Solar Panel Recycling Market Size, Share, Growth Analysis, By Process (Mechanical, Laser), By Product (Monocrystalline, Thin Film), By Shelf Life (Normal Loss, Early Loss), By Region -Industry Forecast 2024-2031
Report ID:
SQMIG45O2047 |
Region:
Global |
Published Date: November, 2024
Pages:
184
|Tables:
0
|Figures:
0
Solar Panel Recycling Market Insights
Global Solar Panel Recycling Market size was valued at USD 202.5 million in 2022 and is poised to grow from USD 227.81 million in 2023 to USD 519.57 million by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).
Solar panel recycling is projected to gain traction around the world as emphasis on sustainability and renewable energy adoption increases in the future. The launch of new initiatives to promote recycling of multiple materials and availability of subsidies for the same are also expected to foster new opportunities for solar panel recycling companies going forward. Rising costs of raw materials required for solar panel manufacturing are also estimated to bolster solar panel recycling market outlook in the long run. Surging investments in the development of novel solar panel recycling technologies and solutions coupled with increasing solar installations around the world are also slated to create new opportunities for business growth across the study period and beyond. On the contrary, high costs of recycling, lack of standardization in the solar panel recycling industry, and lack of awareness are forecasted to be key constraints that limit the growth potential of solar panel recycling companies in the future.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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Solar Panel Recycling Market Segmental Analysis
The global solar panel recycling market is segmented based on product, process, shelf life, and region. In terms of process, the market is segmented into thermal, mechanical, and laser. Based on product, the market is bifurcated into monocrystalline, polycrystalline, and thin film. In terms of shelf life, the market is segmented into normal loss and early loss. Based on region, the market is segmented into Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Process
Mechanical solar panel recycling process is projected to account for a substantial share of the solar panel recycling industry. The low costs and minimal environmental impact of mechanical recycling systems has allowed them to hold a dominant chunk of the global solar panel recycling market share. High possibility (close to 99%) of valuable metal and material recovery using mechanical solar panel recycling processes is also a key factor that makes this segment a highly rewarding one for all market players. Easy availability and simple operation are also key benefits that are estimated to help bolster the demand for mechanical solar panel recycling processes in the long run.
On the other hand, the demand for laser solar panel recycling processes is slated to increase at a notable pace as per the solar panel recycling market analysis. Precise separation of valuable materials and less waste are the top benefits of laser solar panel recycling processes that are making it highly popular among companies around the world. Growing investments in the research and development of novel laser recycling technologies are also expected to create new opportunities for market players focusing on this segment in the future. Elimination of plastic laminate use through laser recycling is another benefit that bolsters solar panel recycling market outlook going forward.
Analysis by Product
Monocrystalline solar panels are projected to bring in the most revenue for solar panel recycling providers in the future. Extensive use of monocrystalline solar panels across multiple applications for their longer shelf life and high efficiency allows them to hold a dominant stance in this solar panel recycling market forecast. Better performance of monocrystalline solar panels in low light conditions and high space efficiency has resulted in their higher installation thereby also contributing to a higher waste percentage of the global solar panel waste. Growing demand for monocrystalline solar panels is also expected to create new opportunities for solar panel recycling companies focusing on this segment.
Meanwhile, the demand for thin film solar panel recycling is slated to rise at a robust pace across the study period and beyond. High affordability, low weight, and high flexibility are the top benefits of thin film solar panels that are promoting their sales on a global level. Increasing adoption results in increased waste in the future thereby making this a highly opportune segment for solar panel recycling companies in the long run. High investments in the development of thin film solar panels coupled with availability of novel recycling technologies is expected to significantly boost revenue generation for market players in the long run.
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Solar Panel Recycling Market Regional Insights
Europe is forecasted to account for a massive chunk of the global solar panel recycling market share owing to high emphasis on sustainability and rising demand for renewable energy. Growing solar installations, rising solar panel waste, and availability of supportive government initiatives and funding for recycling companies allows this region to spearhead revenue generation on a global level. High consumer awareness regarding sustainability is also expected to contribute to the dominance of this region. France, Germany, Sweden, the United Kingdom, and Norway are key markets for solar panel recycling companies operating in Europe in the future.
Asia Pacific is slated to emerge as the fastest expanding market for solar panel recycling providers across the study period and beyond. Rapidly increasing popularity of renewable energy, growing solar energy installations, and increasing availability of novel recycling technologies are expected to help create new opportunities for solar panel recycling companies in the future. China is slated to be the leading country in the Asia Pacific region owing to the presence of a strong recycling industry landscape and filing of new recycling technology patents. India, Japan, and South Korea are also expected to present new business scope for solar panel recycling market players through 2031 and beyond.
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Solar Panel Recycling Market Dynamics
Drivers
Rising Installation of Solar Energy Systems
- Rapidly increasing emphasis on sustainability has bolstered the demand for renewable energy around the world and this trend is boosting solar energy installations as well. With earlier installations reaching their end of life, there has been a notable surge in solar panel waste thereby driving up the demand for solar panel recycling.
High Economic Value of Recycled Materials
- Solar panels contain highly valuable materials such as silicon, aluminum, and rare metals, which can be obtained through a proper recycling process and reused. Surging costs of raw materials for solar panel manufacturing further raises the economic value of recycled materials as they are often slightly less expensive.
Restraints
High Costs of Recycling
- Solar panel recycling requires specialized equipment and extensive labor to obtain rare elements from them. This results in a high cost of recycling in terms of human as well as capital resources. These high costs are not viable for small companies or even big companies operating on a budget thereby slowing down solar panel recycling market growth potential as well.
Lack of Standardization
- Solar panel recycling establishments are often unregulated, and this has resulted in a major lack of standardization thereby further hurting the solar panel recycling market outlook. This absence of standardization makes it difficult for solar panel recycling companies to expand their business thereby hurting market development going forward.
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Solar Panel Recycling Market Competitive Landscape
Solar panel recycling companies should focus on maximizing the efficiency and output of their facilities to boost market growth. Collaborating and partnering with other recycling companies to expand business scope and increase recycling capacity will also be key strategies for solar panel recycling providers. Solar panel recycling market players should also invest in the development of sustainable solar panel recycling technologies and systems to unlock the full potential of the global solar panel recycling industry going forward.
Top Player’s Company Profiles
- Aurubis AG
- Canadian Solar
- Echo Environmental, LLC
- Envaris GmbH
- First Solar
- Silcontel
- SiC Processing GmbH
- Yingli Energy
- Hanwha Group.
- Hanwha Group
- Reiling GmbH & Co. KG
- Silrec Corporation
- SunPower Corporation
- Trina Solar
Recent Developments
- In September 2024, The Queensland Government announced the launch of its new pilot program to promote reuse and recycling of solar panels. The new initiatives was founded in collaboration with Smart Energy Council and received a USD 5.5 million from Queensland government to promote collection of solar panels through community engagement.
- In July 2023, a new company called Rexia was formed by Marubeni Corporation and HAMADA Co., Ltd. to promote the reuse and recycling of solar panels. The new company is intended to solve the issue of used solar panel waste in Japan and promote solar panel recycling in the future.
- In March 2023, SOLARCYCLE, a start-up focusing on boosting solar panel recycling industry announced that it had raised USD 30 million. The company intended to use this capital to build its infrastructure and expand its solar panel recycling capacity in the future to scale the business.
Solar Panel Recycling Key Market Trends
- Development of Eco-Friendly Recycling Methods: Solar panel recycling companies can invest in the research and development of novel sustainable and eco-friendly recycling technologies to maximize their business scope in the future. Recycling systems and technologies that use less energy and have a minimal impact on the environment are expected to gain popularity in the long run, hence companies should target this solar panel recycling market trend to maximize their revenue generation through 2031.
- Circular Economy Practices: Solar panel recycling providers can capitalize on the growing popularity of the circular economy trend to maximize their business in the future. Manufacturers and governments are increasingly focused on creating closed-loop systems where solar panels can be efficiently recycled and the recovered materials reused in the production of new panels thereby offering new opportunities for market players.
Solar Panel Recycling Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, high demand for clean energy and growing demand for recycling of increasing solar panel waste are slated to be key prospects driving the demand for solar panel recycling solutions and services. On the contrary, the lack of standardization and high costs of recycling are slated to slow down the demand for solar panel recycling across the forecast period. Rapidly increasing solar installations and the availability of supportive government initiatives and incentives for solar panel recycling companies are slated to help Europe dominate the global market. Use of circular economy practices is also expected to create new business scope for solar panel recycling companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 202.5 million |
| Market size value in 2031 | USD 519.57 million |
| Growth Rate | 12.5% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solar Panel Recycling Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solar Panel Recycling Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solar Panel Recycling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Panel Recycling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Panel Recycling Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar Panel Recycling Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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