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Solar Panel Recycling Management Market to hit $360mn by 2024: Global Market Insights Inc.

Industry Insights
Typography

As per a recent report "Solar Panel Recycling Management Market" the Solar Panel Recycling Management Market size is set to surpass over USD 360 million by 2024.

Increasing volume of decommissioned PV panels coupled with strict laws to boost effective recycling will drive the global solar panel recycling market. Average shelf life of panels is 30 years after which they need to be dismantled from service and discarded.

Huge untapped potential with stringent regulations to recycle increasing volumes of PV waste is set to propel the  solar  panel  recycling  management   market size between 2016 to 2024. EPA has laid down regulations referring to Materials Safety Data Sheets (MSDSs), Toxics Release Inventory (TRI), Resource Conservations and Recovery Act (RCRA), California's Hazardous Waste Control Law (HWCL) and Toxicity Characteristic Leaching Procedure (TCLP) standards.

Solar panel recycling management mar-  ket size from mechanical process is set to exceed USD 300 million in 2024 subject to wide  penetration  and reasonable pricing.

Thermal process was valued over USD 1 million in 2015 owing to decrease in silicon content in PV manufacturing process. Laser process is a new technology introduced recently and is expected to grow over 45% by 2024 owing to increasing adoption.

Solar panel recycling management mar-  ket size from regular loss is expected to exceed USD 250 million by 2024. Panels decommissioned at end of 30 years' shelf life are classified under regular loss. Early loss is predicted to grow over 30% during the forecast period owing to the quality of materials used coupled with weather con- ditions prevalent.

U.S. solar panel recycling management market size was valued over USD 5 million in 2015 and is predicted to witness strong growth owing to increasing adoption of PV panels coupled with stringent regulations towards recycling will further augment industry outlook.

For Europe, UK solar panel recycling man- agement market share is expected to grow over  35%  by  2024.  In  2013,  UK     WEEE introduced regulations aimed at reducing solar waste by  mandating  manufacturers to take back decommissioned PV panels for recycling. PV producers also need to register with Producer Compliance Scheme and update appropriate data sought by the government.

China solar panel recycling management market size is expected to exceed USD 50 million between 2016 to 2024. Under the National High-tech R&D Program's "PV Recycling and Safety Disposal Research", specific laws and regulations will be intro- duced to tackle growing panel waste vol- umes.

For Middle East, UAE solar panel recycling management market share is set to grow over  50%  over  the  forecast  period.  The region will witness 5000 tons of waste pan- els generated during the forecast period subject to increasing adoption of alternate energy over conventional fuels.

Mexico solar panel recycling management market size is predicted to surpass USD 3 million by 2024, subject to growing instal- lations of PV panels in the region. Energy Transition Law passed in 2015, aims to shift focus from fossil fuels to renewable energy sources, further complementing the indus- try outlook.

 

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