New York, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The global solar panel recycling market size is expected to expand at ~38% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 2 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022.The reason behind the growth is impelled by the increasing utilization of solar power globally. Small-scale solar photovoltaic (PV) systems are the most popular type of solar installation and are typically installed on rooftops. Moreover, large-scale solar PV and solar energy projects can contribute to a decrease in the usage of fossil fuels and can aid in lowering the overall energy bill. These factors are expected to significantly drive market growth.
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According to estimates, solar energy accounted for more than 4% of all energy consumed globally in 2021. The growing technological advancements are believed to fuel the market growth. For instance, Researchers at Arizona State University are developing a novel recycling method that effectively removes silicon and silver from solar panels using chemicals. Similarly, several novel recycling techniques are being tested by the U.S. recycling startup TG Companies and researchers in Australia. The tightening of waste management regulations and the emphasis on circular economy principles have increased the importance of proper disposal and recycling of solar panels. Many countries have implemented or are considering regulations to manage the end-of-life phase of solar panels responsibly.
Increasing Environmental Concerns across the Globe to Boost Market Growth
After a projected 30-year lifespan, solar panels are predicted to produce a significant amount of garbage, which is predicted to increase environmental issues all over the world. It is projected that by 2050, 78 million tons of PV panel trash will have been generated worldwide. Several legislation and regulations, including the European Waste Electrical and Electronic Equipment (WEEE) Directive, have established practical methods for managing waste from solar panels. Such policies are proposed by the governing bodies of many nations to support ecologically beneficial initiatives and encourage green energy projects. Government support in the form of service provider tax breaks and subsidies is another important factor fueling the market. Some countries are adopting extended producer responsibility frameworks, where solar manufacturers are responsible for the entire life cycle of their products, including proper disposal and recycling. Such policies encourage manufacturers to design products with recycling in mind. Governments offer incentives and subsidies to promote solar panel recycling initiatives. These financial incentives aim to encourage industry players to invest in recycling technologies and infrastructure.
Solar Panel Recycling Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Cross-Sector Collaboration to Drive the Market Growth in Asia Pacific Region
The solar panel recycling market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Cross-sector collaboration is a key driver for the market. Partnerships between government agencies, industry stakeholders, and environmental organizations facilitate the development of standardized recycling practices, promote awareness, and ensure the effective implementation of recycling initiatives. Such collaborations create a cohesive approach to addressing the challenges of solar panel disposal and recycling in the region. Collaborative efforts between government bodies, the solar industry, and environmental organizations have increased by 20% in the Asia-Pacific region, according to a joint report by environmental agencies. The growing environmental consciousness among consumers and businesses alike is fostering the demand for eco-friendly practices, including the recycling of solar panels. This shift in awareness encourages responsible disposal methods and drives the adoption of recycling services. Manufacturers and consumers are recognizing the importance of minimizing the environmental footprint of the solar industry, further propelling the growth of solar panel recycling.
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Increasing Solar PV Installations to Propel the Growth in the North America Region
The North America solar panel recycling market is estimated to garner the highest CAGR by the end of 2035. The continual growth of solar PV installations in North America is a primary driver for the market. As the region experiences a surge in solar energy adoption, the volume of decommissioned solar panels increases, creating a demand for effective recycling solutions to manage end-of-life solar modules responsibly. North America is one of the leading regions in solar PV installations, contributing to over 30% of the global solar capacity, according to the Solar Energy Industries Association. The regulatory framework and increasing attention to e-waste management contribute significantly to the growth of the market in North America. Various states in the U.S. and Canada have implemented or are considering regulations to manage the disposal and recycling of electronic waste, emphasizing the need for sustainable practices in handling solar panels. The heightened environmental consciousness in North America plays a pivotal role in driving the solar panel recycling market. Consumers, businesses, and policymakers increasingly recognize the importance of adopting sustainable practices, including responsible disposal and recycling of solar panels. This awareness fosters a demand for eco-friendly solutions within the solar industry.
Solar Panel Recycling, Segmentation by Type
- Monocrystalline & Polycrystalline
- Thin Film
Amongst these segments, the monocrystalline & polycrystalline segment in solar panel recycling market is anticipated to hold the largest share over the forecast period. The monocrystalline segment is driven by the superior energy efficiency and performance of monocrystalline solar panels. Monocrystalline cells are made from a single crystal structure, allowing for a more organized and uniform arrangement of atoms. This structure results in higher efficiency, meaning that monocrystalline panels can convert a greater percentage of sunlight into electricity. As the demand for higher energy yield per square meter increases, the preference for monocrystalline panels grows. Monocrystalline solar panels typically have higher efficiency rates, ranging from 15% to 22%, compared to polycrystalline panels, which generally have efficiency rates between 13% and 16%. Monocrystalline solar panels' higher efficiency translates to more power production in a given space. This characteristic is particularly beneficial for residential and commercial installations where space constraints may limit the number of panels that can be installed. The reduced space requirements make monocrystalline panels an attractive choice for applications where maximizing energy production within a limited area is essential.
Solar Panel Recycling, Segmentation by Process
- Thermal
- Mechanical
- Laser
Amongst these segments, the thermal segment in solar panel recycling market is anticipated to hold a significant share over the forecast period. The thermal solar segment is driven by the need to meet the rising global energy demand in a sustainable manner. As traditional energy sources face challenges related to depletion and environmental impact, there is a growing interest in renewable energy solutions. Thermal solar technologies, which harness the sun's heat for power generation, contribute to a diversified and cleaner energy mix. The thermal solar segment plays a crucial role in mitigating climate change by providing a renewable energy source that produces electricity without emitting greenhouse gases. Solar thermal power plants can replace fossil fuel-based electricity generation, contributing to the global effort to reduce carbon emissions and transition towards a more sustainable energy future. The Intergovernmental Panel on Climate Change (IPCC) emphasizes the urgent need to reduce greenhouse gas emissions to limit global warming to 1.5 degrees Celsius. Thermal solar technologies offer a low-carbon alternative.
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Few of the well-known indsutry leaders in solar panel recycling market that are profiled by Research Nester are First Solar Inc, SOLARCYCLE Inc, Reiling GmbH & Co. KG, Rinovasol Group, ENVARIS GmbH, Silrec Corporation, NPC Incorporated, EIKI SHOJI Co, Ltd, ITOCHU Corporation, Niimi Solar Company, and other key market players.
Recent Development in the Solar Panel Recycling Market
- First Solar Inc. and Capital Power Corporation declared that Capital Power has received its first order for roughly 1 GWDC of ultra-low carbon thin film solar modules that have been ethically produced. The Series 6 Plus modules will help Capital Power's expanding development portfolio and will be supplied between 2026 and 2028.
- The AES Corporation has established a pilot program to evaluate construction breakage and end-of-life solar panel waste across the firm's portfolio and inked a Recycling Services Agreement with SOLARCYCLE, a tech-driven recycling services company.
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