January 09, 2023 10:30 ET | Source: Transparency Market Research Transparency Market Research
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Wilmington, Delaware, United States, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solar panel recycling market size was worth US$ 78.1 Mn in 2021 and is estimated to reach US$ 1.8 Bn by 2031. The global industry is expected to expand at a CAGR of 37% during the forecast period, from 2022 to 2031. Photovoltaic panels contain toxic metals, and the environment gets damaged if they are disposed in landfills for an extended period of time. Animal and human health are also expected to suffer as a result of the inappropriate disposal of toxic metals. Recycling of PV panels can lower waste production and reduce the requirement for new resources as most of the materials are recovered during the recycling process. The recycled material can be utilized again in new manufacturing processes. Many of the recycling firms are expanding their research activities and innovating operational technologies for recycling solar panels, which is expected to boost market demand during the forecast period.
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Firms that recycle solar panels are developing appropriate tools and systems to deal with the expected volume of end-of-life solar panels. Recovery and recycling processes have been expanded and made more commercially viable by recycling enterprises. Additionally, partnerships and acquisitions also present a huge market potential for players to thrive in this global industry. For instance, earlier this year, SOLARCYCLE and Silicon Ranch Corporation entered into a partnership to handle solar systems from Silicon Ranch installations that are in their end-of-life stage using SOLARCYCLE's advanced, high-recovery recycling technology. By using a unique module recycling method, SOLARCYCLE is able to recover about 95% of the value of solar panels that can then be reintroduced into the supply chain and utilized to make new panels.
Key Findings of Market Report
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Global Solar Panel Recycling Market: Growth Opportunities
Global Solar Panel Recycling Market: Regional Landscape
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Global Solar Panel Recycling Market: Key Players
Global Solar Panel Recycling Market: Segmentation
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