USD 372.2 million
Report ID:
SQMIG45O2050 |
Region:
Global |
Published Date: December, 2024
Pages:
184
|Tables:
0
|Figures:
0
Solar Panel Recycling Market size was valued at USD 227.81 Million in 2023 and is poised to grow from USD 256.29 Million in 2024 to USD 584.52 Million by 2032, growing at a CAGR of 12.5% during the forecast period (2025-2032).
Solar panel recycling is projected to gain traction around the world as emphasis on sustainability and renewable energy adoption increases in the future. The launch of new initiatives to promote recycling of multiple materials and availability of subsidies for the same are also expected to foster new opportunities for solar panel recycling companies going forward. Rising costs of raw materials required for solar panel manufacturing are also estimated to bolster solar panel recycling market outlook in the long run. Surging investments in the development of novel solar panel recycling technologies and solutions coupled with increasing solar installations around the world are also slated to create new opportunities for business growth across the study period and beyond. On the contrary, high costs of recycling, lack of standardization in the solar panel recycling industry, and lack of awareness are forecasted to be key constraints that limit the growth potential of solar panel recycling companies in the future.
Global Market Size
USD 372.2 million
Largest Segment
Mechanical
Fastest Growth
Laser
Growth Rate
19.4% CAGR
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Global Solar Panel Recycling Market is segmented by Process, Material, Shelf Life, Type, and Region. Based on Process, the market is segmented into Thermal, Chemical, Mechanical, Laser, Combination, and Other Processes. Based on Material, the market is segmented into Silicon, Metal, Aluminum, Plastic, Glass, and Other Materials. Based on Shelf Life, the market is segmented into Early Loss, and Normal Loss. Based on Type of Traders, the market is segmented into Polycrystalline, Monocrystalline, Thin Film, and Other Types. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Process
Mechanical solar panel recycling process is projected to account for a substantial share of the solar panel recycling industry. The low costs and minimal environmental impact of mechanical recycling systems has allowed them to hold a dominant chunk of the global solar panel recycling market share. High possibility (close to 99%) of valuable metal and material recovery using mechanical solar panel recycling processes is also a key factor that makes this segment a highly rewarding one for all market players. Easy availability and simple operation are also key benefits that are estimated to help bolster the demand for mechanical solar panel recycling processes in the long run.
On the other hand, the demand for laser solar panel recycling processes is slated to increase at a notable pace as per the solar panel recycling market analysis. Precise separation of valuable materials and less waste are the top benefits of laser solar panel recycling processes that are making it highly popular among companies around the world. Growing investments in the research and development of novel laser recycling technologies are also expected to create new opportunities for market players focusing on this segment in the future. Elimination of plastic laminate use through laser recycling is another benefit that bolsters solar panel recycling market outlook going forward.
Analysis by Product
Monocrystalline solar panels are projected to bring in the most revenue for solar panel recycling providers in the future. Extensive use of monocrystalline solar panels across multiple applications for their longer shelf life and high efficiency allows them to hold a dominant stance in this solar panel recycling market forecast. Better performance of monocrystalline solar panels in low light conditions and high space efficiency has resulted in their higher installation thereby also contributing to a higher waste percentage of the global solar panel waste. Growing demand for monocrystalline solar panels is also expected to create new opportunities for solar panel recycling companies focusing on this segment.
Meanwhile, the demand for thin film solar panel recycling is slated to rise at a robust pace across the study period and beyond. High affordability, low weight, and high flexibility are the top benefits of thin film solar panels that are promoting their sales on a global level. Increasing adoption results in increased waste in the future thereby making this a highly opportune segment for solar panel recycling companies in the long run. High investments in the development of thin film solar panels coupled with availability of novel recycling technologies is expected to significantly boost revenue generation for market players in the long run.
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Europe is forecasted to account for a massive chunk of the global solar panel recycling market share owing to high emphasis on sustainability and rising demand for renewable energy. Growing solar installations, rising solar panel waste, and availability of supportive government initiatives and funding for recycling companies allows this region to spearhead revenue generation on a global level. High consumer awareness regarding sustainability is also expected to contribute to the dominance of this region. France, Germany, Sweden, the United Kingdom, and Norway are key markets for solar panel recycling companies operating in Europe in the future.
Asia Pacific is slated to emerge as the fastest expanding market for solar panel recycling providers across the study period and beyond. Rapidly increasing popularity of renewable energy, growing solar energy installations, and increasing availability of novel recycling technologies are expected to help create new opportunities for solar panel recycling companies in the future. China is slated to be the leading country in the Asia Pacific region owing to the presence of a strong recycling industry landscape and filing of new recycling technology patents. India, Japan, and South Korea are also expected to present new business scope for solar panel recycling market players through 2031 and beyond.
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Solar Panel Recycling Market Drivers
Rising Installation of Solar Energy Systems
High Economic Value of Recycled Materials
Solar Panel Recycling Market Restraints
High Costs of Recycling
Lack of Standardization
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Solar panel recycling companies should focus on maximizing the efficiency and output of their facilities to boost market growth. Collaborating and partnering with other recycling companies to expand business scope and increase recycling capacity will also be key strategies for solar panel recycling providers. Solar panel recycling market players should also invest in the development of sustainable solar panel recycling technologies and systems to unlock the full potential of the global solar panel recycling industry going forward.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, high demand for clean energy and growing demand for recycling of increasing solar panel waste are slated to be key prospects driving the demand for solar panel recycling solutions and services. On the contrary, the lack of standardization and high costs of recycling are slated to slow down the demand for solar panel recycling across the forecast period. Rapidly increasing solar installations and the availability of supportive government initiatives and incentives for solar panel recycling companies are slated to help Europe dominate the global market. Use of circular economy practices is also expected to create new business scope for solar panel recycling companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 372.2 million |
Market size value in 2031 | USD 1835.76 million |
Growth Rate | 19.4% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Solar Panel Recycling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Panel Recycling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Panel Recycling Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar Panel Recycling Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45O2050
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