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Analysts at BCC forecast that the Global Solar Panel Recycling Market is on the brink of a 623% growth surge between 2022 and 2028 and will reach a market value of $1.7 Billion by the decade's end. The sector is still in its infancy but experiencing exponential growth due to significant advancements in research and development, technological innovations, and government regulations. Several countries are now implementing solar panel waste management regulations, paving the way for future market expansion.
The report highlights that despite the higher costs associated with panel recycling compared to sending panels to landfills, ongoing technological advancements, economies of scale, and government interventions are expected to mitigate this challenge. Companies are increasingly prioritizing sustainability and cost-effective management of PV system hardware. Solar panels contain various valuable materials, including nano-silicon which can be extracted from solar panels using relatively new technology potentially making solar panel recycling more cost-effective and environmentally friendly.
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Europe is currently the only region with specific regulations for solar panel recycling requiring solar cell manufacturers to meet stringent recycling standards and regulatory requirements. The timing of this report is significant due to the growing emphasis on managing e-waste generation and anticipated mass retirements of solar panels between 2025 and 2030 as panels near their 25-30-year average lifespan. Emerging start-ups like SolarCycle, ROSI Solar, and We Recycle Solar are embracing this technology for their solar panel recycling solutions as they are recyclable up to 95%, making them attractive for clean energy generation.
This report is essential reading for solar panel plant owners, manufacturers, recyclers, and related organizations and agencies who wish to gain a better understanding of the industry landscape as well as potential opportunities within it. For more information or to access the full report please visit BCC Research's website.
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