Solar Panel Recycling Market worth $931 million by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 26, 2024 /PRNewswire/ -- The report "Solar Panel Recycling Market by Type (Monocrystalline, Polycrystalline, Thin Film), Process (Thermal, Chemical, Mechanical, Laser, Combination), Shelf Life (Early Loss, Normal Loss), Material (Metal, Glass, Plastic, Silicone) - Global Forecast to 2029", is projected to reach USD 931 million by 2029, at a CAGR of 19.3% from USD 385 million in 2024.

The solar panel recycling market is poised for substantial growth in the foreseeable future, driven by a convergence of factors that underscore its critical importance in the transition to a more sustainable energy landscape. Central to this growth is the exponentialincrease in solar panel installations worldwide, fueled by the imperative to mitigate climate change and reduce dependence on fossil fuels. As solar energy becomes an increasingly integral component of the global energy mix, the volume of end-of-life solar panels reaching their operational lifespan is expected to surge, creating a pressing need for efficient recycling solutions.

Browse in-depth TOC on "Solar Panel Recycling Market".

100 – Tables
65 – Figures
200– Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=2927896

One of the primary drivers propelling the solar panel recycling market forward is the tightening of environmental regulations and the growing commitment of governments to sustainable waste management practices. Across the globe, policymakers are recognizing the environmental impact of electronic waste, including solar panels, and are implementing measures to ensure responsible disposal and recycling. For instance, the European Union's Waste Electrical and Electronic Equipment (WEEE) Directive mandates the collection and recycling of electronic waste, including solar panels, placing the onus on manufacturers to facilitate the recycling of end-of-life products. Similarly, countries like Japan and South Korea have enacted legislation to promote the recycling of solar panels, further stimulating market growth.

Moreover, the scarcity of raw materials used in solar panels, such as silicon and precious metals like silver and copper, is driving the demand for recycling. With finite reserves of these critical materials and increasing demand for solar energy installations, recycling presents a viable solution to recover and reuse valuable resources. By recycling solar panels, manufacturers can reduce their reliance on virgin materials, mitigate supply chain risks, and contribute to a more circular economy.

Technological advancements in recycling processes are also playing a pivotal role in shaping the growth trajectory of the solar panel recycling market. Innovations in mechanical and chemical recycling techniques are improving the efficiency and cost-effectiveness of material recovery from end-of-life panels. Advanced sorting technologies, such as laser-based systems, are enabling the precise separation of materials, while innovative chemical processes are enhancing the purity of recovered materials, making them suitable for reuse in new solar panels or other applications. These technological developments not only increase the economic viability of recycling but also reduce the environmental footprint of solar energy production by conserving resources and minimizing waste.

The impending expiration of the first wave of solar installations presents a significant opportunity for the recycling sector. As millions of solar panels reach the end of their operational lifespan in the coming years, the volume of solar waste available for recycling is expected to increase exponentially. This presents a lucrative market opportunity for recycling companies to capitalize on the growing demand for sustainable disposal solutions. By processing this vast amount of solar waste, the recycling sector can mitigate environmental impacts associated with landfill disposal and support the circular economy by reintroducing valuable materials back into the manufacturing supply chain.

"Polycrystalline by type is projected to be the largest, in terms of value, during the forecast period."

Polycrystalline silicon solar panels have long been a mainstay in the solar energy sector due to their affordability and widespread availability, establishing them as a substantial segment of the solar panel recycling market. More economical than monocrystalline panels, polycrystalline variants have found extensive use in both residential and large-scale solar projects, particularly in economically sensitive regions. This widespread deployment has resulted in a considerable accumulation of polycrystalline panels, now reaching the end of their typical lifespan of 25 to 30 years, and entering the waste stream in significant quantities, emphasizing their importance in recycling efforts.

The composition of polycrystalline panels, formed from multiple silicon crystals fused together, presents challenges both in terms of efficiency and recycling. While less efficient in converting sunlight into energy compared to monocrystalline counterparts, their complex structure poses unique difficulties in the recycling process. Recovering valuable materials such as silicon, silver, and aluminum requires intricate mechanical and chemical treatments. Despite these challenges, the recycling of polycrystalline solar panels holds considerable economic and environmental significance, as materials like silicon can be repurposed for new solar panels or other applications. However, recycling polycrystalline panels is not without hurdles. The energy-intensive process of purifying recovered silicon and the technical complexities involved in separating composite materials can impact the cost-effectiveness of recycling. Nevertheless, ongoing advancements in recycling technology are gradually overcoming these barriers, enhancing the efficiency and profitability of material recovery processes. With a substantial number of aging polycrystalline panels and continuous improvements in recycling technology, these panels remain a dominant force in the solar panel recycling market. Their significant presence underscores the evolving landscape of the recycling industry, which is not only striving to mitigate the environmental impacts of solar waste but also capitalizing on the economic opportunities presented by reclaiming valuable materials from these widely utilized solar panels.

"Metals by material is projected to be the second largest, in terms of value, during the forecast period."

Metals, particularly aluminum, play a significant role in solar panel recycling, forming a substantial market segment due to several key factors. Aluminum is widely utilized in solar panel frames for its strength, corrosion resistance, and durability, ensuring a sizable supply for recovery upon panel decommissioning. The recycling process for metals like aluminum is comparatively straightforward, facilitated by methods such as shredding and magnetic separation, making it economically feasible and technically viable.

The economic incentives for metal recycling are compelling, with metals like aluminum and copper retaining high resale values and enjoying demand across diverse industries like automotive, construction, and electronics. This broad market applicability drives investments and advancements in metal recycling technologies. Additionally, metal recycling offers significant environmental benefits, notably reducing energy consumption and greenhouse gas emissions compared to virgin material production. Such efficiencies align with sustainability goals, conserving resources and minimizing environmental impact.

Moreover, regulatory frameworks in various regions promote electronic waste recycling, including metals from solar panels. These regulations prioritize valuable material recovery, fostering the development of specialized recycling infrastructure. Combined with the inherent economic and environmental advantages of metal recovery, regulatory support ensures the dominance of this segment within the solar panel recycling market, underlining its pivotal role in sustainable solar energy implementation.

"Mechanical by process segment is projected to be the largest, in terms of value, during the forecast period."

The mechanical process stands as the largest segment of the solar panel recycling market, representing a significant portion of recycling operations due to its efficiency and cost-effectiveness. In this method, solar panels undergo mechanical treatment, such as shredding and crushing, to break them down into smaller components for material recovery. This process is particularly adept at separating metals, such as aluminum and copper, from other materials like glass and plastics, which can then be further processed and purified for reuse. Mechanical recycling is favored for its simplicity and scalability, allowing for high-volume processing of end-of-life panels. Additionally, advancements in mechanical sorting technologies, such as optical sorting and magnetic separation, have further improved the efficiency of this process, enabling more precise material separation and higher rates of recovery. As the volume of decommissioned solar panels continues to rise globally, the mechanical process is expected to maintain its prominence within the solar panel recycling market, playing a crucial role in meeting the growing demand for sustainable waste management solutions in the renewable energy sector.

"Europe is expected to be the fastest growing market for solar panel recycling during the forecast period, in terms of value."

Europe's expanding solar capacity, driven by ambitious targets set by the European Union, is expected to escalate the demand for recycling solutions. Concurrently, in the U.S., efforts to boost domestic solar module production are underway, fueled by incentives favoring U.S.-made components amidst challenges posed by Chinese dominance in the global market. The crystalline silicon (advanced c-Si) technology prevails in the market, attributed to its widespread adoption globally. Additionally, the secondary market for solar modules presents cost-saving opportunities for buyers, catering to various needs including bulk purchases and sourcing rare hardware. In essence, the solar panel recycling market is poised for growth, propelled by Europe's solar capacity expansion, the demand for U.S.-made modules, and accessible options in the secondary module market.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=2927896

The key players in this market are First Solar (US), Reiling GmbH & Co.KG (Germany), The Retrofit Companies, Inc.  (US), Rinovasol Global Services B. V. (Netherlands), We Recycle Solar (US), ROSI (France), SILCONTEL LTD (Israel), Etavolt Pte. Ltd. (Singapore), PV Industries Pty Ltd (Australia), Solarcycle, Inc. (US), etc.

Browse Adjacent Market: Advanced Materials Market Research Reports & Consulting

Related Reports:

Recycled Plastics Market - Global Forecast to 2030

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.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/solar-panel-recycling-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/solar-panel-recycling.asp

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

View original content:https://www.prnewswire.co.uk/news-releases/solar-panel-recycling-market-worth-931-million-by-2029--exclusive-report-by-marketsandmarkets-302128486.html