Solar Waste Recycling Market size is estimated to record appreciable growth between 2023 and 2032. This is because numerous solar cell manufacturers are bound by law for fulfilling recycling standards and specific legal requirements for ensuring that solar panels do not become a burden to the environment. Several photovoltaic producers have, therefore, entered into collaborations with regulatory bodies to devise advanced methods for recycling different types of solar panels and associated wastes.
Big brand names, such as Ikea, Patagonia, Apple, and Proctor & Gamble, are increasingly incorporating recycled material in their products owing to their sustainability benefits. The trend is further accentuated by the lingering supply chain disruptions and raw material shortage caused by the Russia-Ukraine war, prompting companies to purchase nearby plastic bales in place of virgin material. With the demand for recyclable material witnessing an upward trajectory, recycling programs and businesses will grow substantially, thus driving the market growth.
Based on type, the solar waste recycling market from the crystalline silicon segment is predicted to register considerable expansion through 2032, attributed to the availability of different recycling procedures, including the use of leaching agents, high-temperature processes, or a combination of both. Additionally, a number of studies are being conducted to develop new ways of recycling crystalline silicon-based PV panels. For instance, one of the studies is focused on the usage of an electrostatic separator post-mechanical milling to segregate the waste of silicon-based PV modules.
The thermal segment is expected to account for a substantial share of the solar waste recycling market up to 2032. The process is centered on using reactions at a molecular level for the separation of ingredients in a solar panel as against mechanical recycling, which is limited by the physical separation of the different components. This has escalated the adoption of thermal/chemical processes by numerous companies for applications such as the extraction of tiny silver wires that carry electricity via silicon cells.
The Europe solar waste recycling market value is projected to foresee lucrative growth from 2023 to 2032, impelled by the surging advocation of renewable energy technologies, such as solar photovoltaic panels and wind turbines for Europe’s transition to climate neutrality. The regional growth is further credited to the adoption of circular economy approaches, such as the upgradation and refurbishment of equipment and recycling of end-of-life infrastructure.
Some of the leading companies involved in the solar waste recycling market companies include REMA PV Systems, Silcontel, Envaris, ECS Refining, Energy Corporations, Canadian Solar Incorporations, First Solar, Eiki Shoji & Yingli. These companies are focused on the adoption of strategic initiatives such as mergers, acquisitions, product developments, partnerships, and collaborations to consolidate their position in the solar waste recycling industry.
For instance, In 2021, Yingli Solar, after being in debt for several years, took major moves for ensuring its long-term success. In April 2021, the restructured company held its first general meeting of directors and shareholders and announced and approved a new board of directors and management team.
In another instance, in June 2021, Reclaim PV Recycling announced plans for the expansion of its solar PV module recycling operation to a second unit in Queensland Post, receiving an environmental permit and development approval from state and local governments for the establishment of a new facility in Brisbane.