Solar Panel Recycling Market: Current Analysis and Forecast (2023-2030)

Report Description

Global Solar Panel Recycling Market is expected to reach USD 1,069.02 Million in 2030 by growing at a CAGR of 28%.  Factors such as increasing government regulations, reducing solar panel decommissioned waste, and increasing solar energy usage are catalyst for growth. Significant players in energy, technology, startups, and innovators are actively contributing to developing and adopting Solar Panel Recycling.

For instance: In May 2023, We Recycle Solar announced that it has expanded its Arizona-based operations to tackle the growing solar panel waste. To date, the company has recycled more than 500,000 decommissioned solar panels. Furthermore, with the expansion, the company can process 7,500 modules or 345,000 pounds in a single day. 

PV Cycle ORG asbl, First Solar, FabTech, Envaris GmbH., Aerisoul Metal & Energy Corporation, Silcontel LTD, We Recycle Solar, Cleanlites Recycling, Reiling GmbH & Co. KG, Solarcycle, Inc., and First Solar are some of the key players in the market. These players have undertaken several M&As along with partnerships to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, monocrystalline category to witness higher CAGR during the forecast period.”

Based on the type, solar panels come in different types, but among them, monocrystalline and polycrystalline are the most popular. The major component of both the panels includes silicon. Although monocrystalline panels are relatively more energy efficient and heat resistant.

On the other hand, polycrystalline panels are less expensive in comparison to monocrystalline panels and are majorly used in places where space is not a constraint. The demand for recycling both panels is anticipated to increase, owing to its vast global-wise adoption in the past years.

For instance: In 2018, PV Cycle collaborated with Veolia (a recycling company) to open the first solar panel recycling plant in the European region. In 2018, the plant managed to recycle 1,800 tons of materials. Moreover, in the coming years the company aims to increase its solar panel recycling capacity, reaching up to 4000 metric tons and attaining a material recovery rate of 95%.

“Amongst process, the mechanical segment to hold a significant share in the market in 2022.”

The Solar Panel Recycling market is categorized into three segments: mechanical, thermal, and laser process. The mechanical segment holds a major share of this market. This is mainly owing to cost-effectiveness while recycling crystalline silicon solar panels. Moreover, these processes do not require the use of harmful chemicals or release toxic gases while recycling and therefore have less impact on the environment.

Furthermore, major solar panel recycling companies including We Recycle Solar, Solar Cycle, Reiling Group, Poseidon Solar, Yousolar, and First Solar among others are currently using mechanical process to recycle solar panels.

“Asia Pacific to hold a considerable share in the market.”

Asia Pacific is expected to experience a significant growth rate in the projected period. The primary factor driving this growth is the increasing numbers of decommissioned solar panels in the region. Moreover, the large population in the region and the presence of major solar panel producing countries including China, India, and Japan, are driving the installation of solar panels in the region. Additionally, rising government initiatives towards renewable sources, and clean energy are anticipated to drive the solar panel recycling market in the region. China is estimated to capture the major market share in the solar panel recycling market owing to its large installed solar capacity, and presence of aging and mature solar infrastructure. India is also anticipated to capture the significant amount of market share in the region owing to its large solar panel installed capacity. 

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Solar Power Recycling market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Frequently Asked Questions (FAQ)

Research Methodology

Research Methodology for the Solar Panel Recycling Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Solar Panel Recycling market were the three major steps undertaken to create and analyze the adoption of Solar Panel Recycling in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Solar Power Recycling market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Solar Panel Recycling market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Solar Panel Recycling market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and process. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Solar Panel Recycling market. Further, we conducted factor analysis using dependent and independent variables such as type and process of Solar Panel Recycling. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Solar Panel Recycling market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Solar Panel Recycling market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Solar Panel Recycling market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Solar Panel Recycling market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Solar Panel Recycling market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and process in the global Solar Panel Recycling market.

The main objective of the Global Solar Panel Recycling Market Study

The current & future market trends of the global Solar Panel Recycling market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Solar Panel Recycling market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of type and process.
• Define and analysis of the regulatory framework for the Solar Panel Recycling industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Solar Panel Recycling market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Solar Panel Recycling market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team