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.
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 |
|
Growth Drivers
Challenges
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 |
|
Process |
|
Shelf Life |
|
End-Users |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this Report
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.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: Increasing environmental concerns, government initiatives and increasing utilization of solar power globally are driving the market growth.
Ans: The market size of solar panel recycling is anticipated to attain a CAGR of 38% over the forecast period, i.e., 2023 – 2035.
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.
Ans: The monocrystalline segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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.
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?