Global Solar Panel Recycling Market Scope Report

Global Solar Panel Recycling Market Highlights Over 2023 - 2035

The global solar panel recycling market is estimated to garner a revenue of ~ USD 479 million by the end of 2035 by growing at a CAGR of ~13% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~ USD 140 million in the year 2022. The rising demand for solar energy worldwide for its sustainability and the improving awareness about the benefits of clean energy is the primary factor driving the growth of the global solar panel recycling market. It is estimated that ~3% of the electricity generated in the United States (U.S.) is powered by solar energy.

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As for the U.S., less than 11 million acres of its total area is needed to install solar photovoltaics (PV) to generate the electricity required for the whole nation. This is similar in many other parts of the world, making solar energy the foremost choice for energy production and thus contributing to the growth of the global solar panel recycling market.

Global Solar Panel Recycling Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Old Solar Panels in Landfills and Related Toxic Waste – It is estimated that solar panels would contribute more than 79 million metric tons of waste by 2050. The trash from solar panels consists of toxic materials such as lead, cadmium, silver, and arsenic. However, the expenses involved in the recycling of solar panels often result in them being disposed of at a landfill. This leads to the toxic materials leaching out as they break down, creating potential hazards to the environment.   

• High Potential of Recycled Panels in the Development of New Panels – It is estimated that as of 2022, recycled solar panels can supply the resources required to develop ~61 million new panels.

• Massive Carbon Footprint Leading to Market Growth – In the U.S., which holds one of the highest rates in the world, the average carbon footprint for an individual is ~17 tons.

• Huge Investments towards Energy Production – The total investments in the global power sector were projected to reach ~USD 821 billion in 2021.

Challenges

• Lack of Proper Infrastructure for Solar Panel Recycling

• Insufficient Regulations on Solar Panel Recycling in Some Parts of the World.

• Cost of Recycling Exceeding the Cost of Disposal of Solar Panels

The global solar panel recycling market is segmented and analyzed for demand and supply by type into crystalline silicon and thin film. The crystalline silicon segment is anticipated to hold the larger market share in the forecast period for its efficient use in standalone PV systems, including telecommunication & signaling towers and solar street light lamps, in which the batteries are charged using solar energy. The segment would also grow as a result of favorable initiatives by the governments of several nations to boost the generation and usage of solar energy. For instance, the National Solar Mission by the Ministry of New and Renewable Energy under the government of India aims to install 100 GW grid-connected solar power plants by 2022.

Global Solar Panel Recycling Market Regional Synopsis

Regionally, the global solar panel recycling market is studied into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the European region is projected to hold the largest market share by the end of 2035. The regional market growth is to happen as a result of a massive consumer base for solar panels, the presence of key players, and supporting government regulations for solar panel recycling. As per the regulations of the European Union, it is necessary to collect ~86% and recycle ~81% of the materials utilized in the photovoltaic panels.

Market Segmentation

Our in-depth analysis of the global solar panel recycling market includes the following segments:

Key Companies Dominating the Global Solar Panel Recycling Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global solar panel recycling market that are included in our report are First Solar, Inc., SILCONTEL LTD, Canadian Solar Solutions Incorporated, SunPower Corporation, Trina Solar Co.,Ltd, Aurubis AG, Hanwha Group, Envaris GmbH, Reclaim PV Recycling Pty Ltd, Reiling GmbH & Co. KG, and others.

Global Solar Panel Recycling Market: Latest Developments

• July, 2022: Reclaim PV Recycling Pty Ltd announced entering into a partnership with Maxeon Solar Technologies, Ltd. to support its SunPower branded solar panels in Australia.

• February, 2022: Reiling GmbH & Co. KG announced its idea conceived with Fraunhofer Center for Silicon Photovoltaics CSP being used for recycling silicon from end-of-life photovoltaic panels to build solar cells with 100% crystalline silicon.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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