According to Inkwood Research, the Global Solar Panel Recycling Market is expected to record a CAGR of 12.82% in terms of revenue over the forecasting period of 2023-2032.
The solar panel recycling market is a subset of the e-waste market. Retired solar panels are becoming a rising concern with a focus on increasing investments, concentrated R&D, technological innovations and favorable government policies to manage the panel waste.
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Increasing Environmental Concerns Fueling Global Market Growth
There is growing awareness of the environmental impact of solar panel waste. Solar panels contain several hazardous materials, such as lead, cadmium, and mercury. If these materials are not disposed of properly, they can pollute the environment and have an ill effect on human health. For instance, lead can induce neurological harm, cadmium can lead to kidney impairments, and glass can result in cuts and abrasions. Resorting to landfill disposal for solar panels is an unsafe choice, as it may release these perilous substances into the environment. Solar panel recycling serves as a pivotal solution to mitigate the ecological footprint associated with solar panel waste.
Mechanical: Highest Revenue-Generating Process by 2032
The mechanical process of solar recycling is a crucial component of the broader effort to manage and repurpose end-of-life solar panels. It involves the disassembly and separation of solar panel components into their constituent materials, with the aim of recovering valuable materials like silicon, glass, and metals.
Europe is Set to be the Dominating Region
The expanding installation of solar panels in the European market has resulted in a growing volume of end-of-life panels. This increased solar capacity has generated a substantial need for recycling solutions.
The competition in the global market is expected to be intense during the forecast years. Also, some of the major enterprises operating in the global solar panel recycling market include Aurubis AG, Envela Corporation, Reiling Group, etc.
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