The Asia-Pacific solar panel recycling market is expected to grow at a CAGR of 26.81% from the market value of US$27.002 million in 2020 to US$142.393 million in 2027 owing to the increase in awareness of environmentally friendly lifestyles and the abundance of sunlight due to the geographical location of some Asian Countries.
Solar panel recycling is a process of recycling waste out of solar panels after the solar panel’s end-of-life cycle and its early damage. There are three types of processes for recycling solar panels such as thermal, mechanical, and laser. This waste contains toxic and heavy substances or metals such as cadmium, lead, glass, plastics, and many other substances as well. These substances are proven to harm human health and are dangerous to the environment. Thus, instead of depositing these substances, it is important to recycle these solar panel waste.
The solar panel recycling market is directly dependent on the demand for solar panel projects. More the implementation of solar panels will be the demand for solar panel recycling. Owing to the awareness regarding environmental safety, knowledge about eco-friendly appliances, and advancements in technologies, the implementation of these panels are expanding in Asian countries. Additionally, this technology is also easily applicable in these countries due to their geographical or equatorial location. These countries get abundant sunlight which is an essential factor to implement the solar panel projects.
The governments of these countries also have implemented various schemes in the support of solar projects. For instance, the government of India runs a scheme called Solar rooftop subsidy to promote solar panels in the country. After installing solar panels on the rooftop, the expenses will be paid by the government for about 5-6 years, and free electricity for the next 20 years. Due to such schemes, the installation of solar panels is expected to rise in upcoming years. With the urban population, the rural population is also attracted to the installation of solar panels owing to the schemes for farmers such as Pradhan Mantri Kisan Urja Suraksha evam than mahabhiyaan schemes.
With the increasing installation of solar panels in China, India, Japan, and other Asian countries, the demand for recycling of these solar panel waste is also increasing. The rising research and developments in solar panel recycling are also supporting the use of the same. For example, scientists at the Indian Institute of Technology in December 2021 have found a way to make solar panels recyclable that is by stabilizing hybrid perovskite-based solar to produce electricity.
Despite the increase in the demand for solar panels, limited infrastructure for solar panel recycling in the Asia-Pacific region, and low regulations towards the same are the factors hampering the market growth in this region.
India is expected to hold a significant market share
Due to abundant sunlight, and various subsidies provided for the agriculture sector, the installation of solar panels is increasing. Hence, India is expected to have an XX% share in the Solar Panel Recycling market in the Asia-Pacific region, in 2026.
|Market size value in 2020||US$27.002 million|
|Market size value in 2027||US$142.393 million|
|Growth Rate||CAGR of 26.81% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Panel Type, Material, And Country|
|Regions covered||China, Japan, India, Australia, South Korea, Others|
|Companies covered||Reclaim PV Recycling Pty Ltd., SunPower Corporation, Trina Solar Co., Ltd., Yingli Energy Co. Ltd., Etavolt Pts. Ltd., Mitsubishi Electric Inc.|
|Customization scope||Free report customization with purchase|
Reclaim PV Recycling Pty Ltd.
Trina Solar Co., Ltd.
Yingli Energy Co. Ltd.
Etavolt Pts. Ltd.
Mitsubishi Electric Inc.
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