Global Market for Solar Panel Recycling Estimated to Reach Nearly $3 Billion by 2032
Market drivers include managing solar waste, economic benefits of valuable material recovery and environmental impacts on landfill disposals
A new report from Guidehouse Insights analyzes the market for solar panel recycling globally.
The accelerated growth in global solar PV (SPV) adoption has played a significant role in the transformation to sustainable energy, but one potential environmental impact remains largely unaddressed: what to do with SPV panels at the end of their life (EOL). According to a new report from Guidehouse Insights, the global annual revenue from the solar panel recycling industry is expected to reach $2.71 billion by 2032.
“The lack of an SPV waste-management system could present a serious environmental challenge,” says Pritil Gunjan, principal research analyst with Guidehouse Insights. “Although their design life is estimated at 25-30 years, their actual life is typically 14-15 years, and sometimes less. As the oldest panels approach retirement, the industry must prepare to manage the impending e-waste.”
Though SPV panels provide clean and emission free energy while operating, their lifecycle—cradle to grave—can contribute to environmental pollution, which includes mining metals for their manufacture and disposing of them in landfills after their EOL. Currently companies are disposing of panels in landfills as a cheap solution, because recycling is expensive and time consuming, according to the report.
The key market drivers for SPV recycling as noted by Guidehouse Insights include the need to manage an anticipated solar waste glut, boosting the SPV industry’s circular economy, the economic benefits of valuable material recovery, and the environmental impacts on landfill disposals.
The report, Solar Panel Recycling Market, provides a market outlook for two SPV recycling technologies: crystalline silicon and thin film. It examines the market’s major drivers and barriers and looks at the industry value chain. Analyses are segmented by technology and five global regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) for the 10-year period from 2023 through 2032. An executive summary of the report is available for free download on the Guidehouse Insights website.
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*The information contained in this press release concerning the report, Solar Panel Recycling Market, summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.