Press release
Solar Panel Recycling Market Set for Remarkable Growth to Reach US$ 675.33 Million by 2034 Expected to Register a CAGR of 7.4%
Solar Panel Recycling Market
Market Introduction:
Solar panel recycling plays a crucial role in the energy sector by addressing the environmental and economic challenges associated with the disposal of old solar panels. As worldwide energy adoption continues to rise, many solar panels are approach their end-of-life phase, leading to potential waste. Recycling these panels prevents materials from ending up in landfills and contaminating the environment while also offering an opportunity to recover valuable materials and create green job opportunities.
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In silicon-based solar panel recycling, which is more common, the process begins with dismantling the commodity to segregate aluminum and glass components. Nearly all of the glass can be reutilized, while all exterior metal components are utilized for re-constructing cell frames. The surplus of the substances is treated at 500 degrees Celsius in a thermal processing unit to relax the binding amidst cell elements.
Market Growth Drivers:
Rising Adoption of Solar Power: The growing adoption of solar power causes a surge in the number of established solar panels, generating an elevated demand for recycling solutions when these panels become defunct. As per Invest India, in India alone, the installed solar capacity rose from 21,651 MW in 2018 to 70,096 MW in 2023, having a favorable impact on the solar panel recycling market growth.
Growing Government Initiatives: Governments, businesses, and individuals are funding solar power to decrease carbon emissions and encourage sustainability, causing a surge in the number of solar panels installed worldwide. As per the International Energy Agency, in 2022, USD 1.6 trillion was funded in clean energy portraying a massive aggregate of funding in energy. This growing usage of solar panels generates a requirement for productive recycling solutions once the panels approach termination.
Leading Market Players:
The solar panel recycling market is excessively fragmented, with critical players and many moderate regional players conveying a broad range of recycling procedures at local and country levels across the value chain.
Market leaders are enumerated as follows:
• Aurubis
• Canadian Solar
• Echo Environmental
• Envaris
• First Solar
• Hanwha Group.
• Reiling GmbH & Co. KG
• SiC Processing GmbH
• Silcontel
• Silrec
• SunPower
• Trina Solar
• Yingli Energy
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Solar Panel Recycling Market Report Highlights:
• Based on process, the mechanical segment dominated the solar panel recycling market share in 2024 due to its low cost and simplicity.
• The silicon segment, by type, is expected to witness the fastest growth during the forecast period, as solar panels with crystalline silicon make up most of the market.
• In 2024, North America dominated the solar panel recycling market revenue share, driven by the increasing adoption of solar energy and growing environmental awareness.
• Asia Pacific is expected to record a significant market share during the forecast period due to government initiatives and policies to promote the adoption of renewable energy sources.
Segmental Analysis:
Solar Panel Recycling Market, Type Outlook (Revenue - USD Million, 2020-2034)
• Silicon
• Monocrystalline
• Polycrystalline
• Thin-film
Solar Panel Recycling Market, Process Outlook (Revenue - USD Million, 2020-2034)
• Thermal
• Mechanical
• Laser
Solar Panel Recycling Market, Shelf-Life Outlook (Revenue - USD Million, 2020-2034)
• Normal Loss
• Early Loss
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Regional Analysis:
North America dominated the market in 2024 owing to the growing adoption of solar energy and rising ecological consciousness. The US and Canada are funding massively, causing a surge in the number of solar panels being installed.
Asia Pacific is projected to capture a significant market share, with governments implementing strategies and policies to promote the adoption of green energy sources, making it an attractive region for expansion.
• North America
o Type Outlook
• Silicon
• Monocrystalline
• Polycrystalline
• Thin-film
o Process Outlook
• Thermal
• Mechanical
• Laser
o Shelf-Life Outlook
• Normal Loss
• Early Loss
• Asia Pacific
o Type Outlook
• Silicon
• Monocrystalline
• Polycrystalline
• Thin-film
o Process Outlook
• Thermal
• Mechanical
• Laser
o Shelf-Life Outlook
• Normal Loss
• Early Loss
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