Insights into Solar Panel Recycling
DUBLIN–(BUSINESS WIRE)–The “Solar Panel Recycling: Global Market” report has been added to ResearchAndMarkets.com’s offering.
A recent comprehensive analysis of the global solar panel recycling industry reveals promising growth prospects, projecting the market value to surge from $0.36 billion in 2023 to an impressive $1.72 billion by 2028. This substantial growth corresponds to an extraordinary Compound Annual Growth Rate (CAGR) of 36.8%.
The in-depth report provides an extensive examination of various facets within the solar panel recycling sector. Notably, the study covers process categories, key drivers, emerging trends, and significant players in each category. These insights contribute to meticulous market estimates, facilitating a comprehensive understanding of this dynamic industry.
The report underscores the influence of government regulations, prevailing technology, and economic factors on the solar panel recycling market. In this regard, it offers invaluable facts, figures, and statistics, essential for evaluating stable market aspects, as well as the industry’s current trends and projections.
Moreover, the report adopts diverse perspectives for market analysis, including an Economical, Social, and Governance (ESG) analysis, patent analysis, and a focus on emerging trends.
The global solar energy generation capacity has been on a remarkable trajectory, with an average annual growth rate of 22% since 2021. By 2028, it is anticipated to witness a further surge of approximately 25%. Solar energy now constitutes more than 3% of the global electricity mix, underscoring the increasing prominence of renewable energy sources.
The exponential growth of solar photovoltaic (PV) capacity is particularly noteworthy. In just two decades, this capacity has expanded over 750-fold, escalating from a modest 1.4 GW in 2000 to a staggering 760 GW in 2020, as confirmed by the International Energy Agency (IEA).
China emerges as a dominant player in the solar energy sector, boasting the largest installed capacity in both new and cumulative categories, with a cumulative installed capacity exceeding 400 GW. The United States, Japan, Germany, India, Australia, Italy, Brazil, the Netherlands, and South Korea also contribute significantly to PV installations.
As the renewable energy market continues to expand, the significance of recycling processes becomes increasingly evident. The surge in solar panel installations, initiated in the 2000s, has set the stage for a wave of discarded solar panels. Given the approximate 25-year lifespan of solar panels, nations are approaching the first major phase of panel disposal.
The solar panel recycling industry, still in its infancy, presents substantial room for innovation and growth, particularly since most of the current solar capacity has been added within the last decade.
While current photovoltaic waste volumes remain low, the projection for the next 10-20 years is drastically different. With the growing deployment of PV systems and an increasing number of modules reaching the end of their useful life, PV waste is anticipated to surge nearly 40-fold by 2030.
The potential market value of recyclable materials extracted from solar panels is projected to leap from $170 million in 2022 to a staggering $2.7 billion by 2030, offering a lucrative economic opportunity and paving the way for the creation of new industries centered around scrap panels.
The solar panel recycling market is expected to grow at an impressive CAGR of 36.8% from 2023 to 2028. This growth trajectory is propelled by escalating solar panel installations, supportive government policies, and heightening environmental concerns.
The report highlights that the Asia-Pacific region is poised to retain its position as the largest market for solar panel recycling, with a current market share of over 36.7%. Europe follows closely at 31.2%, and North America at 20.5%. This distribution trend is expected to persist through 2028 with minor variations.
In terms of the recycling process, the thermal segment commands the largest market share at 58.4%, followed by the chemical segment at 27.6% in 2022. In the realm of technology, the silicon-based category takes the lead, accounting for over 69.9% of the market share in 2022.
The global solar panel recycling market report introduces various companies that are driving innovation and growth within the sector. Some of the prominent companies mentioned include:
- Aerisoul Metal & Energy Corp. S.R.O.
- Aurubis AG
- Cascade Eco Minerals LLC
- First Solar
- Nth Cycle Inc.
- Reclaim Pv Recycling
- Rosi Solar
- Solarcycle Inc.
- The Retrofit Companies Inc.
- Trina Solar Co. Ltd.
- Veolia Environnement S.A.
- We Recycle Solar, Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2023 – 2028 |
| Estimated Market Value (USD) in 2023 | $0.36 Billion |
| Forecasted Market Value (USD) by 2028 | $1.72 Billion |
| Compound Annual Growth Rate | 36.8% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Government Policies for the Safe Disposal of Solar Panels
- Rising Environmental Concerns
- Resource Recovery and Economic Incentives
- Increasing Installation of Solar Panels
Challenges
- Cost-Effectiveness
- Availability of Inexpensive Alternatives
- Limited Recycling Infrastructure
- Technological Advancements in Solar Panels
Opportunities
- Partnership Between Manufacturers and Recycling Companies
- Recycling Standards and Certifications
- Growth of Downstream Industries
- Green Products
For more information about this report visit https://www.researchandmarkets.com/r/106m5p
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