Enjoy complimentary customisation on priority with our Enterprise License!
The solar panel recycling market size is forecast to increase by USD 417.08 million and is estimated to grow at a CAGR of 26.97% between 2023 and 2027. The report includes historic market data from 2017 to 2021. Renewable energy sources are attracting higher investments, and the PAYG solar business model is gaining popularity, alongside the development of zero-energy buildings. These factors are driving the transformation of the energy landscape.
To learn more about this report, View Report Sample
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, leading to an increase in solar panel waste and fueling the growth of the global solar panel recycling market during the forecast period.
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.
Get a glance at the market contribution of various segments View the PDF Sample
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, aluminium, 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 global solar panel recycling market growth in the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 38% 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 solar panel recycling 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 European market in focus was negatively affected by the COVID-19 pandemic, as stringent lockdown measures in countries such as the UK, Germany, France, Switzerland, and others resulted in reduced energy usage in business spaces. However, as vaccination efforts progressed and lockdown restrictions were eased in 2021, solar power generation resumed, leading to increased demand for panel recycling and driving rapid market growth in Europe during the forecast period.
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 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 solar panel recycling 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. 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 global solar panel recycling 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.
Global Solar Panel Recycling 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 solar panel recycling market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Solar Panel Recycling Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.97% |
Market growth 2023-2027 |
USD 417.08 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
25.06 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 38% |
Key countries |
US, Japan, China, Germany, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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, Veolia Environnement SA, We Recycle Solar, Yingli Green Energy Holding Co. Ltd., Aurubis AG, and Trina Solar Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.