The solar panel recycling market size is projected to grow from USD 0.39 billion in 2024 to USD 1.12 billion by 2030, registering a CAGR of 19.5% during the forecast period. The Research report presents a complete judgment of the market which consists of future trends, solar panel recycling market growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data.
A number of factors are creating demand for the solar panel recycling market. Increased adoption of solar energy around the world is leading to an increasing number of end-of-life panels that need to be disposed of. Environmental regulations and government policies related to the environment, encourage the responsible disposal of solar panels by proper recycling, as well as promoting circular economy waste practices. Authorization of the environmental dangers related to the improper disposal of solar panels has led to the urgent need for the more environmentally friendly recycling of these panels. In addition, there is an economic incentive based on the recovery of materials such as silicon, silver, and aluminum from panels that have been disposed of as well.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=2927896
Polycrystalline is anticipated to be the largest segment of the solar panel recycling market, based on type, during the forecast period
Polycrystalline panels accounted for the largest market share of the solar panel recycling market mainly because they are used extensively in initial solar installations and are relatively affordable to manufacture. The panels have been the most preferred type for large-scale solar installations for the last two decades, particularly in the emerging and price-conscious markets, because of their relatively lower production cost compared to monocrystalline types. Consequently, a large proportion of old and retired solar panels that make it to the recycling pipeline today are polycrystalline. Polycrystalline panels have recoverable materials like glass, aluminum, and silicon that are easy to recover, making mechanical recycling techniques more viable and cost-effective. Their less complex cell structure also makes dismantling easier, with shorter processing time and cost.
Early loss is anticipated to be the larger segment of the solar panel recycling market, based on shelf life, during the forecast period
Early loss accounted for the larger market share of the solar panel recycling market due to the failure and premature disposal of early-installed panels as a result of unexpected failure. Most of these early-generation panels experienced defects during manufacture, were poor-quality materials, or where installation methods were inferior, resulting in compromised performance and reliability. The rapid development of solar tech has also led some system owners to upgrade to new, more efficient panels earlier than their life expectancy, adding volumes of discarded panels. In contrast to panels reaching their typical end-of-life, early-loss panels are entering the recycling stream in greater-than-expected volumes, spurring an immediate demand for recycling solutions.
Hybrid is anticipated to be the larger segment of the solar panel recycling market, based on process, during the forecast period
Hybrid recycling accounted for the higher share of the solar panel recycling market due to its ability to achieve maximum material recovery and meet the continuous demand for materials in the marketplace. Unlike pure mechanical recycling, hybrid recycling offers a way to extract a broader range using mechanical, thermal, and chemical processes and yields high-purity silicon, silver, and rare metals. Hybrid methods will be especially effective for modern, high-efficiency solar panels with more complex materials, such as monocrystalline solar panels, which have ultimately combined and integrated various technologies. As environmental regulations become stricter to promote a circular economy, hybrid recycling provides value in sustainability and economic prosperity with less waste sent to landfills, increased recovery of critical raw material, and advanced recovery choices. Additionally, with increasing investments into advances in recycling processes, hybrid recycling will be an efficient, scalable, and commercially viable commitment for businesses.
Get a Sample Copy of This Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=2927896
Metal is anticipated to be the largest segment of the solar panel recycling market, based on material, during the forecast period
Metals accounted for the largest share of the solar panel recycling market because they represent a larger share of valuable, reclaimable materials in photovoltaic panels. Aluminum, copper, and silver are some of the key metals that are used as materials in the frames of panels, wiring, and contacts and, therefore find high demand in recycling processes. Aluminum frames, especially, are present in high volumes and are easy to differentiate, which allows inexpensive recycling with high rates of recovery. Silver and copper, although they occur in lesser amounts, contribute significant economic value based on their relatively high market values and usage in different industries. Metals retain their properties when they are recycled and hence reused in producing new materials, contributing to circular economy objectives. The fact that metals are relatively easy to extract compared to other intricate materials such as silicon or plastics significantly increases their dominance in the recycling industry.
Europe is expected to be the largest region of the solar panel recycling market during the forecast period
Europe holds the largest market share in solar panel recycling due to its robust regulatory framework, advanced recycling infrastructure, and an overall commitment to sustainability. European countries have established comprehensive policy frameworks and targets to manage photovoltaic waste properly, stimulating investments in specialized recycling units. The relatively early adoption of solar energy in Europe means that a significant amount of panels have reached or are approaching the end-of-life, further pushing the demand for recycling facilities. The region’s emphasis on circular economy principles presents further opportunities for recycling as it encourages the recovery and reuse of economically valuable materials from solar panels, such as silicon, glass, or metals, as needed. With significant levels of both, public awareness and government support promoting green initiatives, conditions appear to be favorable for a rapidly growing emerging market for solar panel recycling.
Solar Panel Recycling Companies
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the solar panel recycling market. First Solar (US), Reiling GmbH & Co. KG (Germany), The Retrofit Companies, Inc. (US), Rinovasol Global Services B. V. (Netherlands), ROSI (France), We Recycle Solar (US), SILCONTEL LTD (Israel), Etavolt Pte. Ltd. (Singapore), PV Industries (Australia), and SOLARCYCLE, Inc. (US).
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=2927896
First Solar is a prominent American solar technology company renowned for providing photovoltaic (PV) solar energy solutions globally. Renowned for its innovation, its PV solar modules are developed in cutting-edge research & development (R&D) labs in California and Ohio. These modules boast the advanced thin-film semiconductor technology, offering high performance and a lower-carbon alternative to conventional crystalline silicon PV solar modules. From inception to disposal, First Solar is dedicated to minimizing the environmental impact and enhancing its products’ social and economic benefits across their entire life cycle. As the largest thin-film PV solar module manufacturer worldwide and the largest in the Western Hemisphere, the company operates across two primary segments, namely, Modules and Others. First Solar operates high-value recycling facilities in the US, Germany, India, Malaysia, and Vietnam, capable of recycling approximately 2.6 million solar modules per year. The company maintains a global presence across various regions, including North America, South America, Asia Pacific, Africa, and Europe.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Media ContactCompany Name: MarketsandMarkets™ Research Private Ltd.Contact Person: Mr. Rohan SalgarkarEmail: Send EmailPhone: 18886006441Address:1615 South Congress Ave. Suite 103, Delray Beach, FL 33445City: FloridaState: FloridaCountry: United StatesWebsite: https://www.marketsandmarkets.com/Market-Reports/solar-panel-recycling-market-2927896.html
