market Competitive Analysis and Segmentation
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key Market Segmentation:
The report has categorized the market based on process, type, material, shelf life and region.
Breakup by Process:
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Key Highlights of The Report:
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