Global: The worldwide solar panel recycling market will be worth more than US$ 360 million by 2024, according to new data by Global Market Insights, Inc.
The impressive milestone represents a compound annual growth rate of more than 35% during the 2016-2024 period. The report notes that the solar panel recycling sector was worth over US$ 20 million in 2015 alone.
The mechanical recycling of solar panels is hailed as one of the safest processing methods. Analysts expect the industry share from mechanical processing to surpass US$ 300 million by 2024.
It is also observed that more and more companies are researching how to realise environment-friendly thermal recycling procedures. This will push thermal solar panel recycling a lot further in the years to come; it was already worth US$ 1 million in 2015 and will ‘grow substantially’ in the years ahead.
In the US, the solar panel recycling management market size was valued above US$ 5 million in 2015. Analysts remark that decommissioned PV panels volumes increased from over 18000 tons in 2010 to over 30 000 tons in 2016.
As such, high adoption of PV systems is expected to yield solid growth in the near future.