; Solar Panel Recycling Market Size, Share, Trend 2034

Solar Panel Recycling Market

Solar Panel Recycling Market Size, Share, and Analysis, By Process (Thermal, Mechanical, and Laser), By Product (Monocrystalline, Polycrystalline, Thin Films PV Cells), By Shelf Life (Early Loss and Normal Loss), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034

Published on: May-2024
Report Code: FG EP 02006
No. of Pages: 170-350
Report Format: PDF

Solar Panel Recycling Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 22% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 2.1 billion and is projected to reach USD 18.5 billion by the completion of 2034.

Product Overview

Solar panel recycling is a process to recover valuable materials from outdated or damaged solar panels to reduce waste and support sustainability. These panels are made of glass, aluminum, silicon, and various metals, that typically last 25-30 years. In addition, the rising adoption of solar energy and responsibly managing solar panel waste is becoming increasingly important. The process usually starts with dismantling the panels and then separating and processing the components for reuse. Moreover, recycling is essential to reduce environmental impacts and conserve resources, as recycled materials can be reused in manufacturing, which lowers the demand for new raw materials. Thus, this practice supports the circular economy and ensures that the environmental benefits of solar power persist beyond the operational lifespan of solar panels. Besides, solar panel recycling is essential for the sustainable growth of the renewable energy sector.

Market Highlights

Solar Panel Recycling Market is expected to grow at a compound annual growth rate (CAGR) of 22% from 2024 to 2034

Solar Panel Recycling Market is projected to reach USD 18.5 billion over the forecast period, due to the increasing use of solar energy and the need to manage the waste from panels reaching the end of their lifespan. This growth is attributed to the strong focus on sustainability and responsible waste management practices. Additionally, improvements in recycling technologies are improving the efficiency and affordability of the process, which further boost the development of the solar panel recycling market. Alongside, leading companies are investing in innovative techniques to recover valuable materials such as silicon, silver, and aluminium from decommissioned panels. Government incentives and high awareness of the environmental benefits of recycling are motivating businesses to adopt sustainable practices. Thus, as the solar energy industry continues to expand, the recycling market will play an essential role in promoting a circular economy and lowering the environmental impact of solar energy systems.

Source: Fatpos Global

Solar Panel Recycling Market Segmentation

Thermal segment will lead due to its efficiency in processing solar panels

Solar Panel Recycling Market is classified based on the Processes in Thermal, Mechanical, and Laser. The thermal segment leads the solar panel recycling market due to its high effectiveness in processing retired solar panels. Thermal recycling uses high temperatures to decompose the components of panels, which facilitates the separation and recovery of valuable materials such as silicon, silver, and aluminum. This method is effective for managing the complex structure of solar panels, as it can handle mixed materials and layered designs more proficiently than mechanical or laser processes. In addition, thermal recycling is capable of processing large quantities of panels, which is a crucial advantage given the growing number of panels reaching the end of their lifespan. Furthermore, continuous innovations in thermal technology are improving its environmental impact and reinforcing its dominance in the solar panel recycling market.

Monocrystalline segment will dominate owing to its longer lifespan and popularity

Solar Panel Recycling Market is divided based on Product into Monocrystalline, Polycrystalline, and Thin Films PV Cells. The monocrystalline segment dominates the solar panel recycling market as monocrystalline panels are highly efficient and have a long lifespan, which makes them popular in residential and commercial solar installations. This high usage means a significant number of these panels are now reaching the end of their operational life, thus increasing the need for recycling. Additionally, the high-purity silicon used in monocrystalline panels is valuable for reuse in manufacturing new panels and electronic components. Furthermore, the existing infrastructure and modern technologies for recycling monocrystalline panels also contribute to their growth in the market. Thus, the combination of high usage and valuable material recovery makes the recycling of monocrystalline panels more economically effective and technologically feasible in the solar panel recycling market.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Increasing Solar Panel Installations is Driving Growth in the Solar Panel Recycling Market

Global shift towards renewable energy in solar power is driving the vast installation of solar panels. This trend originates from governmental policies that are aimed at reducing carbon emissions and the increasing economic viability of solar energy. Therefore, as more countries and industries embrace sustainability, the demand for solar panels will continue to rise. This surge results in a corresponding increase in the number of solar panels reaching the end of their operational life. As a result, the need for environmentally responsible disposal methods, such as recycling, becomes increasingly important. Furthermore, with the high adoption and finite lifespan of solar panels, the solar panel recycling market will experience sustained growth as it offers ample opportunities for companies that are operating in this sector to expand their operations.

Advancements in Recycling Technologies Will Act as a Catalyst for Market Growth

Innovations in technology are essential for boosting the adoption of solar panel recycling. Continuous improvements in recycling technologies significantly improve the efficiency and cost of the recycling process. New methods, such as automated disassembly, robotic sorting, and chemical processes, help in the thorough recovery of valuable materials from decommissioned solar panels. These advancements improve the economics of recycling and contribute to environmental sustainability by reducing waste and minimizing resource consumption. Besides, research and development efforts are expected to further refine recycling technologies, thus making them even more efficient and capable of handling the complexity of solar panel compositions.

Restraints

Complexity of Panel Composition in the Solar Panel Recycling Market Will Impact the Growth

Solar panels consist of a diverse array of materials, such as glass, silicon, metals (such as aluminum and silver), and various types of plastics and adhesives. These materials are often integrated into complex configurations, that present logistical and technological challenges for recycling facilities. In addition, effective material separation and recovery require special equipment and operations to navigate the complex composition of solar panels. Furthermore, as solar panel designs evolve and incorporate new materials to improve durability, recycling processes must adapt accordingly to ensure the efficient recovery of valuable resources. Thus, addressing these challenges is crucial for the long-term practicality and sustainability of the solar panel recycling industry.

Recent Developments

  • In November 2023, IDEXX Laboratories, Inc. (US) introduced a complete screening test for vector-borne infections, such as canine leishmaniosis. SNAP Leish 4Dx Test detects Lyme disease and anaplasmosis using the renowned SNAP 4Dx Plus messaging platform.
  • In January 2024, GD Animal Health (Netherlands) bought PathoSense diagnostics, to identify all viruses and bacteria using nanopore sequencing technology.
  • In November 2023, Antech Diagnostics, Inc. (US) began providing veterinary diagnostics services through its laboratory in the United Kingdom, with a comprehensive portfolio that includes in-house diagnostics, imaging and technology solutions, and quick diagnostics.
  • In November 2023, Zoetis Inc. (US) joined with Adopt a Pet to increase pet care access and distribute educational resources to veterinary healthcare teams and pet owners across the country.
  • In November 2022, VolitionRx Limited introduced its Nu. Q Vet Cancer Screening Test across the United States and Europe through Heska Corporations' veterinary diagnostic laboratories.

Solar Panel Recycling Market

Key Players:

  • PV Cycle
  • Reiling GmbH & Co. KG
  • Veolia
  • ECS Refining
  • Recycle PV Solar
  • First Solar Recycling
  • GCL System Integration Technology Co., Ltd.
  • Silcontel Ltd.
  • Rinovasol
  • Canadian Solar Inc.
  • Trina Solar
  • Yingli Green Energy Holding Company Limited
  • SolarWorld AG
  • REC Group
  • JinkoSolar Holding Co., Ltd.
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Solar Panel Recycling Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The European region is projected to lead the solar panel recycling market due to strict environmental regulations and strong governmental support for renewable energy initiatives. The European Union's Waste Electrical and Electronic Equipment (WEEE) policy requires responsible disposal and recycling of electronic waste, such as solar panels, thereby creating a favorable regulatory environment across the region.

Simultaneously, the North American region is observing growth in solar installations due to the high adoption of renewable energy and growing environmental consciousness. The United States and Canada are experiencing an increase in solar energy adoption, thus encouraging greater focus on sustainable end-of-life management for solar panels across the North American region.

Source: Fatpos Global

Impact of COVID-19 on the Solar Panel Recycling Market

COVID-19 pandemic presented challenges, along with opportunities for the solar panel recycling market. Initially, disruptions were observed due to logistical hurdles and temporary closures of recycling facilities. This led to uncertainties in project timelines, thus impacting the volume of decommissioned solar panels available for recycling. However, as economies gradually reopened, governments began to focus on green stimulus packages to promote economic recovery. Also, high investments in renewable energy projects further contributed to the increasing demand for solar panel recycling services. This growing awareness of the importance of handling end-of-life solar panels boosted the long-term growth potential of the market despite the temporary hurdles caused by the pandemic.

Solar Panel Recycling Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Solar Panel Recycling Market Scope and Segments:

ATTRIBUTE

  DETAILS

Study Period

2018-2034

Base Year

2023

Forecast Period

2024-2034

Historical Period

2019-2022

Growth Rate

CAGR of 22% from 2024-2034

Unit

Value (USD Billion)

Segmentation

Main Segments List

By Process

  • Thermal
  • Mechanical
  • Laser

By Product

  • Monocrystalline
  • Polycrystalline
  • Thin Films PV Cells

By Shelf Life

  • Early Loss
  • Normal Loss

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ):

Solar Panel Recycling Market size was valued at USD 2.1 billion in 2023 and is projected to reach the value of USD 18.5 billion in 2034, exhibiting a CAGR of 22% during the forecast period.

The solar panel recycling market encompasses the collection, processing, and reuse of end-of-life or decommissioned solar panels.

The Thermal segment and Monocrystalline segment accounted for the largest Solar Panel Recycling Market share.

Key players in the Solar Panel Recycling Market include PV Cycle, Reiling GmbH & Co. KG, Veolia, ECS Refining, Recycle PV Solar, First Solar Recycling, GCL System Integration Technology Co., Ltd., Silcontel Ltd., Rinovasol, Canadian Solar Inc., Trina Solar, Yingli Green Energy Holding Company Limited, SolarWorld AG, REC Group, JinkoSolar Holding Co., Ltd., and Other Players.

Increasing solar panel installations and advancements in recycling technologies are the factors driving the solar panel recycling market.

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