Solar Panel Recycling Market Size & Share

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Solar Panel Recycling Market size is poised to reach USD 2 Billion by the end of 2035, growing at a CAGR of 38% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of solar panel recycling was USD 1 Billion. The reason behind the growth is impelled by the increasing utilization of solar power globally. Small-scale solar photovoltaic (PV) systems are the most popular type of solar installation and are typically installed on rooftops.

Moreover, large-scale solar PV and solar energy projects can contribute to a decrease in the usage of fossil fuels and can aid in lowering the overall energy bill. These factors are expected to significantly drive market growth. According to estimates, solar energy accounted for more than 4% of all energy consumed globally in 2021.

The growing technological advancements are believed to fuel the market growth. For instance, Researchers at Arizona State University are developing a novel recycling method that effectively removes silicon and silver from solar panels using chemicals. Similarly, several novel recycling techniques are being tested by the U.S. recycling startup TG Companies and researchers in Australia.

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Solar Panel Recycling Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~38%
Base Year Market Size (2022)	~ USD 1 Billion
Forecast Year Market Size (2035)	~ USD 2 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Solar Panel Recycling Sector: Growth Drivers and Challenges

Growth Drivers

Increasing Environmental Concerns – After a projected 30-year lifespan, solar panels are predicted to produce a significant amount of garbage, which is predicted to increase environmental issues all over the world.It is projected that by 2050, 78 million tonnes of PV panel trash will have been generated worldwide.
Government Initiatives – Several legislation and regulations, including the European Waste Electrical and Electronic Equipment (WEEE) Directive, have established practical methods for managing waste from solar panels. Such policies are proposed by the governing bodies of many nations to support ecologically beneficial initiatives and encourage green energy projects. Government support in the form of service provider tax breaks and subsidies is another important factor fueling the market.

Challenges

Expensive Recycling Process – Separating the materials such as glass, metals, and other rare elements from solar panels requires specialized equipment, which can be expensive to maintain. Besides this, the recycling process also requires skilled labor which is expensive to acquire.Although solar cells use clean energy and do not release any air pollution, certain toxic substances are used during the manufacturing process that affect the environment. Moreover, after the life cycle of solar cells they leave behind toxic residues which need to be recycled.
Lack of Infrastructure
Lack of Awareness

Solar Panel Recycling Segmentation

Type (Monocrystalline & Polycrystalline, Thin Film)

The monocrystalline & polycrystalline segment is estimated to hold 65% share of the global solar panel recycling market in the coming years as they are the most space-efficient and require the least amount of space when compared to their competitors. Solar panels made from monocrystalline materials have a longer life and are usually lasting well beyond the expiry of their warranty. These factors are bolstering the monocrystalline segment.

Process (Thermal, Mechanical, Laser)

The thermal segment is set to garner a notable share shortly impelled by the benefits of thermal processes for recycling solar panels, which recover over 80% of their weight and also recycle up to 98% of interfering cells based on module conditions or cell thickness. Moreover, the thermal approach of recycling PV modules is preferable to the chemical method since it employs heat and chemical processes to delaminate solar panels and separate their chemical components. Furthermore, the market is expected to be driven by a growing solar panel industry over the forecast period.

Our in-depth analysis of the global market includes the following segments:

Type	Monocrystalline & Polycrystalline Thin Film
Process	Thermal Mechanical Laser
Shelf Life	Normal Loss Early Loss
End-Users	Manufacturers Government Authorities

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Solar Panel Recycling Industry - Regional Synopsis

APAC Market Forecast

Solar panel recycling market in Asia Pacific is predicted to account for the largest share of 38% by 2035 impelled by the presence of major producers of solar power. India, China, and Japan are some of the major solar power-producing countries in the region. As a result, more solar panels are expected to be installed in the region which would lead to huge demand for solar panel recycling.For instance, India is currently one of the top 10 nations producing solar energy, and the third-largest solar energy producer in India is the southwest state of Karnataka.

North America Market Statistics

The North America solar panel recycling market is estimated to be the second largest, during the forecast timeframe led by presence of government policies for sponsoring clean energy technologies and shifting tendencies towards renewable energy sources. This has led to higher adoption of solar power in the region, leading to an increase in demand for solar panel recycling.

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Companies Dominating the Solar Panel Recycling Landscape

First Solar Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
SOLARCYCLE Inc.
Reiling GmbH & Co. KG
Rinovasol Group
ENVARIS GmbH
Silrec Corporation

In The News

First Solar Inc. and Capital Power Corporation declared that Capital Power has received its first order for roughly 1 GWDC of ultra-low carbon thin film solar modules that have been ethically produced. The Series 6 Plus modules will help Capital Power's expanding development portfolio and will be supplied between 2026 and 2028.
The AES Corporation has established a pilot program to evaluate construction breakage and end-of-life solar panel waste across the firm's portfolio and inked a Recycling Services Agreement with SOLARCYCLE, a tech-driven recycling services company. In accordance with the contract, AES may ship broken or outdated solar panels to SOLARCYCLE's cutting-edge, high-recovery recycling facility in Odessa, Texas, for ethical recycling and reuse.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the solar panel recycling market?

Ans: Increasing environmental concerns, government initiatives and increasing utilization of solar power globally are driving the market growth.

2) What would be the CAGR of the solar panel recycling market over the forecast period?

Ans: The market size of solar panel recycling is anticipated to attain a CAGR of 38% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the solar panel recycling market?

Ans: The major players in the market are First Solar Inc, SOLARCYCLE Inc, Reiling GmbH & Co. KG, Rinovasol Group, ENVARIS GmbH, Silrec Corporation, NPC Incorporated, EIKI SHOJI Co, Ltd, ITOCHU Corporation, Niimi Solar Company, and others.

4) Which segment captures the largest market size in the type segment in the solar panel recycling market?

Ans: The monocrystalline segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the solar panel recycling market in the future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.