The global solar panel recycling management market will be worth more than US$ 360 million (EUR 315 million) by 2024, new research reveals. This represents a growth of approximately 35%.
Many new investments in solar panel energy have been announced recently, especially in Asia and the Middle East. In China alone, the solar panel recycling industry is expected to exceed US$ 50 million by 2024, reports Global Market Insights.
The market in the United Arab Emirates (UAE) will witness 50% growth during the next six years. In that time, an estimated 5 000 tonnes of waste panels will be generated as the region increasingly adopts alternative energy over conventional fuels.
Meanwhile, the UK solar panel recycling management market share is expected to growover 35% by 2024. The US market was worth US$ 5 million in 2015, jumped to US$34 million last year, and will continue to see ‘strong growth’ in the coming years.
Analysts also cite positive prospects for Mexico where the recycling sector is expected to exceed US$ 3 million by 2024, thanks to the growth of installations of PV panels in the region.