Solar Panel Recycling Market: Current Analysis and Forecast (2023-2030)

Solar panel recycling is becoming increasingly popular worldwide for several reasons. This includes the increasing usage of solar energy, the growing demand for sustainable solutions, and the requirement to reduce waste and environmental pollution caused by these solar panels.

An average solar panel has a lifespan of 25-30 years. These panels typically include cadmium, lead, and a variety of toxic compounds, thus making it necessary to recycle and reuse these materials. It is anticipated that by the year 2050, there will be roughly 60-78 million tons of PV panel waste globally.

As the demand for sustainable energy is exponentially increasing and countries are heavily adopting solar energy, this raises the risk of an increased volume of decommissioned solar panels.

According to the report by SolarPower Europe, in 2023, the world is expected to install between 341 to 402 GW of solar energy.

Based on type, solar panels come in different types, but among them, monocrystalline and polycrystalline are the most popular. Both the panels are made of silicon crystal. Monocrystalline panels are relatively more energy efficient and heat resistant, but at the same time, they are more expensive and leave a high carbon footprint. On the other hand, polycrystalline panels are more affordable but offer lower energy efficiency.

Based on recycling process, the solar panel recycling market is categorized into three segments: mechanical, thermal, and laser. The mechanical segment holds a major share of this market. This is mainly owing to the cost-effectiveness while recycling crystalline silicon solar panels. Furthermore, the thermal segment holds the second largest share owing to the benefits associated with the process, which recovers more than 84% of the solar panel's weight and can recycle up to 98% of unbroken cells.

For a better understanding of the market adoption of the solar panel recycling industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific is expected to experience a significant growth rate in the projected period. The primary factor driving this growth is the due to the mature and aging installed infrastructure and presence of major solar panel producing countries in the region. Moreover, the concern about landfill spaces and increasing volume of decommissioned panels are growing the need for solar panel recycling.

Some of the major players operating in the market include PV Cycle ORG asbl, First Solar, FabTech, Envaris GmbH., Aerisoul Metal & Energy Corporation, Silcontel LTD, We Recycle Solar, Cleanlites Recycling, Reiling GmbH & Co. KG, Solarcycle, Inc., and First Solar.