by The solar panel recycling market involves the process of recovering valuable raw materials from end-of-life and waste photovoltaic panels. Solar panels comprise silicon, glass, aluminium, copper, and other materials that have a high recycling potential. With the increasing adoption of solar panels around the globe, the volume of waste panels has risen substantially over the past few years. According to estimates, almost 45,000 tons of solar panels will become obsolete worldwide between 2020-2031. Recycling helps ensure the conservation of these critical materials and proper disposal of hazardous components.
The Global Solar Panel Recycling Market Size Is Estimated To Be Valued At US$ 298 Mn In 2024 And Is Expected To Exhibit A CAGR Of 19% Over The Forecast Period 2024-2031.
Key Takeaways
Key Players: Key players operating in the solar panel recycling market are Reclaim PV Recycling, Silcontel, Rinovasol, RecyclePV, ECS Refining, REMA PV Systems, Dongfas Group, Rinovasol Group, Envaris, Recycle Solar Technologies Limited, Experia Solution, CCL Recycling, PV Cycle, First Solar, Reclaim PV Recycling, Silcontel, Aurora Solar Recycling, Solarcycle Recycling, and PV Recycling.
Key Opportunities: Rising demand for recycled silicon and glass from the electronics and construction industries presents significant opportunities for players in the solar panel recycling market. Moreover, advances in recycling technologies are helping improve recovery rates and lower processing costs.
Global Expansion: Leading companies are expanding their geographical footprint to cash in on the proliferation of solar energy around the world. Strategic collaborations with panel manufacturers are also helping Recyclers gain steady supply of waste material.
Market Drivers
Strict government regulations: Stringent rules regarding solar panel disposal and recycling tariff policies in Europe and North America are driving higher adoption of recycling practices.
Drop in panel costs: Declining costs of new PV modules is encouraging more frequent panel replacement amongst users. This is translating to rising volumes of waste for recycling each year. In addition, recovering high-value materials lowers the overall cost of new panels.
Therefore, with supportive regulations and the exponential growth of the solar industry, the solar panel recycling market is poised for significant gains over the coming decade. A circular economy approach can maximize material utilization from this burgeoning clean energy sector.
Pest Analysis
Political: Solar panel recycling regulations are becoming stricter globally with the implementation of laws requiring manufacturers to setup formal recycling programs for end-of-life solar panels. This is helping boost solar panel recycling.
Economic: Rising solar panel waste and growing demand for recycled materials is driving investments into solar panel recycling technologies and facilities. Recovering valuable materials from solar panels through recycling helps reduce production costs.
Social: Growing environmental concerns around e-waste and proper disposal of solar panels is increasing adoption of recycling. This helps support sustainable energy generation goals of many countries and organizations.
Technological: Advancements in recycling processes like developing efficient ways to recover silicon, glass and other materials is increasing recycling rates. Some industries are implementing automation to make recycling more cost-effective.
North America currently accounts for the largest share of the global solar panel recycling market in terms of value, followed by Europe. Stringent regulations regarding solar panel waste management and the presence of key recycling players are driving the North American market.
The Asia Pacific region is expected to be the fastest growing market for solar panel recycling during the forecast period. This is attributed to rising solar power installations combined with increasing awareness around recycling in major solar panel manufacturing countries like China.
What are the key data covered in this Solar Panel Recycling Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Solar Panel Recycling Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Solar Panel Recycling Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- Solar Panel Recycling Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Solar Panel Recycling Market vendors
FAQ’s
Q.1 What are the main factors influencing the Solar Panel Recycling market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Solar Panel Recycling Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Solar Panel Recycling market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
- Source: CoherentMI, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
