Global Solar Panel Recycling Market - Industry Trends and Forecast to 2030

Solar Panel Recycling Market Analysis and Size

Solar energy has been widely assimilated and utilised in the existing energy mix throughout the last decade. The average predicted lifetime of solar panels used on ground-mounted, building-integrated photovoltaic (BIPV), or floating solar panels is 30 years. These panels typically include cadmium, lead, and a variety of toxic compounds, and it is critical to remove or recycle these harmful materials from the environment in order to avoid potentially disastrous interactions.

Data Bridge Market Research analyses that the solar panel recycling market which was USD 185.56 million in 2022, would rocket up to USD 577.57 million by 2030, and is expected to undergo a CAGR of 15.25% during the forecast period of 2023 to 2030.  “Monocrystalline” dominates the product segment of the solar panel recycling market due to Monocrystalline panels are composed of high-purity silicon, making them more recyclable. Because the materials are purer, the extracted silicon may be used in a variety of sectors, including electronics, without losing quality.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Solar Panel Recycling Market Scope and Segmentation

Market Definition

Solar panel recycling refers to the process of recovering valuable materials and components from used or end-of-life photovoltaic (PV) solar panels. The primary goal of solar panel recycling is to minimize waste, reduce the environmental impact of discarded panels, and recover valuable resources for reuse in the manufacturing of new solar panels or other products.

Solar Panel Recycling Market Dynamics

Drivers

• Increase in the Adoption of Solar Energy

One of the primary drivers for the solar panel recycling market is the global increase in the adoption of solar energy. As governments, businesses, and individuals increasingly turn to solar power as a clean and renewable energy source, the number of solar panel installations has been on the rise. This trend is driven by factors such as the need to reduce greenhouse gas emissions, combat climate change, and secure a sustainable energy future. Solar panels have a typical lifespan of 25 to 30 years or more. As the installed base of solar panels continues to grow, an increasing number of panels will reach the end of their operational life. This results in a substantial supply of used or decommissioned panels that need to be managed, creating a significant market for solar panel recycling.

The increasing number of solar installations worldwide has led to the development of a robust solar energy industry. This growth provides a stable and expanding market for recycling services and technologies, making it an attractive sector for investment and innovation. The rising installation of solar panels is a key driver for the solar panel recycling market. It creates a substantial supply of end-of-life panels that can be processed and recycled to recover valuable materials, reduce waste, meet environmental goals, and contribute to a sustainable solar energy ecosystem. As the solar industry continues to expand, the demand for recycling solutions is expected to grow in tandem.

• Resource Scarcity of Materials such as Silicon and Precious Metals

One of the key materials used in the manufacturing of solar panels is silicon, particularly in the production of photovoltaic cells. High-purity polysilicon or monocrystalline silicon is required for efficient solar cells. Silicon is a critical component, and its scarcity can impact the solar panel industry. Recycling offers a sustainable solution by recovering silicon from decommissioned panels and reintroducing it into the supply chain, reducing the pressure on virgin silicon resources. Many countries rely on imports of raw materials for solar panel manufacturing, including silicon and certain metals. Resource scarcity can lead to supply chain vulnerabilities and price fluctuations. By recycling materials from end-of-life panels domestically, countries can reduce their dependency on imports and enhance their energy security.

The extraction of raw materials such as silicon and metals through mining can have significant environmental consequences, including habitat disruption, water pollution, and greenhouse gas emissions. Recycling materials from solar panels reduces the need for mining and mitigates these environmental impacts. Resource scarcity, particularly of materials such as silicon and precious metals, is a significant driver for the solar panel recycling market. Recycling helps mitigate the risks associated with resource scarcity by recovering valuable materials from end-of-life panels and reintroducing them into the supply chain. This not only conserves resources but also contributes to the sustainability and long-term viability of the solar energy industry.

Opportunity

• Circular Economy in the Solar Panels Recycling

The concept of a circular economy is rooted in the idea of minimizing waste and maximizing resource efficiency. In the context of the solar panel industry, embracing circular economy principles means finding ways to extend the lifespan of materials used in solar panels, such as silicon, metals, and glass. Recycling end-of-life solar panels aligns perfectly with these principles by conserving valuable resources and reducing the need for virgin materials. Recycling solar panels significantly reduces the environmental impact of the solar energy industry. The extraction and processing of raw materials, such as silicon, can be energy-intensive and environmentally harmful. By recycling and reusing materials, the carbon footprint associated with manufacturing new panels is reduced, and the environmental strain is lessened.

Pursuing circular economy strategies in solar panel recycling drives innovation in recycling technologies and processes. Companies and researchers are continually looking for more efficient and sustainable ways to recover and reuse materials, spurring technological advancements in the field. The opportunity presented by the circular economy in the solar panel recycling market is multifaceted. It encompasses resource conservation, environmental benefits, economic growth, value creation, regulatory support, improved brand reputation, innovation, and long-term sustainability. Embracing circular economy principles in solar panel recycling not only aligns with global sustainability goals but also creates a more resilient and environmentally responsible solar energy ecosystem.

Restraint/Challenge

• Lack of Awareness of the Importance of Recycling Solar Panels and Availability of Recycling Options

Many consumers and individual solar panel owners may lack awareness of the importance of recycling solar panels and the availability of recycling options. This lack of awareness can lead to the improper disposal of old panels, such as sending them to landfills instead of recycling facilities. The solar panel recycling industry, while growing, may not have the same level of visibility or recognition as other aspects of the solar energy sector, such as panel manufacturing or installation. This lack of prominence can contribute to the overall lack of awareness about recycling options. Effectively communicating the benefits and processes of solar panel recycling to a broad audience can be challenging. Information about recycling options and facilities may not be readily accessible to the public, leading to a lack of awareness.

The lack of awareness is a significant restraint in the solar panel recycling market. Addressing this challenge requires a concerted effort involving education, outreach, transparency, collaboration, regulatory support, and industry initiatives to ensure that consumers, businesses, and stakeholders are well-informed about the importance and benefits of recycling solar panels.

This solar panel recycling market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Solar panel recycling market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In November 2022, First Solar Inc. announced intentions to invest USD 1.1 billion in the construction of a photovoltaic (OV) solar module manufacturing facility in Lawrence County, Alabama, creating over 700 jobs.
• In November 2022, Taiwan's Industrial Technology Research Institute (ITRI) and United Renewable Energy (URE), Taiwan's largest solar panel and solar cell manufacturer, developed the easy-dismantled solar panel module in collaboration with San Fang Chemical Industry CO. Ltd., a Taiwan-based technological film producer committed to sustainable operations.

Global Solar Panel Recycling Market Scope

The solar panel recycling market is segmented on the basis of process, product, and shelf life. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Process

• Thermal
• Mechanical
• Laser

Product

• Monocrystalline
• Polycrystalline
• Thin Films PV Cells

Shelf Life

• Early Loss
• Normal Loss

Solar Panel Recycling Market Regional Analysis/Insights

The solar panel recycling market is analysed and market size insights and trends are provided by process, product, and shelf life are referenced above. The countries covered in the Solar panel recycling market report are U.S., Canada, Mexico, Germany, Poland, Ireland, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Chile, Rest of South America, U.A.E., Saudi Arabia, Egypt, Kuwait, South Africa, Rest of Middle East and Africa.

Europe dominates the solar panel recycling market due to an increasing prevalence of end-of-life solar panels, technical improvements, and stringent government waste management rules, and a growing use of solar panels for electricity generation as an alternative to other non-eco-friendly sources  in this region. Asia-Pacific is the expected regions in terms of growth in solar panel recycling market due to increase the number of solar photovoltaic module installations, growing solar panel adoption, increasing government restrictions, increasing effective disposal of solar panels, and increasing the number of photovoltaic module installations in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Solar Panel Recycling Market Share Analysis

The solar panel recycling market competitive landscape provides details by competitors. details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the company’s focus related to the solar panel recycling market.

Some of the major players operating in the solar panel recycling market are:

• First Solar, Inc. (U.S.)
• Echo Environmental, LLC (U.S.)
• SILCONTEL LTD (Bulgaria)
• Canadian Solar Inc. (Canada)
• SunPower Corporation (U.S.)
• Reiling GmbH & Co. KG (Germany)
• Trina Solar Limited (China)
• Aurubis AG (Germany)
• SiC Processing GmbH (Germany)
• Oliytech Solar (Uzbekistan)
• KAMALA REFINERY Yingli Energy China Co Ltd (China)
• Hanwha Group (South Korea)
• ECS Refining, LLC (U.S.)

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