May 22, 2024
Global Solar Panel Recycling Market

The Global Solar Panel Recycling Market Is Estimated to Flourish by Trends towards Sustainability Initiatives

The solar panel recycling market comprises recycling processes that recover materials from decommissioned or damaged solar panels for reuse. Solar panels or photovoltaic panels are installed on rooftops and large open areas to harness solar energy and convert sunlight into electricity. As solar panels have an average life span of 25-30 years, a large portion of installed capacity worldwide is reaching its end of life. Without proper disposal and recycling, solar panels pose environmental and health hazards as they contain materials such as glass, aluminum, silicon, copper indium gallium, and lead. These materials can be recovered and reused through recycling, helping minimize waste and reduce carbon footprint.

The Global Solar Panel Recycling Market Size 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.

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 growing demand for renewable energy sources and significant expansion of solar PV installations worldwide have augmented the need for recycling discarded panels. Countries like China, Japan, and European nations have implemented regulatory frameworks to encourage solar panel recycling and minimize electronic waste. Several companies are expanding their global footprint to handle larger volumes of waste and set up recycling hubs across major solar markets.

Market Key Trends

With a substantial rise in decommissioned solar panels globally, the need for large-scale recycling processes is increasing rapidly. New recycling technologies like laser ablation and mechanical processes are being adopted to recover high-purity silicon, glass, and other materials. Recycling helps address the sustainability aspect of solar energy by creating a closed loop system. Recycled materials find applications in new module manufacturing, minimizing the industry’s dependence on virgin raw materials extraction. The trend of design for recyclability is also emerging where panel manufacturers optimize designs to facilitate easier recovery of materials at the end of life. Such initiatives are boosting circular economy principles and driving long-term growth of the solar panel recycling industry.

Porter’s Analysis

Threat Of New Entrants: The threat of new entrants is moderate as recycling of solar panels requires specialized equipment. However, the growing demand of recycled materials from solar panels provides opportunities for new players.

Bargaining Power Of Buyers:
The bargaining power of buyers is high as there are a large number of recycling companies providing recycling services. Buyers can negotiate on prices.

Bargaining Power Of Suppliers: The bargaining power of suppliers is low as recycling companies can source used solar panels from various parts.

Threat Of New Substitutes:
There is no direct substitute for recycling solar panels currently. Alternative ways of disposing solar panels are emerging but substitution threat is low.

Competitive Rivalry: The competitive rivalry is high among established recycling companies due to increasing competition. Companies focus on expanding their recycling facilities and services.

Geographical Regions- Currently, Europe dominates the global solar panel recycling market in terms of value. Countries like Germany, Netherlands, Belgium are recycling a large volume of solar panels due to their well established recycling infrastructure and policies promoting recycling.

The Asia Pacific region is expected to be the fastest growing market during the forecast period. Countries like China, Japan and South Korea are witnessing rapid adoption of solar energy. With increasing solar panel installation, the need for recycling is anticipated to rise in upcoming years.

What are the key data covered in this Solar Panel Recycling Market report?

:- Market CAGR throughout the predicted period

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

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

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

:- Solar Panel Recycling  Market 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 Recycling  Market vendors

FAQ’s

Q.1 What are the main factors influencing the Solar Panel Recycling market?
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 Recycling Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Solar Panel Recycling market’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: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it