Global Solar Panel Recycling Market to Grow at 13.8% during 2024-2032, Spurred by Enhanced Focus on Sustainable Development

According to the latest report by IMARC Group, titled "Solar Panel Recycling Market Report by Process (Thermal, Mechanical, Laser, and Others), Type (Crystalline Silicon, Thin Film, and Others), Material (Metal, Glass, Aluminum, Silicon, and Others), Shelf Life (Normal Loss, Early Loss), and Region 2024-2032," the global solar panel recycling market reached a value of US$ 155.8 Million in 2023. Solar panel involves the use of multiple solar cells that absorb energy from the sun to produce electricity. They are extensively utilized across multiple sectors for a vast array of applications. Since the lifespan of these panels is limited to thirty years, there has been a considerable rise in the preference for recycling and reusing the components instead of disposing of off them to reduce waste generation. Solar panel recycling is a process that involves decommissioning, collecting and sorting used components of solar panels. Its adoption prevents the release of hazardous substances from waste streams to minimize greenhouse (GHG) gas emissions of photovoltaic (PV) modules.

Global Solar Panel Recycling Market Trends:

The global market is majorly driven by the increasing sales of solar panels on account of an enhanced focus on sustainable development. Due to the rising awareness regarding the increasing pollution levels, there has been a considerable rise in the preference for renewable energy sources, which is creating a positive outlook for the market. Moreover, strict regulations and policies implemented by the governments of numerous countries, including product stewardship and rising landfill costs, have led to the growing preference for solar panel recycling across the globe. Additionally, numerous private and public agencies are legalizing recycling processes while implementing several solar energy projects, which is anticipated to create lucrative growth opportunities for the manufacturers operating in the industry. Some of the other factors contributing to the market growth include the rising need to ensure end-of-life (EoL) management while minimizing human health risks and extensive research and development (R&D) activities conducted by key players to recover and recycle rare metal elements. On account of the aforementioned factors, the market is expected to grow at a CAGR of 13.8% during the forecast period (2024-2032).

Market Summary:

• On the basis of the process, the market has been divided into thermal, mechanical, laser, and others.
• Based on the type, the market has been classified into crystalline silicon, thin film and others.
• On the basis of the material, the market has been segmented into metal, glass, aluminum, silicon and others.
• Based on the shelf life, the market has been categorized into normal loss and early loss.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Canadian Solar., Echo Environmental LLC (Envela Corporation), Envaris GmbH, First Solar Inc., Hanwha Group, Reclaim PV Recycling Pty Ltd, Reiling GmbH & Co. KG, SILCONTEL LTD, Silrec Corporation, SunPower Corporation (Total SE), Total Green Recycling and Trina Solar.

Report Scope:

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