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SOLAR PANEL RECYCLING MARKET TO REACH VALUATION OF ~US$ 600 MN BY 2027

 

Solar Panel Recycling Market: Introduction

·         The global solar panel recycling market was valued at ~US$ 40 Mn in 2018 and is anticipated to expand at a CAGR of ~37% during the forecast period

·         Based on process, the combination segment dominated the global solar panel recycling market in 2018. It comprises combination of different processes such as thermal, chemical, and mechanical.

·         Based on product, the silicon-based PV segment constituted dominant share of the global solar panel recycling market in 2018. Silicon-based PV has large installed base; as a result, silicon-based solar PV panels are estimated to hold large share of the solar panel recycling market in the near future.

·         Based on material, the glass segment held significant share of the global solar panel recycling market in 2018. It consists of the highest share of the overall solar module and can be recycled up to 95% of the total waste.

·         The solar panel recycling market in Europe is projected to expand at a substantial pace during the forecast period, owing to high installed base of solar panels in the region

Key Drivers of Solar Panel Recycling Market

·         Rise in number of end-of-life solar panels across the globe is anticipated to drive the solar panel recycling market during the forecast period

·         Deployment of solar photovoltaic panels has been increasing significantly. Solar photovoltaic modules have a useful lifespan of approximately 25 years to 30 years.

·         The number of photovoltaic modules that reach the end of their useful life is likely to increase substantially after the time lag of operation and decrease in efficiency, resulting in waste generation

·         Sustainable waste management provides the benefits of 3Rs: reduce, reuse, and recycle. When a product cannot be repaired or reused, recycling is the next preferable option before its disposal as waste.

·         Solar panel recycling has become an important emerging market, owing to the presence of large volume of waste photovoltaic modules

·         The EU Waste Electrical and Electronic Equipment (WEEE) Directive, which was revised in 2012 (2012/19/EU), addresses the waste management of all electronics, including waste PV modules. It requires 75% recovery and 65% recycling rate of waste PV modules by mass to be recycled through 2016. The recovery/recycling rate then increased to 80%/75% through 2018 and to 85%/80% thereafter.

·         Thus, increase in end-of-life solar panels is anticipated to drive the global solar panel recycling market in the near future

 

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Europe Offers Lucrative Opportunities to Solar Panel Recycling Market

·         Europe is anticipated to be a highly attractive region of the global solar panel recycling market during the forecast period. The solar panel recycling market in Europe is estimated to expand at a significant pace between 2019 and 2027, as the region has the highest installed base of solar energy. Increase in number of end-of-life solar panels is anticipated to result in a rise in solar panel waste. Thus, demand for solar panel recycling is expected to increase in Europe in the near future.

 

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Major Developments in Solar Panel Recycling Market

·         In January 2019, The Ministry of New and Renewable Energy (MNRE), India, proposed to follow the glass recycling procedure for solar photovoltaic (PV) panels under a new framework. It is expected to be made mandatory for solar power developers. Producers would be made responsible for ensuring recycling of end-of-life glass panels as part of their extended responsibility as in the case of e-waste, which covers used lead-acid batteries, packaging materials, etc.

 

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Competition Landscape of Solar Panel Recycling Market

·         The global solar panel recycling market is highly consolidated. A few international players hold significant share of the global solar panel recycling market.

·         Major players operating in the global solar panel recycling market are Morgen Industries, Inc., PV Recycling, Reclaim PV Recycling, Silcontel Ltd, Reiling Glasrecycling Danmark ApS, ECS Refining LLC, Envaris, SunPower Corporation, Reclaim PV Recycling Pty Ltd, First Solar, Recycle Solar Technologies Limited, and Total Green Recycling

 

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