Solar Panel Recycling Market Size Worth $477.74 Million By 2032 | CAGR: 13.00%

Solar Panel Recycling Market Size Worth $477.74 Million By 2032 | CAGR: 13.00%

The global solar panel recycling market size is expected to reach USD 477.74 million by 2032, according to a new study by Polaris Market Research. The report “Solar Panel Recycling Market Share, Size, Trends, Industry Analysis Report, By Type (Silicon, Monocrystalline, Polycrystalline, Thin-film); By Process; By Shelf Life; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Recycling the waste from solar panels that have reached the end of their useful lives can help to recover valuable resources and create jobs. The International Renewable Energy Agency estimates, by 2030, the value of clean energy raw materials from panels will be about USD 450 million globally. This is equal to the price of raw materials required to produce about 60 million new panels today. Recycling solar panels instead of dumping them in landfills saves landfill space and maximizes the value of the raw materials.

India currently does not have any system to manage solar waste. Considering the country's solar target of 280 GW, by 2030, it is adopting a solar waste management policy. As per the “National Solar Energy Federation” of India, SolarPower Europe & the PVCycle, funded by the EU in India & the Union Ministry of New and Renewable Energy, could produce around 34,600 tonnes of solar waste in the country, by 2030. This will further create a wide range of opportunities for the expansion of the market.

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Government regulations are influencing the growth of the market. This includes the implementation of waste management and recycling regulations, as well as financial incentives and subsidies for companies involved in the recycling of solar panels. California and Washington have developed regulations for extended producer responsibility (EPR). Manufacturers of the PV modules also contribute to the recycling of such modules that are sold in at no cost to the consumer.

Furthermore, the Australian federal government has addressed the issue and allocated a $2 million grant as a part of the National Product Stewardship Investment Fund for the creation and implementation of an industry-led product stewardship programme for PV systems. This will further propel the demand and growth for solar panel recycling in the upcoming years.

Solar Panel Recycling Market Report Highlights

  • Silicon segment is anticipated to grow at a higher rate owing to the increasing demand for solar energy and the need to address the environmental and health concerns associated with the disposal of PV panels.
  • Mechanical segment accounted for the higher growth rate owing to the development of new mechanical recycling technologies and processes.
  • Early Loss segment is projected to experience a significant growth rate due to the growing need for sustainable and responsible recycling solutions for the increasing number of decommissioned solar panels.
  • North America is expected to grow at a significant growth rate owing to the stringent regulations by the government in this region.
  • Gobal players include First Solar, Echo Environmental, Silcontel, Canadian Solar, Silrec, SunPower, Reiling GmbH, Trina Solar, Aurubis, Envaris, SiC Processing, Yingli Energy, & Hanwha Group.

Polaris Market Research has segmented the solar panel recycling market report based on type, process, shelf life, and region:

Solar Panel Recycling, Type Outlook (Revenue - USD Million, 2019 - 2032)

  • Silicon
  • Monocrystalline
  • Polycrystalline
  • Thin-film

Solar Panel Recycling, Process Outlook (Revenue - USD Million, 2019 - 2032)

  • Thermal
  • Mechanical
  • Laser

Solar Panel Recycling, Shelf Life Outlook (Revenue - USD Million, 2019 - 2032)

  • Normal Loss
  • Early Loss

Solar Panel Recycling, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
    • U.S.
    • Canada
    • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa