Solar Panel Recycling Market worth $931 million by 2029 - Exclusive Report by MarketsandMarkets

CHICAGO, April 26, 2024 /PRNewswire/ -- The report "Solar Panel Recycling Market by Type (Monocrystalline, Polycrystalline, Thin Film), Process (Thermal, Chemical, Mechanical, Laser, Combination), Shelf Life (Early Loss, Normal Loss), Material (Metal, Glass, Plastic, Silicone) - Global Forecast to 2029", is projected to reach USD 931 million by 2029, at a CAGR of 19.3% from USD 385 million in 2024.

The solar panel recycling market is poised for substantial growth in the foreseeable future, driven by a convergence of factors that underscore its critical importance in the transition to a more sustainable energy landscape. Central to this growth is the exponentialincrease in solar panel installations worldwide, fueled by the imperative to mitigate climate change and reduce dependence on fossil fuels. As solar energy becomes an increasingly integral component of the global energy mix, the volume of end-of-life solar panels reaching their operational lifespan is expected to surge, creating a pressing need for efficient recycling solutions.

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100 – Tables
65 – Figures
200– Pages

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One of the primary drivers propelling the solar panel recycling market forward is the tightening of environmental regulations and the growing commitment of governments to sustainable waste management practices. Across the globe, policymakers are recognizing the environmental impact of electronic waste, including solar panels, and are implementing measures to ensure responsible disposal and recycling. For instance, the European Union's Waste Electrical and Electronic Equipment (WEEE) Directive mandates the collection and recycling of electronic waste, including solar panels, placing the onus on manufacturers to facilitate the recycling of end-of-life products. Similarly, countries like Japan and South Korea have enacted legislation to promote the recycling of solar panels, further stimulating market growth.

Moreover, the scarcity of raw materials used in solar panels, such as silicon and precious metals like silver and copper, is driving the demand for recycling. With finite reserves of these critical materials and increasing demand for solar energy installations, recycling presents a viable solution to recover and reuse valuable resources. By recycling solar panels, manufacturers can reduce their reliance on virgin materials, mitigate supply chain risks, and contribute to a more circular economy.