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The solar panel recycling market size is forecast to increase by USD 798.8 million, at a CAGR of 35.23% between 2023 and 2028. The energy landscape is undergoing significant transformation due to increased investment in renewable energy sources and the rising popularity of the Pay-As-You-Go (PAYG) solar business model. This shift is further accelerated by the advancement of zero-energy buildings, which are designed to produce as much energy as they consume over a year. The PAYG model, in particular, is gaining traction as it allows consumers to access solar power without the upfront costs, making renewable energy more accessible and affordable. These developments are contributing to a more sustainable and resilient energy system, fostering greater adoption of green technologies and reducing reliance on traditional fossil fuels. As a result, the energy sector is moving towards more innovative and environmentally friendly solutions, marking a pivotal shift in how energy is produced, consumed, and managed globally.
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The solar panel recycling market share growth by the crystalline segments will be significant during the forecast period. Crystalline PV panels are the most commonly used solar PV panels worldwide due to their superior cell efficiencies, long lifespans, and compact designs. The IEA reports that crystalline PV is the oldest and most dominant solar PV technology, accounting for over 90% of the market. In 2021, crystalline PV panels have reached high stability and can achieve efficiencies of up to 25%. They are manufactured using two types of crystalline silicon: monocrystalline and polycrystalline. Both types serve the same purpose of capturing solar energy and converting it into electricity. Monocrystalline panels are made by shaping silicon into bars and cutting them into wafers, utilizing a single crystal structure. This allows electrons to flow more freely, resulting in higher efficiency compared to polycrystalline silicon panels.
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The crystalline segment was the largest and was valued at USD 87.60 million in 2018. Monocrystalline silicon panels are more expensive compared to polycrystalline silicon panels due to their higher efficiency. Polycrystalline silicon panels are produced by melting fragments of silicon together, resulting in multiple crystal structures within a single cell, which hinders the flow of electrons. Moreover, the crystalline PV panels consist of additional components such as glass, aluminum, and copper. According to the IEA, these components can be mechanically separated with an 85% cumulative yield by panel mass. However, without employing thermal, chemical, or metallurgical methods, the recovered materials may contain impurities, reducing their resale value.
Therefore, research and development efforts have been undertaken since the 1990s to improve the recycling of crystalline PV panels. The latest recycling approach involves extracting metals from the silicon cell by removing the metal frame, terminal box, and encapsulant from the laminated structure. Given their high efficiency and reliability, crystalline PV panels have been widely adopted, and recent advancements in their recycling methods are expected to drive the growth of the market growth in the forecast period.
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APAC is estimated to contribute 43% to the market growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors in Europe. Germany, Italy, and France were the primary contributors to the market in Europe in 2022. The market in the region is driven by regulations on solar PV panel waste management through the EU WEEE Directive, historical installations, and efficient recycling processes. Germany witnessed a surge in demand for solar PV systems since the 1990s, supported by measures for residential installations and feed-in tariffs. With more than 13% of global cumulative installed capacity in 2021, Germany is expected to generate a significant amount of solar PV panel waste. Innovations like the 650 MW solar park near Leipzig further fuel the demand for solar panel recycling in Germany.
The market is gaining momentum as investment toward renewable energy infrastructure increases. Key recycling processes include thermal, mechanical, and laser methods, essential for managing heavy and toxic substances or metals found in solar modules and solar cells. Leading companies such as Hanwha Group, SunPower Corporation, and Yingli Energy Co are at the forefront, partnering with firms like Echo Environmental, LLC and Reiling GmbH & Co to enhance solar panel recycling infrastructure. Silrec Corporation, Zorlu Holding, and Rinovasol Group are also significant players, competing in the sector with innovative solutions. The market, which includes recycling for standalone PV systems and solar street light lamps, shows promising growth prospects, particularly in regions like LAMEA. ECS Refining, LLC is notable among competitors, advancing efforts to integrate energy storage systems into recycling processes.7u9
The reduction in costs of solar PV systems is notably driving the solar panel recycling industry. Solar PV is recognized as a cost-effective power generation source. The US Department of Energy's SunShot Initiative, launched in 2011, aims to make solar PV systems more affordable and competitive. By 2020, the targets were set to achieve lower costs per kWh for residential, utility-scale, and commercial solar. Looking ahead, the SETO has set new cost targets for 2030 to reduce solar PV system costs by 50%.
Moreover, with declining costs of solar PV systems, owing to government initiatives and subsidies, as well as competitive bidding processes, there has been substantial growth in solar PV installations globally. Boosted by the demand for clean and sustainable energy, the demand for solar PV is expected to grow, particularly in the US, India, and China. The economies of scale will further pull down the semiconductor costs. Hence, the reduction in the cost of solar PV systems is expected to boost solar power generation. This will drive the growth of the global market during the forecast period.
Increasing investments in renewable energy sources is a prominent trend in the market. Solar PV and wind power systems are experiencing cost reductions, driving their rapid growth in the global energy mix. Renewable energy is expected to meet demand across various sectors, with global energy investment projected to reach USD 1.9 trillion in 2021. China leads in solar PV spending, enabling access to finance for distributed solar PV projects and energy efficiency initiatives. Government support and investments are driving the adoption of solar PV and wind power systems, leading to an increase in solar panel waste and fueling the growth of the market during the forecast period.
Intermittency in solar power generation is challenging the solar panel recycling industry. The decreasing cost of solar PV panels has led to significant adoption; however, the intermittent nature of solar power generation presents a major challenge. Solar output depends on factors like solar irradiation, panel efficiency, and shading, varying across geographic locations and climates.
Further, solar PV panels generate peak power during mid-day under normal conditions, requiring secondary power sources like batteries, wind or grid power, or hybrid generators during off-peak periods or at night. Solar PV panels operate for only half of the day, with efficiency further decreasing in cloudy or rainy weather.
However, the average efficiency of solar PV panels was approximately 18.3% in 2020. While solar PV technology is advancing, its conversion rate cannot match that of fossil fuels due to sunlight variability and geographic differences. The intermittency of solar power poses a significant challenge to solar PV adoption and subsequently impacts the growth of the market.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
NPC Inc.-The company offers solar panel recycling solutions for closed-loop semiconductor recovery.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Solar panel recycling is an essential aspect of the renewable sector, addressing the growing issue of Solar panel waste. The market for solar panel recycling encompasses various processes, including thermal, mechanical, and laser, to extract valuable resources such as Lead, Cadmium, Plastics, Glass, and Crystalline silicon from spent Solar panels. These resources can be reused in the Energy industry, reducing the need for virgin materials and minimizing environmental pollution and carbon footprints. The market is driven by regulations mandating the responsible disposal of Solar panel waste and the increasing demand for Energy storage systems (ESS) using spent EV batteries. Hanwha Q Cells, Hyundai, and ESS are among the industry players exploring partnerships to develop sustainable recycling solutions. Thin film Solar panels also contribute to the market, offering unique challenges and opportunities for recycling technologies. Overall, the market plays a crucial role in promoting sustainability and human health within the renewable sector.
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Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 35.23% |
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Market Growth 2024-2028 |
USD 798.8 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
27.56 |
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Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 43% |
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Key countries |
Germany, Japan, US, Italy, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aurubis AG, Canadian Solar Inc., Cleanites Recycling, ENVARIS GmbH, First Solar Inc., NPC Inc., Reclaim PV Recycling Pty Ltd., Recycle Solar Technologies Ltd., Reiling GmbH and Co. KG, Rinovasol Global Services BV, SiC Processing GmbH, SILCONTEL Ltd., Silrec Corp., Solarcycle Inc., SunPower Corp., The Activ Group Solutions Pty Ltd, Trina Solar Co. Ltd., Veolia Environnement SA, We Recycle Solar, and Yingli Green Energy Holding Co. Ltd. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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