Solar Panel Recycling Market Research Report By Type (Silicon, Monocrystalline, Polycrystalline), Process (Thermal, Mechanical, Laser), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

Global Solar Panel Recycling Market Overview

Solar Panel Recycling Market Size was valued at USD 0.1 billion in 2022. The Solar Panel Recycling market is projected to grow from USD 0.132 Billion in 2023 to UD 0.698 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 32% during the forecast period (2023 - 2030). The growing number of Decommissioned P.V. Panels and Vast Untapped Potential for Recycling are the key market drivers enhancing the Solar Panel Recycling market growth.

Source: Secondary and Primary Research, MRFR Database and Analyst Review

Solar Panel Recycling Market Trends

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  Increased Solar Power Use Worldwide, Growing Landfill Space Concerns, and Stricter Regulatory Norms to Promote Market Growth

  
  

Solar energy has the potential to aid in the switch to safer, more dependable, and more affordable power sources since it generates electricity without contributing to  warming, incurring fuel costs, or running the risk of fuel price spikes. Small-scale solar photovoltaic (P.V.) systems, frequently erected on roofs, comprise the bulk of solar installations; the remaining solar electricity-producing capacity comprises large-scale P.V. and CSP systems (concentrating solar power). All three systems are experiencing rapid growth in popularity. The price of solar energy is going down. Costs of rooftop P.V. systems have dramatically decreased, decreasing by 29.0% between 2010 and 2013. A rooftop system's overall cost has decreased because of a number of government tax incentives, rebates, and other types of assistance from top states.

Figure1: Estimated P.V. Panel Recyclable material value

Source: Secondary and Primary Research, MRFR Database and Analyst Review

energy consumption rises almost daily, leading to an energy crisis and environmental harm. Due to their limited, diminishing availability and detrimental impact on the environment, fossil fuels continue to be an unsustainable source of energy. As a result, there is a greater demand for sustainable and environmentally friendly alternative energy sources, including solar energy. Due to the growth of the industrial sector, an escalating industrial population, and greater infrastructure development, there is a rising need for energy. Furthermore, as the world economy has grown and lifestyles have changed, so need for energy. To fulfill the rising power demand, countries worldwide are increasing their electricity production capacity. They are building new factories or expanding the capacity of the ones that already exist. Businesses worldwide are focusing on developing low-cost renewable energy generating techniques and limiting the disposal of solar panel trash due to the implementation of tight rules and regulations governing the disposal of Solar Panel Recycling. The market for Solar Panel Recycling is anticipated to grow due to several companies, the residential and commercial sectors adopting clean energy technology and strict environmental regulations.

Over the next few years, it is anticipated that the government's support for large-scale solar power generation to reduce carbon footprints will favor industry growth. Additionally, emerging economies have a bright chance to become important national marketplaces in the next years. But during the evaluation period, the high price of energy storage is projected to restrain the market's expansion for Solar Panel Recycling. Hence, the rising demand for Solar Panel Recycling positively impacts the market growth.

Solar Panel Recycling Market Segment Insights

Solar Panel Recycling Process Insights

Based on process, the Solar Panel Recycling market segmentation includes Thermal, Mechanical, and Laser. With a Solar Panel Recycling market revenue share of more than 59% in 2022, the mechanical process is expected to increase significantly from 2022 through 2030. However, it is anticipated that the laser process category will see the quickest CAGR during the projection period in revenue and volume. Although the thermal method has a narrow range of applications, it is anticipated to expand throughout the projected time due to a drop in silicon concentration in solar panels.

Figure 2:  Solar Panel Recycling Market, by Process, 2022 & 2030 (USD million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Solar Panel Recycling Type Insights

Based on type, the Solar Panel Recycling market segmentation includes Silicon, Monocrystalline, and Polycrystalline. In 2022, the monocrystalline segment of Solar Panel Recycling market growth accounted for more than 50% of total income. Despite being expensive, monocrystalline panels are widely utilized because of their excellent heat tolerance, extended shelf life, and high efficiency. The only type of silicon used to make these panels is crystalline silicon. In 2021, the recycling of monocrystalline solar panels accounted for more than 50% of total income. Despite being expensive, monocrystalline panels are widely utilized because of their excellent heat tolerance, extended shelf life, and high efficiency. The only type of silicon used to make these panels is crystalline silicon.

Solar Panel Recycling Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific Solar Panel Recycling market accounted for USD 0.88 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The largest revenue producers in the APAC area are China and Japan. Due to increased expenditures in the research and development of recycling technologies, China now has the most patent filings in the solar panel recycling industry. The India Solar Panel Recycling market is the fastest-growing market in Asia-Pacific.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  SOLAR PANEL RECYCLING MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

In 2021, Europe solar panel recycling market had the second-largest revenue share. It is anticipated to rise significantly between 2022 and 2030 since the area has the most solar farms erected, resulting in a substantial number of solar panels reaching the end of their useful lives during that time. According to estimates, there will be more solar panel trash due to the abundance of end-of-life solar panels. As a result, it is projected that demand for solar panel recycling will increase in the next years. Germany's Solar Panel Recycling market is expected to reach over USD 70.0 million by 2027 due to technical advances and stringent government waste management laws. Over the next seven years, it is anticipated that demand for Solar Panel Recycling will increase due to the increasing usage of solar panels for power generation as an alternative to other unsustainable sources. Moreover, UK solar panel recycling market held the largest market share, and the Germany solar panel recycling market was the fastest growing market in the region.

North American solar panel recycling Market is expected to grow at the fastest CAGR from 2022 to 2030. With 69.1 GW of installed solar P.V. capacity in the second quarter of 2019, the United States is one of the world's major marketplaces for the Solar Panel Recycling industry. The expansion of the Solar Panel Recycling market is anticipated to be accelerated by favorable government policies supporting clean energy technology and changing consumer preferences toward renewable energy sources. The solar panel recycling market is anticipated to be driven by the massive installation of solar panels in the utility and residential sectors. The European Union (E.U.) passed a waste rule for P.V.s. P.V. panels are classified as general or industrial trash in most nations worldwide. Further, the US solar panel recycling market held the largest market share, and the Canada solar panel recycling market was the fastest growing market in the region.

Solar Panel Recycling Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for Solar Panel Recycling industry. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. Solar Panel Recycling industry competitors must provide affordable products to grow and remain in a market that is becoming more competitive.

Manufacturing locally to cut operational costs is one of the main business tactics used by the Solar Panel Recycling industry to serve customers and increase the market sector. The Solar Panel Recycling industry has recently given medicine some of the most important advantages. In the Solar Panel Recycling market, major players such as Yingli Energy Co, Silcontel, Reclaim P.V. Recycling, Zorlu Holding, First Solar, Canadian Solar Inc, Rinovasol Group,  Reiling GmbH & Co,  ECS Refining LLC, others are working on expanding the market demand by investing in research and development activities.

American solar panel producer First Solar, Inc. also offers utility-scale P.V. power plants and other services, including financing, building, upkeep, and recycling used panels. In Lawrence County, Alabama, First Solar Inc. stated on November 16, 2022, that it would invest US$ 1.1 billion to establish a photovoltaic (P.V.) solar module manufacturing facility. This would result in the creation of over 700 jobs.

To completely recycle photovoltaic (P.V.) modules upon decommissioning, the Industrial Technology Research Institute (ITRI) of Taiwan, United Renewable Energy (URE), Taiwan's largest manufacturer of solar panels and solar cells, and San Fang Chemical Industry Co. Ltd., a Taiwan-based technological film producer, developed an easy-dismantled solar panel module.

Key Companies in the Solar Panel Recycling market include

• Yingli Energy Co


• Silcontel


• Reclaim P.V. Recycling


• Zorlu Holding


• First Solar


• Canadian Solar Inc


• Rinovasol Group


• Reiling GmbH & Co


• ECS Refining LLC

Solar Panel Recycling Industry Developments

• January 2019: The first solar panel recycling facility in Australia is being opened by Reclaim P.V. The company's founders have a comprehensive business plan for their fledgling firm. When panels break under warranty, Reclaim P.V. works with other businesses, including Canadian Solar, ReneSola, Q Cells, SunPower, and Suntech, to recycle them.


• January 2019: Recycle P.V. Solar and the Colorado and Arizona solar industry associations (COSEIA) have collaborated to encourage solar panel recycling. The organization promotes the recycling of used solar panels among its members.


• July 2018: The first solar panel recycling facility opened in Europe to recycle the trash produced by solar power plants. In 2018, Veolia and P.V. Cycle agreed to establish the first European facility for recycling used solar panels.


• July 2022: To encourage innovation in solar manufacturing and recycling in the U.S., the U.S. Department of Energy (DoE) announced intentions to invest US$ 56.0 Mn, of which US$ 10.0 Mn comes from infrastructure law. By 2035, renewable energy should be more widely available and trustworthy. By the middle of this century, net zero emissions should also be attained.

Solar Panel Recycling Market Segmentation

Solar Panel Recycling Type Outlook (USD Million, 2018-2030)

• Silicon


• Monocrystalline


• Polycrystalline

Solar Panel Recycling Process Outlook (USD Million, 2018-2030)

• Thermal


• Mechanical


• Laser

Solar Panel Recycling Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America