Asia-Pacific Solar Panel Recycling Market Growth Prospects 2024-2032

Asia-Pacific Solar Panel Recycling Market Growth Prospects 2024-2032

As per Triton’s research report, the Asia-Pacific solar panel recycling market is estimated to advance in revenue at a CAGR of 16.26% during the forecast period 2024-2032.

In the Asia-Pacific, governments are actively implementing policies to encourage the use of solar energy and ensure the responsible recycling of solar panels. In 2021, India introduced the Extended Producer Responsibility (EPR) program, which requires manufacturers to manage the collection and recycling of their solar panels once they reach the end of their lifespan. As the largest global hub for both the production and consumption of solar energy, the region accounted for more than 60% of all solar PV installations worldwide in 2022. With solar energy adoption on the rise, the need for effective solar panel recycling solutions is anticipated to grow significantly.

The countries examined in this region include Japan, India, Australia & New Zealand, South Korea, China, ASEAN Countries, and Rest of APAC.

China acquires major market share, acquiring around $28.27 million in 2023

As China leads globally in solar energy capacity, the government has recognized the need to manage the growing waste from aging solar panels. In 2021, the Ministry of Industry and Information Technology (MIIT) issued guidelines to promote the recycling and reuse of solar photovoltaic (PV) panels.

These guidelines aim to establish a full lifecycle management system to handle waste effectively, as the number of decommissioned solar panels is expected to surge in the coming decades.

In recent years, China has started implementing stronger environmental policies, including the Green Development of Industry plan, which calls for the development of eco-friendly technologies like solar panel recycling. This has led to innovation, with companies developing technologies to recover key materials like silicon, glass, and metals from used panels.

Market Forecast for Japan

The solar panel recycling market in Japan is gaining momentum as the country prepares for a significant wave of decommissioned solar panels in the coming years, owing to the widespread adoption of solar energy. With an increasing focus on sustainability, Japan is recognizing the need to manage the waste generated by end-of-life photovoltaic panels, which are expected to reach large volumes by the 2030s. Key initiatives include the government’s promotion of the Circular Economy model, which encourages resource efficiency and waste reduction. The Ministry of the Environment has also laid out guidelines for solar panel recycling, and new businesses are emerging to address this issue. Additionally, the government is exploring potential subsidies and incentives to enhance the collection and processing infrastructure. These efforts are set to augment the solar panel recycling market’s growth.

The market is sectioned into process, shelf life, technology, and end-user. Based on end-user, it is divided into residential, utility, and commercial/industrial.

Residential solar panels typically have a lifespan of 25 to 30 years. With the surge in installations over the past decade, the volume of panels requiring disposal or recycling is expected to increase dramatically in the coming years. This segment presents unique challenges due to the smaller scale and dispersed nature of residential installations compared to utility-scale projects. However, it also offers substantial opportunities for recycling companies to recover valuable materials like silicon, glass, and metals, which can be reused in the manufacturing of new panels.

Contender Analysis in the Solar Panel Recycling Market:

Sharp Corporation is a leading manufacturer and distributor of telecommunications and electrical equipment. Its extensive portfolio includes refrigerators, air conditioners, mobile phones, and solar cells. The company also provides tailored solutions for industries such as digital information systems and environmental technologies. With a strong global presence, Sharp Corp is headquartered in Sakai-Ku, Osaka, Japan.

Other key companies in the market consist of Sunpower Corporation, Canadian Solar, Hanwha Group, Silrec Corporation, etc.

ASIA-PACIFIC SOLAR PANEL RECYCLING MARKET 2024-2032.pdf