Solar Panel Recycling Market Size is valued at USD 329.5 Mn in 2023 and is predicted to reach USD 1,344.3 Mn by the year 2031 at a 19.6% CAGR during the forecast period for 2024-2031.
Solar panel recycling is the process of re-using or recycling solar panel waste. Solar panel waste consists of heavy as well as toxic substances such as lead, plastics, glass, and others, which are harmful to the environment and human health. Thus, it is very important to recycle solar panels instead of disposing them into landfills. In addition, a rise in human awareness toward pollution of the environment associated with solar panel waste is projected to fuel the market.
However, lower regulations toward solar panel recycling are the main factors hindering the market growth. Furthermore, government initiatives toward reducing carbon footprints and a rise in investment toward renewable energy infrastructure are projected for significant growth opportunities for the market key players to maintain their position in the market in the upcoming years.
The COVID-19 pandemic impacted the solar panel recycling market by disrupting supply chains and delaying recycling projects due to lockdowns and restricted workforce availability. However, the long-term outlook remains positive as the pandemic highlighted the need for sustainable practices. Increased environmental awareness and government initiatives to support green recovery plans are expected to drive the demand for solar panel recycling, ensuring the market's growth despite temporary setbacks.
Competitive Landscape
Some of the major key players in the Solar Panel Recycling Market are
- Aurubis AG (Germany)
- Canadian Solar Inc. (Canada)
- Echo Environmental, LLC (U.S.)
- ECS Refining, LLC (U.S.)
- First Solar, Inc. (U.S.)
- Hanwha Group (South Korea)
- KAMALA REFINERY Yingli Energy China Co Ltd (China)
- Playtech Solar (Uzbekistan)
- Reiling GmbH & Co. KG (Germany)
- SiC Processing GmbH (Germany)
- SILCONTEL LTD (Bulgaria)
- SunPower Corporation (U.S.)
- Trina Solar Limited (China)
- Other Prominent Players
Market Segmentation:
The Solar panel recycling market is segmented by type, process, material, and shelf life. On the basis of type, the market has been segmented as monocrystalline, polycrystalline, thin film, and others. On the basis of process, the market has been segmented as thermal process, chemical process, mechanical process, laser process, combination process, and other process. On the basis of material, the market has been segmented into silicon, metal, plastic, glass, and others. Shelf-life segment includes early loss and normal loss.
Based On Material, The Silicon Segment Accounts For A Major Contributor To The Solar Panel Recycling Market.
The Silicon segment held the largest solar panel recycling market share. The Silicon segment of the solar panel recycling market focuses on recycling solar panels. Recycling these panels involves recovering high-value materials such as silicon, silver, and aluminum. The process typically includes dismantling, thermal processing, and chemical treatments to separate and purify the materials. As the installed base of Silicon panels ages, the volume of recyclable panels increases, driving demand for efficient recycling solutions. Recycling technology innovations enhance recovery rates and purity levels, supporting environmental sustainability and resource conservation in the solar industry.
The Thermal Segment Witnessed Growth At A Rapid Rate.
By process, the thermal segment held the largest solar panel recycling market share owing to the benefits associated with a thermal process in solar panel recycling. The thermal segment of the solar panel recycling market involves using high temperatures to recover valuable materials from end-of-life solar panels. This process efficiently extracts metals like silicon, silver, and aluminum by burning off the plastic components. The thermal method is gaining traction due to its effectiveness in handling large volumes of panels and its ability to reclaim high-purity materials, supporting the sustainable management of solar panel waste and contributing to the circular economy.
In The Region, Europe In The Solar Panel Recycling Market Holds A Significant Revenue Share.
Europe dominates the market due to an increasing prevalence of solar panels and a growing use of solar panels for electricity as an alternative to other non-eco-friendly sources. Asia-Pacific is the expected region in terms of growth in the solar panel recycling market due to an increase in 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. In addition, Asia Pacific is to be seen to grow at a rapid rate in the global Solar Panel Recycling Market due to growing concerns about the environment, rapid industrialization, and government initiatives.
Solar Panel Recycling Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 329.5 Mn |
|
Revenue Forecast In 2031 |
USD 1,344.3 Bn |
|
Growth Rate CAGR |
CAGR of 19.6% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn, Volume (Unit), and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, Process, Material, Shelf life |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
First Solar, Inc. (U.S.), Echo Environmental, LLC, SILCONTEL LTD, SunPower Corporation (U.S.), Reiling GmbH & Co. KG, Trina Solar Limited, Aurubis AG (Germany), SiC Processing GmbH (Germany), Oliytech Solar, KAMALA REFINERY Yingli Energy China Co Ltd, Hanwha Group (South Korea), ECS Refining, LLC (U.S.) |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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