Solar Panel Recycling Market (Type - Thin Film, Monocrystalline, Polycrystalline, Silicon, and Others; Process - Mechanical, Laser, Thermal, and Electric; Shelf Life - Normal Loss, and Early Loss): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on solar panel recycling market provides in-depth analysis of segments and sub-segments in the global as well as regional solar panel recycling market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional solar panel recycling market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global solar panel recycling market.

Market Insight:

The global solar panel recycling market was valued at USD 172.18 million in 2022 and is expected to reach USD 516.53 million in 2030, with a CAGR of 12.77% during the forecast period 2023-2030.

Over the past decade, the solar panel market has witnessed substantial growth. The solar panel recycling sector encompasses a broad range of activities, from decommissioning and collection to sorting and recycling of solar panels. It's worth noting that only a limited number of specialized companies are dedicated solely to solar panel recycling. Solar panels, often referred to as Photovoltaic (PV) modules, consist of multiple solar cells arranged in parallel or series to capture sunlight and generate Direct current (DC). Solar panel recycling involves the separation of glass and silicon wafers through thermal, mechanical, or chemical processes. This recycling practice is gaining paramount significance as the solar energy industry continues to expand. It not only mitigates the environmental impact associated with landfill disposal but also addresses environmental sustainability concerns, given the presence of potentially hazardous materials like cadmium and lead, which, if mishandled, can seep into the soil and water. Furthermore, solar panel recycling contributes to resource conservation by allowing the recovery and reuse of valuable materials like silicon, aluminum, and glass, thereby reducing the necessity for fresh mining and refining of resources.

The solar panel recycling market is surging in response to the increasing adoption of solar energy and the need for sustainable disposal of end-of-life solar panels. The rapid growth in solar panel installations, both in residential and commercial sectors, has led to a corresponding increase in the number of solar panels, which creates a demand for solar panel recycling services. Stringent environmental regulations and sustainability goals set by governments and organizations are effectively focused on responsible management of solar panel waste as recycling helps to meet these regulations and reduce the environmental impact of solar panel disposal. Furthermore, the solar panel recycling market is surging as the solar energy industry has expanded. However, the solar panel recycling sector faces significant challenges such as a lack of infrastructure dedicated to the recycling and recovery of materials from solar panels. The absence of a suitable commercial institution to oversee this process is a notable concern for manufacturers who are dedicated to the recycling of solar panels. Moreover, the solar panel recycling market presents a significant opportunity as the solar energy industry continues to grow worldwide. Solar panels have a typical lifespan of 25-30 years, and as older panels are retired or replaced, recycling becomes vital.

In the global solar panel recycling market, Europe is projected to hold a significant market share, followed by North America. Many European countries implemented favorable government policies and incentives to promote renewable energy, including solar power. These policies included feed-in tariffs, tax credits, and subsidies for solar installations. These incentives made solar energy more financially affordable for individuals, businesses, and utilities. The ambitious targets set by the European Union (EU) for renewable energy adoption, and member countries developed comprehensive strategies to meet these targets for energy sources. This commitment created a favorable environment for the growth of the solar industry. Also, Europe has a strong commitment to reducing greenhouse gas emissions as the EU wants to have a climate-neutral economy with zero net emissions of greenhouse gases by 2050. The major goal of the European Green Deal is to reduce greenhouse gas emissions by at least 55 % by 2030 compared to 1990 levels, and it is consistent with the EU's commitment to the Paris Agreement. Moreover, North America is the fastest growing, owing to a surge in demand for distributed energy systems in the region coupled with the growing ability to manufacture the components of solar panels, policy incentives, such as those that result in financial benefit for solar customers and tariffs on imported solar panels, have contributed to the rise in companies manufacturing their solar panels in North America and consumers seeking them which in turn is anticipated to drive the growth of the solar panel recycling market.

Report Scope of the Solar Panel Recycling Market:

Segment Covered

The report on global solar panel recycling market covers segments such as type, process, and shelf life. On the basis of type, the sub-markets include thin film, monocrystalline, polycrystalline, silicon, and others. On the basis of process, the sub-markets include mechanical, laser, thermal, and electric. On the basis of shelf life, the sub-markets include normal loss, and early loss.

Companies Profiled:

The report provides profiles of the companies in the market such as Aerisoul Metal & Energy Corporation, Aurubis AG, Cleanlites Recycling, SILCONTEL LTD, Rinovasol Global Services B. V., First Solar, Reiling GmbH & Co. KG, Canadian Solar, Sinovoltaics Group Limited, and RECYCLE SOLAR TECHNOLOGIES LIMITED.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the solar panel recycling market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.