The North America Solar Panel market is expected to grow at a compound annual growth rate of 26.25% over the forecast period to reach a market size of US$81.727 million in 2027 from US$15.991 million in 2020.
The region's demand for solar panel recycling solutions is anticipated to increase as solar energy solutions are being used in nations including the United States, Canada, and Mexico. The governments in the area have put in place encouraging laws and incentives for solar power installation, which is anticipated to lead to a requirement for recycling the solar panels already in place in the future. Rising consumer awareness of the negative effects of solar panel components is also pressuring businesses to choose recycling services, which is anticipated to have a favorable effect on the market's growth over the assessment period. Solar panel adoption will be prompted by ongoing cost-effective technological advancement, which will improve the market outlook. The market situation will also be balanced by rising consumer awareness of the advantages of sustainable energy sources and provincial government subsidies. The demand for NA solar panel recycling market is anticipated to be driven by environmental deterioration along with the worldwide energy problem brought on by traditional energy sources, such as nuclear energy and fossil fuels.
One of the prime reasons supporting the overall market growth is the growing demand for the solar panels.
Solar panel adoption in North America is accelerating due to growing worries about environmental contamination brought on by greenhouse gas emissions and the depletion of fossil fuel supplies. The U.S. Office of Energy Efficiency & Renewable Energy estimates that the country's capacity for solar power expanded from 0.34 GW in 2008 to 97.2 GW in 2020. Solar energy accounted for 58 percent of all new electricity-generating capacity added in the U.S. during the first quarter of 2021, according to the Solar Energy Industries Association. Additionally, the average price of solar PV panels dropped significantly in North America, which accelerated the rate of solar PV installations. According to CanREA, Canada added a minimum of 70 MW of solar PV capacity and an additional 166 MW of wind power in 2020. According to the organization, wind and solar energy now supply 40% of electricity needs in Prince Edward Island and 18% in Nova Scotia, with contributions of less than 10% in other Canadian provinces. The North American region, particularly the United States, has impressively increased its solar capacity, which is anticipated to increase the need for recycling solar panels and, as a result, is anticipated to fuel the growth of the solar panel recycling market in North America in the ensuing years. For instance, First Solar is a U.S.-based producer of thin-film modules with a recycling plant on the premises. Customers that want their materials recycled must pay the company through a take-back scheme.
Key Developments:
Company Offerings
Dynamic Lifecycle Innovations offers safe, secure, and sustainability-focused silicon-based solar panel recycling by involving steps like collecting and packaging, secure transportation, visual integrity inspection, identification of reuse, dismantling and shredding, and recycling by commodity. The company ensures the industry’s most stringent certifications in its recycling processes like R2, e-Stewards, ISO 14001, ISO 9001, and ISO 45001.
First Solar offers modern recycling facilities that are available in the United States. These facilities have a scalable capability to support large-volume recycling as more modules approach the end of their 25+ year lifespan. High recovery rates are achieved by its tried-and-true recycling method. Moreover, up to 90% of the semiconductor material can be used in new modules, and 90% of the glass can be employed in new glass products.
COVID-19 Insights
The COVID-19 pandemic slowed down the growth of the North American solar panel recycling market in 2020. In 2020, the North American solar industry kept up its rapid growth, propelled by industry-leading prices and concerns regarding climate change. The difficulties of the pandemic and the financial burden of import tariffs during the Trump administration have slowed the industry expansion. Halt in the production line, scarcity of raw materials, and price fluctuations of materials such as silver and aluminum caused by the direct and indirect impacts of the COVID-19 pandemic are expected to restrain the market growth in 2020, limiting the market's ability to reach its full potential.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2020 | US$15.991 million |
| Market Size Value in 2027 | US$81.727 million |
| Growth Rate | CAGR of 26.25% from 2020 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2022–2027 |
| Forecast Unit (Value) | USD Million |
| Segments Covered | Type, Recycling Material, And Country |
| Regions Covered | Canada, USA, Mexico |
| Companies Covered | First Solar, Canadian Solar., Echo Environmental, LLC, SunPower Corporation, DYNAMIC, Cleanlites Recycling, Fabtech Enterprises |
| Customization Scope | Free report customization with purchase |
Segmentation