End-of-life management: Solar Photovoltaic Panels report by the International Renewable Energy Agency (IRENA) and the International Energy Agency Photovoltaic Power Systems Programme (IEA-PVPS) reveals that recycling or repurposing of photovoltaic (PV) panels can unlock around 78 million tons of raw materials and other useful parts by 2050. With the widescale recycling of PV panels, the world will transition to an economically viable, sustainable, and renewable energy-based future. Thus, the soaring global focus on sustainable and clean energy will encourage private and public entities to opt for the recycling of solar panels.
Additionally, the surging adoption of solar power as a renewable energy source will help the solar panel recycling market exhibit a robust CAGR of 22.0% between 2018 and 2023. According to PS Intelligence, the market was valued at $80.7 million in 2017, and it will generate $269.8 million revenue by 2023. The IRENA states that India, Japan, China, Vietnam, the Republic of Korea, and the U.S. expanded their solar power capacity by 4 gigawatts (GW), 5 GW, 49 GW, 11 GW, 4 GW, and 15 GW, respectively, in 2020.
Moreover, the increasing installation of solar panels in commercial and residential buildings will also create an enormous requirement for recycled thin film, monocrystalline, and polycrystalline solar panels. Individuals and organizations are steering toward solar power, due to the rising environmental concerns and depleting fossil fuel reserves. For instance, the Government of India aims to increase rooftop solar panels in residential structures through the Grid Connected Solar Rooftop Programme. With this initiative, the government aims to achieve a cumulative capacity of 40,000 megawatt (MW) from Rooftop Solar (RTS) Projects by 2022.
Recycled solar panels used in commercial and residential structures and solar power plants are largely manufactured by Rinovasol Group, Silrec Corporation, First Solar Inc., Reiling GmbH Co. KG, Canadian Solar Inc., Silcontel Ltd., ENVARIS GmbH, Reclaim PV Recycling Pty. Ltd., Yingli Green Energy Holding Company Limited, and ECS Refining LLC. These companies use thermal, laser, and mechanical processes to recycle polycrystalline, monocrystalline, and thin-film solar panels. In comparison to thermal and laser processes, the mechanical process gained more prominence in the recent past, due to the eco-friendly and economical nature of the latter.
In the upcoming years, the Asia-Pacific region will also witness widescale recycling of solar panels, owing to the increasing technological advancements in the renewable energy sector and toughening government regulations on solar panel waste management. In addition, the soaring environmental sustainability concerns in developing countries, such as India and China, will also accelerate the recycling of PV and thin-film panels in the region. Besides, the cost-effectiveness of recycled solar panels will also increase their penetration in APAC nations.
Thus, the growing focus of governments on sustainable future and the increasing installation of solar power plants will encourage the recycling of solar panels in the foreseeable future.
