by Market Overview:
Solar panel recycling involves recovering valuable raw materials from end-of-life and damaged solar panels. The main materials recycled include glass, silicon, aluminum, copper, silver and other precious metals. Recycling helps solar panels from occupying landfill spaces and also reduces dependence on raw material imports. Advanced recycling technologies utilize mechanical and chemical processes to extract over 90% of materials from solar panels with high purity levels. These recycled materials are then used in manufacturing of new solar panels and other electronics products.
The Solar Panel Recycling Market was valued at US$ 298 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.
Market Dynamics:
The growth of the solar panel recycling market is driven by two main factors:
1) Increasing Solar Panel Waste: As global solar power capacity increases exponentially, a huge number of solar panels are reaching their end of life annually creating a large waste stream. This waste is projected to grow at a similar pace to new panel installations driving recycling demand.
2) Scarcity of Raw Materials: Solar panels use valuable materials like silicon, silver, copper and aluminum. Recycling helps conserve these finite resources and reduces price volatility associated with raw material imports. Recycled materials also provide an alternate sourcing avenue for solar manufacturers.
Segment Analysis
The solar panel recycling market is segmented based on material recovered, panel technology, and end-use. Based on the material recovered, the market is divided into glass, plastic, aluminum, silicon, and others. The glass segment dominates the market owing to the large use of glass in solar panels. By panel technology, the market is classified into crystalline silicon solar panel and thin film solar panel. The crystalline silicon solar panel segment holds a major market share as more than 90% of installed solar panels use crystalline silicon technology. Based on end-use, the market is bifurcated into material recovery, power generation, and others. Material recovery dominates as recycling recovers materials that can be further used in solar panel manufacturing.
PEST Analysis
Political: Favorable government policies and incentives for solar panel recycling support market growth. For instance, waste management regulations mandate proper e-waste disposal methods.
Economic: The declining cost of renewable energy and increasing need to reduce carbon footprint boost market demand. Solar panel recycling lowers the cost of new panel production.
Social: Growing awareness about environmental protection and sustainability drives the adoption of recycling practices. Population growth increases energy demand supplemented by solar power.
Technological: Advancements in material recovery methods improve recycling efficiency. innovations in recycling processes augment material yields and cost-effectiveness.
Solar Panel Recycling Market Segmentation
By Panel Type
- Monocrystalline Silicon Solar Panels
- Polycrystalline Silicon Solar Panels
- Thin Film Solar Panels
- Others (Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS))
By Process
- Thermal
- Mechanical
- Laser
- Chemical
- Others (Shot blasting, magnetic, gravity)
By Shelf Life
- Early Loss
- Normal Loss
- Degradation Loss
- Others (slow loss, rapid loss)
- By End User
- Residential
- Commercial & Industrial
- Utility
Key Takeaways
The global Solar Panel Recycling Market Size is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing environmental regulations regarding proper e-waste disposal.
Regional analysis: North America dominates the market owing to stringent regulations and higher solar power adoption in the US and Canada. Asia Pacific exhibits the fastest growth led by countries like China, Japan, and India with growing manufacturing industries and solar installations.
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. Key players focus on expanding recycling capacities and developing advanced processing technologies.
FAQ’s
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*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
