Solar Panel Recycling Management Market to Reach US$ 360 Mn by 2024; growing at around 35%
Global Solar Panel Recycling Management Market is set to grow over 35% and exceed USD 360 million by 2024. Stringent laws to boost effective recycling coupled with growing volume of decommissioned PV panels will augment the industry growth. Average lifetime of solar panels is 30 years after which the systems are needed to be renounced from service and exempted for further usage. (Source: Global Market Insights)
Growing volume of installed panels over decades along with strict regulations to recover and recycle the PV electronic waste is anticipated to positively influence the industry landscape. The U.S. Environment Protection Agency has implemented regulations regarding Toxics Release Inventory (TRI), Toxicity Characteristic Leaching Procedure (TCLP), Materials Safety Data Sheets (MSDSs), California's Hazardous Waste Control Law (HWCL) and Resource Conservations and Recovery Act (RCRA) standards.
Mechanical process solar panel recycling management Market is projected to witness dominant share by 2024. Cost effectiveness and extensive penetration makes the product preferable over other counterparts. Thermal process of solar panel recycling management market was valued above USD 1 million in 2015 due to diminishing silicon content in photovoltaics manufacturing process.
Regular loss solar panel recycling management Market is projected to surpass USD 250 million by 2024. Decommissioned panels with no early attrition and after attaining 30 years of shelf life are categorized under regular loss. Early loss is predicted to grow above 30% by 2024 due to the severe weather conditions along with quality of materials used.
Solar panel recycling management market in the U.S. was valued over USD 5 million in 2015. Stringent regulations towards electronic waste recycling coupled with increasing adoption of photovoltaic panels will further augment the industry outlook in the country.
UK solar panel recycling management market share is predicted to grow above 35% by 2024. In 2017, the Department for Business, Energy & Industrial Strategy reported that the country holds a cumulative installed photovoltaics capacity of up to 11.8 GW by 2016.
China solar panel recycling management Market is anticipated to achieve over 12% of the global share by 2024. The "PV Recycling and Safety Disposal Research" segment under National High-tech R&D Program, will introduce specific laws and regulations to counter growing panel waste volumes.
UAE solar panel recycling management market share is projected to witness growth above 50% from 2016 to 2024. In 2016, the International Renewable Energy Agency (IRENA) projected that the country will witness upto 350,000 tons of waste volume generated by the photovoltaic panels by 2050.
Key industry players include First Solar, REMA PV Systems, Canadian Solar, Darfon Electronics Corporation, Rinovasol, Envaris, Chaoqiang Silicon Material, ECS Refining, Suzhou Shangyunda Electronics, Silcontel, Cellnex Energy, and Reiling Glass Recycling.
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