Solar photovoltaic (PV) panels components recycling is set to skyrocket in the coming years as the number of installations goes up on daily basis and the threat of a supply bottle neck hovers, according to Rystad Energy report.
According to the report, PV panels recyclable materials at the end of their lifespan will be worth more than $2.7 billion in 2030, up from only $170 million this year.
Rystad Energy report said, this trend will only soar in the decades to come, and the value of recyclable materials is projected to hit $80 billion by 2050.
Despite the fact that PV recycling is now in infancy stage, it is however an essential element of the energy transition globally, with solar PV waste projected to grow to 27 million tonnes per annum by 2040.
“Our forecasts show that recovered materials from retired panels could make up 6 percent of solar PV investments by 2040, compared to only 0.08 percent today,” Rystad Energy stated.
“Landfills are an easy and cheap option as current resale prices for recycled solar PV materials do not compensate for the transportation, sorting and processing costs. Yet, the rapid growth rate of large-scale utility farms within solar energy can change this.
The energy research company also said the material supply side is expected to encounter jams, going by the growing demand for minerals, as a result, recycling of aged PVs can be a supply bridge.
“Rising energy costs, improved recycling technology, and government regulations may pave the way for a market where more defunct solar panels are sent to recycling rather than the nearest landfill,” says Kristin Stuge, Rystad Energy analyst. “Recycling PV panels can help operators save costs, overcome supply chain woes and increase the likelihood of countries meeting their solar capacity goals.”
According to the report by Rystad Energy, as demand for the materials and minerals used in solar PV manufacturing go up, there is likelihood of higher prices.
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