The global solar panel recycling market was worth over US$ 110 million (EUR 102.8 million) in 2021 and is projected to more than double in the next few years.
The solar panel recycling niche will hit US$ 303 million by 2027, according to market analysts at IMARC Group. This represents a healthy compound annual growth rate of 18.4%.
The worldwide solar panel segment itself was valued at US$ 177 billion in 2021, with initial figures for 2022 put at US$ 235 billion. The Asia-Pacific region leads the market with installed capacity of almost US$ 70 billion.
‘The inflating sales of solar panels across countries, owing to the shifting preferences toward renewable energy sources, are among the key factors driving the solar panel recycling market,’ analysts report. Effective end-of-life management is also helping reduce the overall cost of new panels.
Keeping this in mind, leading manufacturers are eager to purify recovered materials to be used in new panels or other components, including glass foam.
Other positive factors include the launch of multiple dedicated R&D projects as well as rising investment by various companies in advancing the recovery and recycling of rare metal elements present in solar panels.