The North America solar panel recycling market is evaluated at US$14.327 million for the year 2020 and is projected to grow at a CAGR of 27.37% reaching the market size of US$77.892 million by the year 2026.
The rising adoption of solar energy solutions in countries like the U.S., Canada, and Mexico is projected to drive the demand for solar panel recycling solutions in the region. The governments in the region have implemented favorable policies and incentives for the installation of solar power, which is projected to prompt the need of recycling the installed solar panels in the future. Rising awareness about the harmful impact of elements present in the solar panel is also forcing companies to opt for recycling services, which is expected to positively impact the market growth during the assessment period.
The recent outbreak of the novel coronavirus disease had a negative impact on the North America solar panel recycling market. Lockdowns and strict COVID-19 measures led to the shutting down of factories. This led to a halt in the solar panel recycling activities and hence harmed the market growth. Furthermore, the pandemic led to a decline in the installations of new solar panels, as the supply chain was disrupted, and hence will have a negative impact on the solar panel recycling market in the future, as lesser installations mean a lesser number of panels to be recycled. However, as the activities have continued in most parts of the world, the market is expected to continue at its normal pace from 2021 onwards.
Increased adoption of solar power.
The rising concerns regarding the environmental pollution caused by greenhouse gas emissions, and the depleting fossil fuel reserves led to the adoption of solar panels in North America at a rapid pace. According to the U.S. Office of Energy Efficiency & Renewable Energy, the solar power capacity in the United States was 0.34 GW in 2008 which increased to 97.2 GW in 2020. As per Solar Energy Industries Association, solar accounted for 58% of all new electricity-generating capacity added in the U.S. in the first quarter of 2021. Furthermore, the average cost of solar PV panels decreased substantially in North America which led to an even increased pace of solar PV installations. Furthermore, Canada and Mexico have also increased their focus on solar power and have witnessed increased installation of solar panels over the past years. According to the Canadian Renewable Energy Association, Canada installed 70 MW of solar PV capacity in 2020 which made its cumulative installed solar capacity surpass 3 GW. The North American region, especially the United States, has increased its solar capacity at an impressive rate, which is expected to increase the need for recycling of the solar panels and hence is anticipated to propel the growth of the solar panel recycling market in North America in the coming years.
Government policies supporting solar panel recycling.
As the concerns regarding the disposal of solar PV wastes have stirred up, governments of a few states have started passing regulations supporting the recycling of solar panels, which is anticipated to surge the growth of the solar panel recycling market in North America during the forecast period. The government of California passed a regulation that took effect on January 2021 which allows for EoL PV modules to be managed as universal hazardous waste. Also, California passed a regulation that will require PV module manufacturers, beginning July 1, 2023, to finance the takeback and reuse or recycling of PV modules sold within or into the state, after July 1, 2017, a no cost to the end-user.
|Market size value in 2020||US$14.327 million|
|Market size value in 2026||US$77.892 million|
|Growth Rate||CAGR of 27.37% from 2020 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Recycling Material, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||First Solar Inc., Canadian Solar Inc., Echo Environmental, LLC, SunPower Corporation, Dynamic Lifecycle Innovations, Cleanlites Recycling, Inc, FabTech Enterprises Inc|
|Customization scope||Free report customization with purchase|