CHICAGO, April 26,
2024 /PRNewswire/ -- The report "Solar Panel
Recycling Market by Type (Monocrystalline, Polycrystalline,
Thin Film), Process (Thermal, Chemical, Mechanical, Laser,
Combination), Shelf Life (Early Loss, Normal Loss), Material
(Metal, Glass, Plastic, Silicone) - Global Forecast to 2029",
is projected to reach USD 931 million
by 2029, at a CAGR of 19.3% from USD 385
million in 2024.
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 exponentialincrease 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.
Browse in-depth TOC on "Solar Panel Recycling
Market".
100 – Tables
65 – Figures
200–
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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.
Moreover, the scarcity of raw materials used in solar panels,
such as silicon and precious metals like silver and copper, is
driving the demand for recycling. With finite reserves of these
critical materials and increasing demand for solar energy
installations, recycling presents a viable solution to recover and
reuse valuable resources. By recycling solar panels, manufacturers
can reduce their reliance on virgin materials, mitigate supply
chain risks, and contribute to a more circular economy.
Technological advancements in recycling processes are also
playing a pivotal role in shaping the growth trajectory of the
solar panel recycling market. Innovations in mechanical and
chemical recycling techniques are improving the efficiency and
cost-effectiveness of material recovery from end-of-life panels.
Advanced sorting technologies, such as laser-based systems, are
enabling the precise separation of materials, while innovative
chemical processes are enhancing the purity of recovered materials,
making them suitable for reuse in new solar panels or other
applications. These technological developments not only increase
the economic viability of recycling but also reduce the
environmental footprint of solar energy production by conserving
resources and minimizing waste.
The impending expiration of the first wave of solar
installations presents a significant opportunity for the recycling
sector. As millions of solar panels reach the end of their
operational lifespan in the coming years, the volume of solar waste
available for recycling is expected to increase exponentially. This
presents a lucrative market opportunity for recycling companies to
capitalize on the growing demand for sustainable disposal
solutions. By processing this vast amount of solar waste, the
recycling sector can mitigate environmental impacts associated with
landfill disposal and support the circular economy by reintroducing
valuable materials back into the manufacturing supply chain.
"Polycrystalline by type is projected to be the largest, in
terms of value, during the forecast period."
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 composition of polycrystalline panels, formed from multiple
silicon crystals fused together, presents challenges both in terms
of efficiency and recycling. While less efficient in converting
sunlight into energy compared to monocrystalline counterparts,
their complex structure poses unique difficulties in the recycling
process. Recovering valuable materials such as silicon, silver, and
aluminum requires intricate mechanical and chemical treatments.
Despite these challenges, the recycling of polycrystalline solar
panels holds considerable economic and environmental significance,
as materials like silicon can be repurposed for new solar panels or
other applications. However, recycling polycrystalline panels is
not without hurdles. The energy-intensive process of purifying
recovered silicon and the technical complexities involved in
separating composite materials can impact the cost-effectiveness of
recycling. Nevertheless, ongoing advancements in recycling
technology are gradually overcoming these barriers, enhancing the
efficiency and profitability of material recovery processes. With a
substantial number of aging polycrystalline panels and continuous
improvements in recycling technology, these panels remain a
dominant force in the solar panel recycling market. Their
significant presence underscores the evolving landscape of the
recycling industry, which is not only striving to mitigate the
environmental impacts of solar waste but also capitalizing on the
economic opportunities presented by reclaiming valuable materials
from these widely utilized solar panels.
"Metals by material is projected to be the second largest, in
terms of value, during the forecast period."
Metals, particularly aluminum, play a significant role in solar
panel recycling, forming a substantial market segment due to
several key factors. Aluminum is widely utilized in solar panel
frames for its strength, corrosion resistance, and durability,
ensuring a sizable supply for recovery upon panel decommissioning.
The recycling process for metals like aluminum is comparatively
straightforward, facilitated by methods such as shredding and
magnetic separation, making it economically feasible and
technically viable.
The economic incentives for metal recycling are compelling, with
metals like aluminum and copper retaining high resale values and
enjoying demand across diverse industries like automotive,
construction, and electronics. This broad market applicability
drives investments and advancements in metal recycling
technologies. Additionally, metal recycling offers significant
environmental benefits, notably reducing energy consumption and
greenhouse gas emissions compared to virgin material production.
Such efficiencies align with sustainability goals, conserving
resources and minimizing environmental impact.
Moreover, regulatory frameworks in various regions promote
electronic waste recycling, including metals from solar panels.
These regulations prioritize valuable material recovery, fostering
the development of specialized recycling infrastructure. Combined
with the inherent economic and environmental advantages of metal
recovery, regulatory support ensures the dominance of this segment
within the solar panel recycling market, underlining its pivotal
role in sustainable solar energy implementation.
"Mechanical by process segment is projected to be the
largest, in terms of value, during the forecast period."
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 favored
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.
"Europe is expected to be
the fastest growing market for solar panel recycling during the
forecast period, in terms of value."
Europe's expanding solar
capacity, driven by ambitious targets set by the European Union, is
expected to escalate the demand for recycling solutions.
Concurrently, in the U.S., efforts to boost domestic solar module
production are underway, fueled by incentives favoring U.S.-made
components amidst challenges posed by Chinese dominance in the
global market. The crystalline silicon (advanced c-Si) technology
prevails in the market, attributed to its widespread adoption
globally. Additionally, the secondary market for solar modules
presents cost-saving opportunities for buyers, catering to various
needs including bulk purchases and sourcing rare hardware. In
essence, the solar panel recycling market is poised for growth,
propelled by Europe's solar
capacity expansion, the demand for U.S.-made modules, and
accessible options in the secondary module market.
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The key players in this market are First Solar (US), Reiling
GmbH & Co.KG (Germany), The
Retrofit Companies, Inc. (US), Rinovasol Global Services B.
V. (Netherlands), We Recycle Solar
(US), ROSI (France), SILCONTEL LTD
(Israel), Etavolt Pte. Ltd.
(Singapore), PV Industries Pty Ltd
(Australia), Solarcycle, Inc.
(US), etc.
Browse Adjacent Market: Advanced Materials Market Research
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