by Market Overview:
The solar panel recycling market involves recycling of solar photovoltaic (PV) panels that have reached the end of their useful lifetime. Solar panels are composed primarily of glass, plastic, aluminum, silicon, and copper. The recycling process recovers these materials from decommissioned panels for reuse. It helps in reducing dependency on virgin materials and prevents solar panels from ending up in landfills. Solar panel recycling yields more than 90% recyclable materials from old panels and makes solar panel technology more sustainable and environment-friendly.
The global Solar Panel Recycling Market was valued at US$ 298 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
One of the key trends in the solar panel recycling market is growing volumes of solar panel waste or e-waste. As solar PV installation increases globally each year, millions of old panels are expected to retire from service over the next few decades. Most of the world’s first solar panels installed in the 1970s-80s will reach end-of-life by 2023. This huge volume of retired panels need to be recycled properly to ensure materials like silica can be recovered and reused. Secondly, landfill bans and volume-based recycling mandates by governments are also driving greater recycling rates. Many countries and regions have implemented regulations prohibiting non-recycling of solar panels. This is creating opportunities for new and advanced recycling technologies to handle large volumes of panel waste.
Porter’s Analysis
Threat of new entrants: Low capital requirements and small scale operations allow new companies to easily enter the solar panel recycling market. However, established players have economies of scale which pose entry barriers.
Bargaining power of buyers: Large solar panel manufacturers and installation companies have significant bargaining power as buyers due to the fragmented nature of suppliers in this market.
Bargaining power of suppliers: The raw material suppliers for recycling processes have low bargaining power due to the availability of alternative material recovery methods and suppliers.
Threat of new substitutes: New technologies for material recovery from solar panels can emerge as substitutes but require huge investments, limiting threats in the short term.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous recycling companies offering comparable recycling services.
Key Takeaways
The global Solar Panel Recycling Market Size is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing solar PV installation and subsequent waste generation. The market size for 2023 is estimated to be US$ 298 Mn.
Regional Analysis
Europe dominates the global solar panel recycling market currently. Strong regulations regarding solar panel e-waste management and recycling targets in countries like Germany, Netherlands, Belgium drive growth. Asia Pacific is expected to be the fastest growing market, led by China, due to rising government support and investments in recycling infrastructure.
Solar Panel Recycling Market Segmentation
By Panel Type
- Monocrystalline Silicon Solar Panels
- Polycrystalline Silicon Solar Panels
- Thin Film Solar Panels
- Others (Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS))
By Process
- Thermal
- Mechanical
- Laser
- Chemical
- Others (Shot blasting, magnetic, gravity)
By Shelf Life
- Early Loss
- Normal Loss
- Degradation Loss
- Others (slow loss, rapid loss)
By End User
- Residential
- Commercial & Industrial
- Utility
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. Reclaim PV Recycling and Silcontel hold a significant share currently.
FAQ’s
- What are the main factors influencing the Solar Panel Recycling Market?
- Which companies are the major sources in this industry?
- What are the market’s opportunities, risks, and general structure?
- Which of the top Solar Panel Recycling Market companies compare in terms of sales, revenue, and prices?
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
