Solar panel recycling involves processing of photovoltaic panels that have reached their end-of-life stage. Solar panels are composed of glass, polymer back-sheets, solar cells made up of silicon wafers/cells, electric circuits and aluminum frames. Through dismantling and segregation, valuable materials including glass, silicon, aluminum and silver can be recovered from solar panels for reuse. With growing deployment of solar energy, significant amounts of solar panel waste is being generated globally which necessitates effective recycling practices.

The global solar panel recycling 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 Dynamics:

Increasing solar panel waste generation remains a key driver supporting the growth of solar panel recycling market over the forecast period. Approximately 80,000 tons of solar panel waste is being generated annually globally that is expected to grow exponentially with higher adoption of solar energy over coming years. According to estimates, about 60 million solar panels will have reached end-of-life in the US alone by 2030. Another major driver favoring market growth is the rising focus on waste management and recovery of critical materials from end-of-life solar panels. Many countries have introduced regulations mandating proper recycling of solar panels to ensure minimum environmental impact. Growing awareness about energy conservation and benefits of recycling is further encouraging solar panel recycling practices globally.

SWOT Analysis :

Strength: The solar panel recycling market offers an opportunity to recover raw materials and reduce electronic waste. Solar panels contain valuable materials like glass, aluminum, silicon, copper, and silver. By recycling solar panels, these materials can be recovered and reused, thus promoting sustainability. With technological innovations in recycling processes, more material can be extracted efficiently.

Weakness: The collection and transportation of used solar panels for recycling requires substantial logistics and costs. As solar panels are bulky, collecting them dispersed across different geographical locations poses challenges. There are also technical difficulties associated with separating the different materials during the recycling process due to their composite structure.

Opportunity: Stringent government regulations regarding electronic waste disposal and recycling targets present a favorable regulatory environment for growth. Many countries and regions have mandated recycling rates and restrictions on sending e-waste to landfills. This drives the demand for viable recycling solutions. Growing consumer awareness about sustainability and the circular economy model also boosts the solar panel recycling industry.

Threats: The recycling industry faces competition from raw material extraction and new solar panel manufacturing. Setting up large-scale recycling plants requires huge capital investments. Fluctuations in raw material prices can impact the profitability of recycling operations. Technology changes in solar panels may reduce the viability of recycling older panel models.

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 Takeaways :

The global  Solar Panel Recycling Market Size is expected to witness high growth over the forecast period from 2023-2030. The global solar panel recycling market is estimated to be valued at US$ 298 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 – 2030.

Regional Analysis: Europe currently dominates the global market with over 40% share primarily driven by stringent e-waste regulations in countries like Germany, France and Netherlands. The Asia Pacific region is expected to emerge as the fastest growing market due to rapid expansion of solar power projects and implementation of government recycling mandates in major markets like China and India.

Key players operating in the solar panel recycling market are eclaim PV, Canadian Solar, Silcontel Ltd., Reclaim PV Recycling, Cascade Eco Minerals (CEM), Envaris, Eiko Global, and Echo Environmental. These companies offer advanced recycling technologies and large-scale facilities to process surplus or end-of-life solar panels. Major players are focusing on expanding their geographic footprint and production capacities to capitalize on the rising global demand for recycling services.