PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515500
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515500
The Solar Panel Recycling Market was valued at USD 377.89 Million in 2023, expanding at a CAGR of 18.9% from 2024 to 2032.
Solar panel recycling is recovering valuable materials from used or broken solar panels. The solar panel recycling market is an emerging sector driven by the increasing deployment of solar photovoltaic (PV) systems worldwide. As older panels reach the end of their operational life (typically 25-30 years), the need for effective recycling solutions is rising. Innovations in recycling technologies are improving efficiency and sustainability in extending the life of solar panels. Industrial extraction processes such as mechanical shredding, thermal treatment, and chemical recycling that recover valuable materials like silicon, glass, and metals are aimed at maximizing material recovery with minimal energy consumption.
Solar Panel Recycling Market- Market Dynamics
Need for sustainability
According to the International Renewable Energy Agency, by 2030, the cumulative value of recoverable raw materials from end-of-life panels globally will be about $450 million, which is equivalent to the cost of raw materials currently needed to produce about 60 million new panels. Diverting solar panels from landfills to recycling saves space in landfills in addition to capturing the value of the raw materials. The surge in demand for solar panel recycling is driven by the necessity for environmentally sound disposal of used panels, supported by government policies that emphasize sustainability. These regulations frequently include specific recycling objectives and benchmarks, which further propel the expansion of solar panel recycling.
Solar Panel Recycling Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 18.9% over the forecast period (2024-2032)
Based on Type segmentation, Monocrystalline was predicted to show maximum market share in the year 2023
Based on Process segmentation, Mechanical was the leading type in 2023
Based on Material segmentation, Metal was the leading type in 2023
Based on Shelf Life segmentation, Early loss was the leading type in 2023
The Global Solar Panel Recycling Market is segmented based on Type, Process, Material, Shelf Life, and Region.
The market is divided into three categories based on Type: Monocrystalline, Polycrystalline, and thin film. The highest performance is delivered by a Monocrystalline type panel. Efficiency ratings of monocrystalline solar panels range from 17% to 22%, which makes it the most efficient solar panel type. Being highly efficient the monocrystalline panels are the ideal choice for limited space projects such as homes where you need fewer panels to generate the electricity output.
The market is divided into five categories based on Process: Chemical, Combination, Laser, Mechanical and thermal. One of the simple forms is Mechanical recycling, which involves dismantling the solar panel and individually recycling its parts such as copper wiring, glass, metals, silicon solar modules etc. After separation, these materials are sent to recycling facilities for further processing.
The market is divided into four categories based on Material: Glass, Metal, Plastic and silicon. Glass in the panel acts as a protective layer from wind, snow and hailstorms. It is exceptionally transparent, ensuring optimal sunlight transmission to the solar cells while also enhancing panel durability by supporting its foundation effectively.
The market is divided into two categories based on Shelf Life: Early loss and Normal loss. In early loss type the degradation the performance decline happens earlier than expected. The reasons could be low quality materials used for manufacturing or poor maintenance of the grid.
Solar Panel Recycling Market- Geographical Insights
Europe currently dominates the global solar panel recycling market. The region's solar photovoltaic (PV) capacity is experiencing explosive growth, leading to a future surge in decommissioned panels. This necessitates responsible management of end-of-life panels. The European Union has established stringent regulations under the Waste Electrical and Electronic Equipment (WEEE) directive, the body includes guidelines for recycling solar panels. These guidelines mandate high recycling rates and promote sustainable management of electronic waste, including solar panels.
Established players like First Solar, Echo Environmental, LLC (U.S.), and Silcontel are major players, while the market is open to new entrants. The trend is towards integrated recycling solutions that encompass collection, dismantling, material separation and transportation. This approach provides efficiency and cost-effectiveness for clients, and companies that can excel in all these areas will likely gain a competitive edge. Additionally, innovation in recycling technologies, particularly for efficiently handling different panel types and minimizing material degradation, will be a key differentiator for companies vying for market dominance.
On March 24, Iberdrola and FCC signed an agreement to promote solar PV panel recycling, within their collaboration, the companies will carry out the monitoring and potential application of new recycling technologies that could be developed in the short- or medium-term to improve recycling methods for solar panels.
On July 24, Solar panels were recycled with 99% efficiency without toxic chemicals in Italy. Says the Venice-based startup 9Tech, according to the company, its pilot plant can recover 90 percent of the silver, 95 percent of the silicon, and 99 percent of the copper from the solar panels.
GLOBAL SOLAR PANEL RECYCLING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Aurubis AG
Canadian Solar Inc.
ECS Refining, LLC
Echo Environmental, LLC
First Solar, Inc.
Hanwha Group
KAMALA REFINERY Yingli Energy China Co Ltd
Morgen Industries, Inc.
Oliytech Solar
Reclaim Pvt Recycling
Reiling GmbH & Co. KG
SiC Processing GmbH
SILCONTEL LTD
SunPower Corporation