Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Solar Panel Recycling Market size was over USD 1.87 billion in 2024 and is projected to reach USD 118.54 billion by 2037, witnessing around 37.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of solar panel recycling is evaluated at USD 2.43 billion.
Increasing utilization of solar panels in many parts of the globe will impel the solar panel recycling market growth. According to a report by the International Energy Agency, global solar installations across the globe reached 447 GW, almost double the installations in 2022. China has the largest number of solar installations, accounting for 57% of the world’s solar in 2023. These solar panels have a typical lifespan of 25-30 years, leading to a surge in end-of-life. According to the International Renewable Energy Agency (IRENA), solar panel waste is expected to reach 78 million tonnes by the end of 2050. Thus, to manage the rising waste efficiently, governments and industry giants are coming up with proactive recycling measures. One such regulation is the EU Waste Electrical and Electronic Equipment (WEEE) which promotes solar panel recycling in Europe.
Solar Panel Recycling Sector: Growth Drivers and Challenges
Growth Drivers:
- Expanding solar panel installations in several emerging economies: Emerging markets such as Africa, Southeast Africa, and Latin America are rapidly adopting solar energy due to rising energy demands and increasing availability of solar panels at low costs. However, this has opened new avenues for key players to develop sufficient solar panel recycling infrastructure and facilities. Moreover, several international agencies are providing funding for renewable energy programs with built-in recycling mandates. For instance, India has established a system for extended producer responsibility (EPR) for e-waste and has plans to achieve 80% recycling by 2028-29.
- Increasing investments in R&D activities: Companies in the solar panel recycling market are collaborating with governments and recycling firms to provide advanced recycling networks and enhance their product base. For instance, in August 2024, renewable service provider RNWBL partnered with US-based PV recycling firm Solarcycle to recycle and reuse RNWBL’s solar panels. Through this partnership, the company aims to recycle more than 200,000 solar panels and offer a comprehensive end-to-end solution for customers.
Challenges
- Expensive recycling process: Solar panels contain a mix of materials such as glass, metals, and other rare elements that require specialized equipment to separate these, which can be expensive to maintain. In addition, the prices of these raw materials recovered from solar panels often fetch lower prices than the production costs. Besides this, the recycling process requires skilled labor which is expensive to acquire. This is expected to hamper overall solar panel recycling market expansion.
- Inconsistent regulations and insufficient e-waste laws: Policies governing solar panel disposal and recycling often vary across the globe. This can lead to the non-uniform adoption of solar panels in the coming years. Moreover, solar panels are not categorized as e-waste, exempting them from stricter disposal mandates.
Solar Panel Recycling Market: Key Insights
| Report Attribute | Details |
|---|---|
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
37.6% |
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Base Year Market Size (2024) |
USD 1.87 billion |
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Forecast Year Market Size (2037) |
USD 118.54 billion |
|
Regional Scope |
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Solar Panel Recycling Segmentation
Type (Monocrystalline & Polycrystalline, Thin Film)
The monocrystalline and polycrystalline segment is estimated to hold a 65% solar panel recycling market share by the end of 2037, as they are the most space-efficient and require the least amount of space compared to other types. Solar panels made from monocrystalline materials have a longer life and are usually lasting well beyond the expiry of their warranty.
Process (Thermal, Mechanical, Laser)
The thermal segment in the solar panel recycling market is set to garner a notable revenue share by 2037, led by the benefits of thermal processes for recycling solar panels, which recover over 80% of their weight and 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.
Our in-depth analysis of the global solar panel recycling market includes the following segments:
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Type |
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Process |
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Shelf Life |
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End user |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Solar Panel Recycling Industry - Regional Synopsis
APAC Market Forecast
The solar panel recycling market in Asia Pacific is predicted to account for the largest share of 38% by 2037 owing to the presence of major producers of solar power and rising installations of solar panels in India, China, and Japan. This is expected to increase the demand for solar panel recycling. In addition, government regulations and policies to support the adoption of solar panels and growing awareness about the importance of recycling to prevent environmental contamination are expected to increase the demand for effective recycling solutions.
India is one of the top 10 nations producing solar energy and aims to achieve 500 GW of non-fossil fuel capacity by 2030. This expansion is expected to increase the need for recycling solutions. Moreover, government regulations and mandates for recycling electronic wastes, including solar panels, and growing awareness about the importance of recycling solar panels are expected to boost market growth in the country.
North America Market Statistics
The North America solar panel recycling market is estimated to witness lucrative growth 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. In December 2023, EDP Renewables North America launched a program for solar power end-of-life recycling and has partnered with 18 companies in recycling services to cater to the rising needs. The company has set a target of 85% waste recovery by 2026 and aims to aid in global decarbonization goals.
The solar panel installations in the U.S. have drastically increased, leading to growing need for favorable recycling solutions. Several key players in the country are focused on developing novel products and recycling technologies to cater to the rising demand. For instance, in February 2024, Qcells, a leading clean energy solutions provider in the U.S. partnered with Solarcycle, a technology-based solar recycling company to recycle Qcell’s decommissioned, installed, and owned solar panels across the country. This is the first-ever partnership between a large solar manufacturer and an advanced solar recycler in the U.S.
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
The global solar panel recycling market is characterized by the presence of key players focused on enhancing recycling technologies and expanding their services. Innovations in recycling processes such as laser-based and chemical treatments, enhance the efficiency and cost-effectiveness of material recovery from solar panels. These advancements are crucial in managing the anticipated increase in solar panel waste as early installations reach their end-of-life phase. Several companies are investing in adopting several strategies to cater to rising demand and enhance their product base. Here is a list of key players operating in the global market:
Recent Developments
- In July 2023, Marubeni Corporation and HAMADA Co. Ltd announced the launch of reuse and recycling services for used solar panels. The services involve the purchase, and disposal of used solar panels.
- In August 2023, a leading waste management company, GSG Recovery announced the launch of solar panel recycling services at its Stanley Street site in Blackburn.
- Report ID: 1481
- Published Date: Jan 08, 2025
- Report Format: PDF, PPT
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