July 16, 2024
SOLAR PANEL RECYCLING MARKET

Solar Panel Recycling Market To Witness Substantial Growth Due To Increasing Share Of Renewable Energy Sources In Global Power Generation Mix

The solar panel recycling market is estimated to be valued at US$ 298 Mn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024-2031. Solar panel recycling involves dismantling solar photovoltaic (PV) modules at the end of their useful lives and recovering highly purified silicon, glass, metals, and other materials, enabling reuse of these materials in new solar modules or other products.

The PV modules installed globally in past decades have started nearing end-of-life, driving the need for responsible disposal and  practices. Solar panel recycling helps reduce the environmental footprint of solar power and supports a circular economy model for solar energy.

Key Takeaways

Key players operating in the solar panel recycling market are Reclaim PV Recycling, Silcontel, Rinovasol, RecyclePV, ECS Refining, REMA PV Systems, Dongfas Group, Rinovasol Group, Envaris, Recycle Solar Technologies Limited, Experia Solution, CCL Recycling, PV Cycle, First Solar, Reclaim PV Recycling, Silcontel, Aurora Solar Recycling, Solarcycle Recycling, and PV Recycling. The increasing installation of solar panels globally has led to opportunities for companies providing collection and recycling services for end-of-life panels. Many countries and regions have implemented policies mandating proper disposal and recycling of solar panels at the end of their working lives. Global expansion of solar panel recycling activities, supported through policy initiatives and technological advances, is expected to boost the market over the forecast period.

Market Drivers

One of the major drivers of the solar panel recycling market is the increasing share of renewable energy sources such as solar and wind in global power generation mix. As per the International Renewable Energy Agency, renewable energy capacity worldwide increased by over 10% in 2021 alone. This growing solar and wind energy capacity, a significant portion of which will require replacement or recycling in the next decade, ensures a steady supply of raw material for the solar panel recycling market. Various government mandates and legislation regarding e-waste management and solar panel recycling are also encouraging the growth of the market.

PEST Analysis

Political: Regulations regarding solar panel disposal and recycling are becoming stricter globally, with many countries introducing laws mandating the recycling of decommissioned panels, in turn boosting the recycling market. This helps create a stable regulatory environment for long term investments in recycling infrastructure and R&D.

Economic: As solar panel installations continue to grow rapidly across the world, the volume of decommissioned or damaged panels is increasing every year, creating a steady supply of raw materials for the recycling industry. Recovering high-value materials like glass, aluminium, silver and silicon from waste panels helps reduce costs and improves the economics of recycling.

Social: Concerns around proper disposal and potential environmental hazards of solar panel waste are growing among consumers as well as regulatory agencies. Demand is increasing for responsible and sustainable end-of-life management of panels through recycling, to extract maximum value from waste and minimize landfill volumes.

Technological: Recycling technologies are advancing to achieve higher material recovery rates from panels. Innovations focus on automated sorting and disassembly lines, refined separation processes, and new applications for recovered materials. Advanced digital tools also aid in traceability and optimize recycling routes.

Around 60% of the current market value is concentrated in Europe, led by countries like Germany, Netherlands and Belgium with established recycling infrastructure and standards. Large solar markets in the US and China are also driving regional growth.

The Asia Pacific region excluding China is projected to be the fastest growing regional market during the forecast period. Countries such as Japan, South Korea, India, Australia and Southeast Asian nations are actively scaling up their solar capacities and introducing policies around waste management and recycling. Total volume of decommissioned panels from new and mature installations will surge over the coming decade in the APAC region outside of China.

What Are The Key Data Covered In This Solar Panel Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Solar Panel’s growth between 2024 and 2031.

:- Accurate calculation of the size of the Solar Panel and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Solar Panel Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Solar Panel vendors

FAQ’s

Q.1 What are the main factors influencing the Solar Panel?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Solar Panel companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Solar Panel’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

About Author - Ravina Pandya

Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

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