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(IT-NEWSWIRE.COM, August 09, 2024 ) The Global Solar Panel Recycling Market is estimated to reach over USD 1,344.3 Mn by 2031, exhibiting a CAGR of 19.6% during the forecast period.
Solar energy has been widely assimilated and utilized in the existing energy mix throughout the last decade. The average predicted lifetime of solar panels used on ground-mounted, building-integrated photovoltaic (BIPV), or floating solar panels is 30 years. These panels typically include cadmium, lead, and a variety of toxic compounds, and it is critical to remove or recycle these harmful materials from the environment in order to avoid potentially disastrous interactions. The solar panel recycling market is experiencing substantial growth, which is attributed to the increasing adoption of solar energy worldwide. With a focus on environmental consciousness, the need for proper disposal along with recycling of solar panels has become crucial.
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Key market players are investing in innovative techniques to efficiently recycle solar panels and recover valuable materials such as silicon, glass, and aluminum. Government regulations and initiatives encouraging the recycling of solar panels are further propelling market growth. The market is witnessing advancements in recycling technologies, leading to reduced waste generation and increased resource efficiency. Overall, the solar panel recycling industry is set to expand significantly in the coming years, driven by the growing emphasis on circular economy principles and sustainable practices in the energy sector.
List of Prominent Players in the Solar Panel Recycling Market:
• First Solar, Inc. (U.S.)
• Echo Environmental, LLC (U.S.)
• SILCONTEL LTD (Bulgaria)
• Canadian Solar Inc. (Canada)
• SunPower Corporation (U.S.)
• Reiling GmbH & Co. KG (Germany)
• Trina Solar Limited (China)
• Aurubis AG (Germany)
• SiC Processing GmbH (Germany)
• Playtech Solar (Uzbekistan)
• KAMALA REFINERY Yingli Energy China Co Ltd (China)
• Hanwha Group (South Korea)
• ECS Refining, LLC (U.S.)
Market Dynamics:
Drivers-
One of the primary drivers for the solar panel recycling market is the global increase in the adoption of solar energy. As governments, businesses, and individuals increasingly turn to solar power as a clean as well as renewable energy source, the number of solar panel installations has been on the rise. Solar panels are to be seen to have a lifespan of about 25 to 30 years or more. As a result, the installed base of solar panels continues to grow, and an increasing number of panels will reach the end of their operational life. It results in a substantial supply of used or decommissioned panels that need to be managed, creating a significant market for solar panel recycling.
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The extraction of various raw materials, such as silicon and metals, through mining can have significant environmental consequences, including habitat disruption, water pollution, and greenhouse gas emissions. Recycling materials from solar panels reduces the need for mining and mitigates these environmental impacts. Resource scarcity, particularly of materials such as silicon and precious metals, is a significant driver for the solar panel recycling market.
Challenges:
The need for more awareness is a significant restraint in the solar panel recycling market. The challenge requires a concerted effort involving education, outreach, transparency, collaboration, regulatory support, and industry initiatives to ensure that consumers, businesses, and stakeholders are well-informed about the importance and benefits of recycling solar panels. Many consumers and individual solar panel owners may need more awareness of the importance of recycling solar panels and the availability of recycling options. The lack of awareness can lead to the improper disposal of old panels, such as sending them to landfills instead of recycling facilities.
The solar panel recycling industry, while growing, may have a different level of visibility or recognition than other aspects of the solar energy sector, such as panel manufacturing or installation. This lack of prominence can contribute to the overall lack of awareness about recycling options. Effectively communicating the benefits and processes of solar panel recycling to a broad audience can be challenging. Information about recycling options and facilities may not be readily accessible to the public, leading to a lack of awareness.
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Regional Trends:
Europe's solar panel recycling market is estimated to see a major market share and is estimated to grow at a high CAGR in the near future. Growing population, rapid urbanization, and increasing industrialization are factors expected to increase the growth of the solar panel recycling market in the region. Besides, Asia-Pacific had a substantial share of the market due to the adoption of the product and the adoption of new strategies by the major market players in the solar panel recycling market. Moreover, the presence of key players for market penetration in the region provides the opportunity for market growth.
Recent Developments:
• In November 2022, First Solar Inc. announced intentions to invest USD 1.1 billion in the construction of a photovoltaic (OV) solar module manufacturing facility in Lawrence County, Alabama, creating over 700 jobs.
• In November 2022, Taiwan's Industrial Technology Research Institute (ITRI) and United Renewable Energy (URE), Taiwan's largest solar panel and solar cell manufacturer, developed the easy-dismantled solar panel module in collaboration with San Fang Chemical Industry CO. Ltd., a Taiwan-based technological film producer committed to sustainable operations.
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Segmentation of Solar Panel Recycling Market-
By Type:
• Monocrystalline
• Polycrystalline
• Thin Film
• Others
By Process:
• Thermal
• Chemical
• Mechanical
• Laser
• Combination
• Others
By Material:
• Crystalline Silicon
• Metal
• Plastic
• Glass
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana D’souza
+917972967118
diana.dsouza@insightaceanalytics.com
Source: EmailWire.Com 
Source: EmailWire.com
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