The global solar panel recycling market is projected to rise with a CAGR of 12.82% during the forecast years of 2023-2032. Key factors propelling the global market’s growth include government regulations for the safe disposal of solar panels, the increase in installations of solar panels, the economic benefits associated with recycling, as well as ecological issues linked to solar e-waste.
As solar panels usually have a lifespan of 25-30 years, a considerable number of aging panels are becoming eligible for recycling. This growing pool of recyclable materials aligns with the increasing prominence of solar power as a rapidly expanding clean energy source, resulting in the flourishing solar panel recycling market. Furthermore, the global adoption of solar energy is on the rise due to decreasing solar panel prices and favorable government policies promoting cleaner, affordable, and reliable energy sources.
In this regard, the International Renewable Energy Agency (IRENA) predicts that the accumulated global photovoltaic panel waste will reach 60 to 70 million metric tons by 2050. This surge in waste volume is expected to drive the demand for solar panel recycling facilities and solutions worldwide. Various regulatory authorities and government bodies, including the European Waste Electrical and Electronic Equipment (WEEE), have implemented guidelines to efficiently manage solar panel waste and encourage eco-friendly initiatives. Hence, government regulations for the safe disposal of solar panels are expected to play an essential role in augmenting the global solar panel recycling market growth.
The global solar panel recycling market growth analysis entails the study of North America, Europe, the Asia-Pacific, and Rest of World. Europe is expected to dominate the global market during the projection period. The market growth of the region is accredited to the region’s large base of solar PV installed capacity as well as the presence of strong government policies and regulations.
The global market is projected to exhibit moderately low competition over the forecast period. Some of the major players operating in the global solar panel recycling market include Canadian Solar Inc, Yingli Energy Co, First Solar Inc, etc.
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