Latin America Solar Panel Recycling Market Growth Prospects 2024-2032

Latin America Solar Panel Recycling Market Growth Prospects 2024-2032

Triton’s report suggests that the Latin America solar panel recycling market is set to progress at a CAGR of 13.24% during the forecasted phase 2024-2032.

The solar panel recycling market in Latin America is slowly gaining momentum as the region’s solar capacity continues to expand. In Brazil, companies like SunR are taking the lead in recycling efforts. As per industry sources, SunR has already processed over 30 tons of solar panels and anticipates managing another 125 tons in the near future. This indicates a growing need for recycling technologies. Current efforts focus mainly on recycling damaged or faulty panels. The lack of specific regulations for solar panel recycling is a challenge, though existing waste policies are starting to cover solar panel waste.

The countries reviewed in this region include Brazil, Mexico, and Rest of Latin America.

Brazil leads with major market share, accumulating around $3.1 million in 2023

While Brazil currently lacks specific legislation dedicated solely to solar panel recycling, the National Policy for Solid Waste (PNRS) and related decrees provide a legal framework that includes solar panels under broader electronic waste regulations.

This policy supports reverse logistics, a key method of ensuring that used panels are collected, transported, and properly processed.

Additionally, Brazil’s general recycling infrastructure has weaknesses, including insufficient public investment and challenges in waste separation practices. Addressing these challenges will be crucial to ensure the expansion of the solar panel recycling market.

Market Forecast for Mexico

With Mexico’s increasing investment in renewable energy, particularly solar power, the demand for sustainable end-of-life management of solar panels is becoming more pressing. The country has a large solar power capacity driven by government incentives like the Energy Transition Law, which promotes renewable energy use. Initiatives such as the development of specialized recycling facilities and research on improving recycling processes are emerging. For example, Mexico’s National Institute for Electricity and Clean Energies (INEEL) has been researching methods to enhance the recycling of photovoltaic (PV) panels, aiming to recover valuable materials like silicon, glass, and metals. As these efforts progress, the scope of the solar panel recycling market is expected to expand.

The market is branched into process, end-user, shelf life, and technology. In terms of process, it is divided into thermal & chemical, mechanical, and laser.

Thermal and chemical processes play a vital role in recovering valuable materials from end-of-life solar panels. Thermal processes, such as pyrolysis, involve heating the panels at high temperatures in the absence of oxygen to break down the materials without combustion. This method helps in recovering metals like aluminum and glass, while reducing the size of waste. Chemical processes, on the other hand, involve the use of solvents or acids to dissolve and separate the various components of a panel, particularly the recovery of valuable semiconductors like silicon and silver. Combining these processes effectively can enhance material recovery rates, making solar panel recycling more efficient.

Contender Analysis in the Solar Panel Recycling Market:

Reiling Group focuses on the collection and recovery of recyclable materials, prioritizing environmental sustainability and contributing to climate protection efforts. Its recycling operations span materials such as glass, plastic, wood, and photovoltaic modules, working in collaboration with various sectors, including trade, industry, commerce, municipalities, and dual recycling systems. As a comprehensive service provider, Reiling Group manages every stage of the process, from collection and transportation to processing, while delivering high-quality recycled materials.

Other notable companies offering solutions in the market include Silrec Corporation, Canadian Solar, Hanwha Group, and Echo Environmental.

LATIN AMERICA SOLAR PANEL RECYCLING MARKET 2024-2032.pdf