Solar panel recycling management market size from mechanical process is set to exceed USD 300 million in 2024 subject to wide penetration and reasonable pricing, says a new report from Global Market Insights.
Increasing volume of decommissioned PV panels coupled with strict laws to boost effective recycling will drive the global solar panel recycling market. Average shelf life of panels is 30 years after which they need to be dismantled from service and discarded.
Huge untapped potential with stringent regulations to recycle increasing volumes of PV waste is set to propel the solar panel recycling management market size between 2016 and 2024.
EPA has laid down regulations referring to Materials Safety Data Sheets (MSDSs), Toxics Release Inventory (TRI), Resource Conservations and Recovery Act (RCRA), California’s Hazardous Waste Control Law (HWCL) and Toxicity Characteristic Leaching Procedure (TCLP) standards.
Thermal process was valued over USD 1 million in 2015 owing to decrease in silicon content in PV manufacturing process. Laser process is a new technology introduced recently and is expected to grow over 45 percent by 2024 owing to increasing adoption.
Solar panel recycling management market size from regular loss is expected to exceed USD 250 million by 2024.
Panels decommissioned at end of 30 years’ shelf life are classified under regular loss. Early loss is predicted to grow over 30 percent during the forecast period owing to the quality of materials used coupled with weather conditions prevalent.
U.S. solar panel recycling management market size was valued over USD 5 million in 2015 and is predicted to witness strong growth owing to increasing adoption of PV panels coupled with stringent regulations towards recycling will further augment industry outlook.
For Europe, UK solar panel recycling management market share is expected to grow over 35 percent by 2024. In 2013, UK WEEE introduced regulations aimed at reducing solar waste by mandating manufacturers to take back decommissioned PV panels for recycling. PV producers also need to register with Producer Compliance Scheme and update appropriate data sought by the government.
China solar panel recycling management market size is expected to exceed USD 50 million between 2016 and 2024. Under the National High-tech R&D Program’s “PV Recycling and Safety Disposal Research”, specific laws and regulations will be introduced to tackle growing panel waste volumes.
For Middle East, UAE solar panel recycling management market share is set to grow over 50 percent over the forecast period. The region will witness 5000 tons of waste panels generated during the forecast period subject to increasing adoption of alternate energy over conventional fuels.
Mexico solar panel recycling management market size is predicted to surpass USD 3 million by 2024, subject to growing installations of PV panels in the region. Energy Transition Law passed in 2015, aims to shift focus from fossil fuels to renewable energy sources, further complementing the industry outlook.