Solar Panel Recycling Market Size (2024-2029):

The Global Solar Panel Recycling Market size was valued at USD 180 million in 2023 and is projected to reach USD 590 million by 2029, growing at a CAGR of 27.57%  from 2024 to 2029.

Market Overview:

Continued profitable technical advancements will drive solar panel adoption, which in turn will improve market prospects. Solar energy has been widely integrated into the existing energy mix over the last decade. Solar panels used in buildings, terrestrial or floating solar panels have an expected average life of 30 years. These panels often contain cadmium, lead, and various toxic chemicals. Therefore, it is essential to recycle or eliminate these toxic elements from the environment to avoid dangerous altercations. According to recent studies, the world's installed solar capacity has increased from 227 GW in 2016 to 500 GW in 2020. Falling prices for solar panels and support for government policies and initiatives for cleaner, more reliable sources of electricity and reliable. Affordable prices are dramatically driving solar panel adoption around the world.

Higher numbers of end-of-life solar panels are creating a demand for recycling activities in the United States. Therefore, companies in the solar panel recycling market are focusing on value recovery opportunities in the United States. As such, the market is expected to reach a value of $ 600 million by the end of 2026. There is a growing demand for the purpose of solar panel management in the United States. Also, California had taken the lead to head solar power generation in the country in 2019. For this reason, companies in the solar panel recycling market are redoubling their efforts to manage and recycle the waste generated by solar panels at the end of their useful life. The prolonged period of technology development and policy management associated with panels has led to an increase in solar panel recycling activities in the U.S. The growth of the world population, the expansion of the industrial sector, and the rise in business infrastructure development stimulate demand for solar panel recycling.

Market Drivers:

Solar panels have a useful life of 20 to 25 years, they must be replaced after that. Photovoltaic modules carry heavy metals and therefore cannot be dumped in landfills. Therefore, the solar panel recycling market offers significant potential. The solar panel can be disassembled into different components and can be recycled by various processes, such as mechanical, thermal, chemical, laser, and combination. Therefore, the increase in solid waste is expected to boost the global solar panel recycling market. Solar energy is inexpensive and environmentally friendly. As a result, the demand for solar energy is increasing around the world. There are new methods that accelerate recycling rates, and companies can collaborate with researchers to gain a competitive advantage in the market landscape.

Market Restraints:

Lack of awareness and general interest in developing countries in the Asia-Pacific region is expected to hold back market growth. The expense of recycling is higher than that of the landfill and the value of recovered materials is less than the original, so interest in recycling is limited. Recycling solar panels are still very expensive, researchers are experimenting with new recycling methods. Solar panel waste is likely to generate 210 times more toxic waste per unit of energy when compared to nuclear power plants. The waste contains silicon, cadmium, lead, and other toxic chemicals (including carcinogens) that cannot be removed without breaking the entire panel.

SOLAR PANEL RECYCLING MARKET REPORT COVERAGE:

Market Segmentation:

Solar Panel Recycling Market - By Process:

• Mechanical
• Laser   

The mechanical process accounted for the largest revenue share of over 57% in 2021 and is expected to continue to develop at a noteworthy growth rate from 2022 to 2027. However, the laser process segment is expected to record the fastest CAGR in terms of revenue and volume, during the forecast period, and it is expected to promote market growth throughout the forecast years.

Solar Panel Recycling Market - By Product:

• Monocrystalline Solar Panel
• Thin Film

The monocrystalline solar panel recycling type is expected to generate the highest revenue share of over 60% in 2021. These panels are made with unique crystalline silicon. Thin-film solar panels are expected to emerge as the fastest-growing product segment during the projection period due to the active performance and low cost of these panels.

Market Regional Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Research and development on solar panel recycling are mainly carried out in Germany, France, Italy, Japan, and the United States of America. Most efforts in this region focus on solar panels to recover and recycle silicon and rare metal elements. Europe accounted for the majority of revenues in 2021. It is estimated that it will continue to develop at a significant growth rate from 2022 to 2027, as the region has the maximum number of installed bases of solar parks, which would lead to a grand finale of its life. Solar panels in the coming years. In Germany, the market is expected to exceed $ 70.0 million by 2027 due to technological advances and comprehensive government waste management regulations. Asia-Pacific is expected to be the fastest-growing regional market from 2022 to 2027. China and Japan are the main revenue generators in the APAC market. At present, China has the highest number of solar panel recycling patent applications due to the increasing investment in recycling technology research and development.

Impact of Covid 19 on Solar Panel Recycling Market:

The COVID-19 (coronavirus) outbreak has caused a slowdown in the global solar panel recycling market. China, with the largest number of photovoltaic installations, as well as the production of photovoltaic solar panels has been the source of this pandemic. This phenomenon is expected to affect the global solar supply chain. However, the COVID-19 outbreak has crippled electricity demand and production, which could slow the growth of the Chinese solar panel recycling market. Additionally, the country is experiencing a wave of low-capacity additions due to the suspension of manufacturing and construction jobs. As such, it is estimated that the solar panel recycling market will reach a production of around 894,000 tons in 2026. Therefore, companies in the market landscape are considering other supply routes to stay afloat in the business.

Market Key Players:

Some of the key companies operating in the market include

1. First Solar
2. Echo Environmental
3. Silicontel Ltd
4. Canadian Solar Inc
5. Silrec Corporation
6. Beijing Super Silicon Materials Recycling Co., Ltd
7. Suzhou Huizhijie Photovoltaic Technology Co.Ltd
8. Shanghai Yuzong Photovoltaic Technology Co. Ltd
9. SunPower Corporation
10. Reiling GmbH & Co. KG
11. Trina Solar
12. Aurubis, Envaris
13. SiC Processing GmbH
14. Yingli Energy Co. Ltd
15. Hanwha Group

Market Key Developments:

• French water and waste group Veolia has launched what it claims to be the first solar panel recycling plant in Europe and aims to build more as thousands of tons of aging solar panels are expected to end their lives in the coming years.