Solar Panel Recycling Market worth $931 million by 2029 Globally, at a CAGR of 19.3%, says MarketsandMarkets™

/EIN News/ -- Chicago, May 07, 2024 (GLOBE NEWSWIRE) -- The Global Solar Panel Recycling Market is projected to grow from USD 385 million in 2024 and is projected to reach USD 931 million by 2029, at a CAGR of 19.3% from 2024 to 2029, as per the recent study by MarketsandMarkets™. 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 exponential increase 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.

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.

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100 - Market Data Tables
65 - Figures
200 - Pages

List of Key Players in Solar Panel Recycling Market:

1. First Solar (US)
2. Reiling GmbH & Co.KG (Germany)
3. The Retrofit Companies, Inc.  (US)
4. Rinovasol Global Services B. V. (Netherlands)
5. We Recycle Solar (US)
6. ROSI (France)
7. SILCONTEL LTD (Israel)
8. Etavolt Pte. Ltd. (Singapore)
9. PV Industries Pty Ltd (Australia)
10. Solarcycle, Inc. (US)

Drivers, Restraints, Opportunities and Challenges in Solar Panel Recycling Market:

1. Drivers: The demand for recovery and reuse of materials from the solar panel recycling.
2. Restraints: Economic Viability Challenges in the Global Solar Panel Recycling Market.
3. Opportunity: Emerging Technologies in Solar Panel Recycling: Enhancing Efficiency and Sustainability.
4. Challenges: Regulatory Fragmentation: A Barrier to Sustainable Growth in Solar Panel Recycling.

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Key Findings of the Study:

1. Polycrystalline by type is projected to be the largest, in terms of value, during the forecast period.
2. Metals by material is projected to be the second largest, in terms of value, during the forecast period.
3. Europe is expected to be the fastest growing market for solar panel recycling during the forecast period, in terms of value.

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 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 favoured 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.

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Based on process, the solar panel recycling market has been segmented into thermal, chemical, mechanical, laser, combination, and other processes. Mechanical process accounted for the largest share, in terms of value, of the global market in 2024.

Mechanical recycling holds a prominent position in the solar panel recycling market due to several key factors. Firstly, mechanical recycling is characterized by its simplicity and cost-effectiveness compared to other recycling methods. This simplicity makes it more accessible and feasible for recycling facilities to implement on a large scale, thereby contributing to its widespread adoption.

Additionally, mechanical recycling involves the physical separation and sorting of different components of solar panels, such as glass, aluminum, and silicon, without the need for complex chemical treatments or high-temperature processes. This aspect not only reduces the operational costs associated with recycling but also minimizes the environmental impact by avoiding the use of hazardous chemicals or excessive energy consumption. Overall, the simplicity, cost-effectiveness, and versatility of mechanical recycling processes make them the preferred choice for handling the recycling of solar panel waste generated globally, consolidating its position as the largest market share segment in the solar panel recycling market.

Based on material, the solar panel recycling market has been segmented into silicon, metal, plastic, glass and others. Metals segment accounted for the largest share, in terms of value, of the global market in 2024.

Metals, especially metals like aluminum, have the largest market share in the materials segment of the solar panel recycling market due to several reasons. Firstly, solar panels contain a significant amount of metal components, with aluminum frames and electrical wiring being common features. These metals are crucial for the structural integrity and electrical conductivity of the panels, making them essential components of the recycling process.

Secondly, metals like aluminum are highly valuable recyclable materials with established recycling infrastructure and market demand. Aluminum, for example, can be recycled repeatedly without losing its quality, making it an attractive material for recycling facilities and scrap metal markets.

Furthermore, the growing demand for sustainable and circular economy practices in the renewable energy sector has further boosted the market share of metals in solar panel recycling. By recycling metals from end-of-life solar panels, the industry can reduce reliance on virgin materials, conserve natural resources, and minimize environmental impacts, driving the dominance of metals in the solar panel recycling materials segment.

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