Global Solar Panel Recycling Market Set to Skyrocket at 623% Growth Rate by 2028, Approaching a Value of 1.7 Billion
BOSTON, Sept. 14, 2023 /PRNewswire/ -- BCC Research, a leading market research firm, is pleased to announce the release of its report Global Solar Panel Recycling Market. This report sheds light on the rapidly evolving solar panel recycling industry, uncovering valuable insights that are not readily available through common online searches.
BOSTON: The Global Solar Panel Recycling Market is on the brink of a 623% growth surge between 2022 and 2028 and will reach a market value of $1.7 Billion by the decade's end, BCC analysts forecast.
The report explores the solar panel recycling sector, which is still in its infancy but experiencing exponential growth. Significant advancements in research and development, technological innovations, and government regulations are driving growth. Several countries are now implementing solar panel waste management regulations, paving the way for future market expansion.
Key Highlights:
- The solar panel recycling industry is in its early stages, with the first large batches of panels from the 2000s reaching the end of their functional lifespan. The sector is experiencing a remarkable Compound Annual Growth Rate (CAGR) of 36.8% from 2023 to 2028.
- Despite the higher costs associated with panel recycling compared to sending panels to landfills, ongoing technological advancements, economies of scale, and government interventions are expected to mitigate this challenge. Companies are increasingly prioritizing sustainability and cost-effective management of PV system hardware.
- Solar panels contain various valuable materials, including nano-silicon. Extracting nano-silicon from solar panels is a relatively new but promising technology, potentially rendering solar panel recycling more cost-effective and environmentally friendly. It takes approximately half a dozen panels to produce 1 kg of nano-silicon, valued at around $45,000 per kilogram.
- Europe is the only region with specific regulations for solar panel recycling, requiring solar cell manufacturers to meet stringent recycling standards and regulatory requirements.
The timing of this report is significant due to the growing emphasis on managing e-waste generation and anticipated mass retirements of solar panels between 2025 and 2030 as panels near their 25-30-year average lifespan. Emerging start-ups like SolarCycle, ROSI Solar, and We Recycle Solar are embracing this technology for their solar panel recycling solutions.
Solar panels are recyclable up to 95%, making them attractive for clean energy generation. This report is essential reading for solar panel plant owners, manufacturers, recyclers, and related organizations and agencies.
For more information or to access the full report, please visit BCC Research.
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