Solar Panel Recycling Market Outlook - 2030
The global solar panel recycling market size was valued at $139.7 million in 2020, and is expected to reach $478.6 million by 2030, registering a CAGR of 13.1% from 2021 to 2030. Solar panel recycling is the process of re-use or recycling of solar panel waste after the end-of-life cycle of solar panels and early damage to it. There are three types of solar panel recycling processes studied in the market study, which includes thermal, mechanical, and laser. Solar panel waste contains heavy and toxic substances or metals such as lead, cadmium, plastics, glass, and others, which are harmful to environment and human health. Thus, it is important to recycle solar panels instead of disposing them into landfills.
The growth of the global solar panel recycling market is driven by gradual transition of energy industry from conventional to renewable sector. In addition, rise in awareness toward environmental pollution associated with solar panel waste is projected to fuel the market during the analyzed time frame. However, lack of solar panel recycling infrastructure across the globe and lower regulations toward solar panel recycling are the key factors hampering the growth of the market during the forecast period. On the contrary, government initiatives toward reducing carbon footprints and rise in investment toward renewable energy infrastructure are anticipated to provide lucrative growth opportunities for the key players to maintain the position in the market in the upcoming years.
The global solar panel recycling market is segmented on the basis of process, type, and region. Depending on process, the market is classified into thermal, mechanical and laser. On the basis of type, it is categorized into crystalline silicon and thin film. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. On the basis of process, thermal process of solar panel recycling registered the highest market share in 2020. On the basis of type, crystalline silicon segment registered the highest market share in the year 2020.
The global market covers in-depth information of the major solar panel recycling industry participants. Some of the major players in the market include Aurubis AG, Canadian Solar, Echo Environmental, LLC, Envaris GmbH, First Solar, Hanwha Group, Reiling GmbH & Co. KG, Silrec Corporation, SunPower Corporation, and Trina Solar.
Other players operating in the value chain of the global solar panel recycling market are Yingli Energy Co., Zorlu Holding, Rinovasol Group, ECS Refining, LLC, SiC Processing GmbH, and others.
The key players are adopting numerous strategies such as partnership and business expansion, to stay competitive in the market of solar panel recycling.
For instance, in June 2020, Hanwha Q Cells (Hanwha Group Company) partnered with Hyundai to develop ESS based on spent EV batteries. Joint development of an energy storage system that recycles spent electric vehicle batteries and targets clients in Europe and North America.
The solar panel recycling market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Solar panel recycling market, by process
By process, the thermal segment held the largest solar panel recycling market share in 2020, This is owing to benefits associated with thermal process in solar panel recycling, which recovers more than 84.0% of solar panels weight and can also recycle up to 98.0% unbroken cells depending on the conditions of the solar modules and the thickness of the solar cells. In addition, rapid rise of the solar panel sector is expected to drive the remarkable growth of the market during the forecast period.
By Process
Thermal segment is projected as the most lucrative segment.
Solar panel recycling market, by type
On the basis of type, the crystalline silicon segment dominated the global market in 2020, in terms of share, owing to rise in demand for crystalline silicon in standalone PV systems such as solar street light lamps and telecommunication & signaling tower where solar panels are used to charge batteries. In addition, increase in government initiatives for adoption of solar energy is expected to drive the demand for crystalline silicon type, which in turn is anticipated to fuel the market growth from 2021 to 2030.
By Type
Crystalline Silicon is projected as the most lucrative segment.
Solar panel recycling market, by region
Europe garnered the highest share in the solar panel recycling market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, the demand for solar panel installation has increased significantly across the UK, Germany, Spain, and Italy, owing to surge in demand for distributed energy systems in the region, which in turn is anticipated to drive the growth of the solar panel recycling market in Europe from 2021 to 2030.
By Region
Europe holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Impact Of COVID-19 On The Global Solar Panel Recycling Market:
Lockdowns imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries, which decreased the demand for solar panels from residential, commercial and industrial consumers. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the solar panel recycling market is expected to recover by the second quarter of 2021 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
Key Benefits For Stakeholders
- The report provides an extensive qualitative and quantitative analysis of the current solar panel recycling market trends and future estimations of the global market from 2021 to 2030 to determine the prevailing solar panel recycling market opportunities.
- A comprehensive solar panel recycling market analysis of the factors that drive and restrict the market growth is provided.
- Estimations and solar panel recycling market forecast are based on factors impacting the market growth, in terms of value.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable solar panel recycling market growth.
Solar Panel Recycling Market Report Highlights
| Aspects | Details |
 By process |
|
 By Type |
|
 By Region |
|
 Key Market Players | FIRST SOLAR, ENVARIS GMBH, CANADIAN SOLAR, TRINA SOLAR, SILREC CORPORATION, SUNPOWER CORPORATION, ECHO ENVIRONMENTAL, LLC, AURUBIS AG, REILING GMBH & CO. KG, HANWHA GROUP |
Analyst Review
Rapid growth of the solar energy industry is the key factor attributed to the leading position of Europe and Asia-Pacific region in the global solar panel recycling market. The Europe region is further expected to provide lucrative opportunities to leading solar panel recycling companies, owing to its huge potential to set up recycling plants and surge in demand for solar panel waste recycling in the region.
At present, the global solar panel recycling market witnesses’ numerous opportunities, owing to rapid growth of the solar energy industry in Asia-Pacific and Europe to cope up with the increase in electricity demand. In addition, rise in awareness toward environmental pollution caused by solar waste is further anticipated to fuel the growth of the solar panel recycling market during the forecast period. However, the lack of solar panel recycling infrastructure in rapidly solar energy growing economies from North America and Asia-Pacific is anticipated to hamper the market growth during the forecast period.
Among the analyzed regions, Europe is expected to account for the highest revenue in the market by the end of 2030, followed by Asia-Pacific, North America, and LAMEA.
Partnership, business expansions are the key growth strategies of solar panel recycling market players.
Europe and Asia-Pacific regions will provide more business opportunities for solar panel recycling in future
To get latest version of solar panel recycling market report can be obtained on demand from the website.
The potential customers of solar panel recycling industry are residential, commercial and industrial.
Key benefits of the solar panel recycling market report include detailed analysis on global trends, key players, competitive scenario, opportunities, market size & forecast, and segmental & regional analysis.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Aurubis AG, Canadian Solar, Echo Environmental, LLC, Envaris GmbH, First Solar, Hanwha Group, Reiling GmbH & Co. KG, Silrec Corporation, SunPower Corporation, and Trina Solar are the leading global players in the solar panel recycling market.
On the basis of process, thermal segment will drive the solar panel recycling market growth during the forecast period. On the basis of type, crystalline silicon segment will drive the growth of the solar panel recycling market.
Rise in demand for solar PV panels from residential, commercial and industrial applications and increase in government activities towards promotion of solar power are key factors drives the solar panel recycling market growth during the forecast period.
Rapid growth of electric vehicle industry along with investment towards solar energy infrastructure in the economies such as China, India, Japan, U.S., Germany, France and others will influence the solar panel recycling market in the next few years
Loading Table Of Content...
