Solar Panel Recycling Market Size Worth $477.74 Million By 2032: Polaris

Solar Panel Recycling Market Size Worth $477.74 Million By 2032: Polaris

Polaris has released its market report on the status of the global solar panels recycling market. The report is entitled, “Solar Panel Recycling Market Share, Size, Trends, Industry Analysis Report, By Type (Silicon, Monocrystalline, Polycrystalline, Thin-film); By Process; By Shelf Life; By Region; Segment Forecast, 2023-2032”. It gives an insight into the current market and provides analysis of the future market growth.

The report sheds light on the current global solar panel recycling market size, and forecasts it to reach USD 477.74 million by 2032. According to the new study by Polaris Market Research, recycling the waste from solar panels that have reached the end of their useful lives can help to recover valuable resources and create jobs. The report forecast the potential value of clean energy raw materials from panels to be about USD 450 million globally. This, the report says, is equal to the price of raw materials required to produce about 60 million new panels today. The report elaborates that through the recycling of solar panels instead of dumping them in landfills saves landfill space and maximises the value of the raw materials.

To develop a mechanism to manage solar waste considering the country’s solar target of 280 GW, by 2030, the report suggests adopting a solar waste management policy. The report elaborates that, as per the “National Solar Energy Federation” of India, SolarPower Europe & the PVCycle, funded by the EU in India & the Union Ministry of New and Renewable Energy, the country could produce around 34,600 tonnes of solar waste in the country, by 2030. This, the report highlights, would further create a wide range of opportunities for the expansion of the market.

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The report places an emphasis on the importance of government regulations in  influencing market growth. It recommends, including policies on implementation of waste management and recycling regulations, as well as financial incentives and subsidies for companies involved in the recycling of solar panels. The report gives examples of California and Washington that have developed regulations for extended producer responsibility (EPR).  Manufacturers of the PV modules also contribute to the recycling of such modules that are sold at no cost to the consumer, as per the research. 

To propel demand, the Australian federal government has allocated a $2 million grant as a part of the National Product Stewardship Investment Fund for the creation and implementation of an industry-led product stewardship programme for PV systems, the report elaborates. 

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Solar Panel Recycling Market Report Highlights

• The silicon segment is anticipated to grow at a higher rate owing to the increasing demand for solar energy and the need to address the environmental and health concerns associated with the disposal of PV panels.
• Mechanical segment accounted for the higher growth rate owing to the development of new mechanical recycling technologies and processes.
• The early loss segment is projected to experience a significant growth rate due to the growing need for sustainable and responsible recycling solutions for the increasing number of decommissioned solar panels.
• North America is expected to grow at a significant growth rate owing to the stringent regulations by the government in this region.