Assuming that a solar PV panel has a 15-year lifespan, Rystad estimated the recycling value will total $9.6b across the globe in 2037.
Of this, China will account for $3.8b, considering it makes up 40% of the global installation this year.
India and Japan followed with an estimated value of $800m and $200m, respectively.
After Asia, Rystad found that recyclable materials in North America will reach $1.5b, and $1.4b in Europe over the same period.
Demand for recycled solar PV panel components is expected to rise in the coming years, which could bring its value up to $2.7b in 2030 and to $80b by 2050.
The same report found that demand for materials and minerals is also projected to go up amidst efforts to transition to cleaner energy sources.
“The International Energy Agency’s net-zero emissions scenario targets 40% of the world’s power in 2050 being generated by solar energy – equivalent to 19 terawatts (TW),” Rystad said.
“However, our 1.6 degrees Celsius scenario predicts that 53% will be solar-generated, a trend seen in the numbers and size of plant instalments.”