(MENAFN- PR Newswire) DUBAI, UAE, Feb. 12, 2024 /PRNewswire/ -- As per the latest report published by Kings Research, the Solar Panel Recycling market value was registered at USD 120.8 million in 2022 and is anticipated to reach USD 436.2 million in revenue by 2030, progressing at a 15.3% CAGR from 2023 to 2030. The growth of the solar panel recycling industry is propelled by the expansion of the solar energy industry, which is leading to an increased number of solar panels reaching the end of their operational lives. This surge creates a demand for efficient recycling solutions.
Solar panel recycling involves collecting, dismantling, and recovering valuable materials from end-of-life solar panels, such as silicon wafers, aluminum frames, glass, and various metals. The primary application of these materials is their reuse in producing new solar panels, reducing the demand for virgin resources and the associated environmental impact. The recycling process includes disassembling panels, separating components, and extracting materials such as glass, aluminum, copper, and silicon for reuse. Diverse recycling methods, including chemical, thermal, and mechanical processes, are employed to maximize material recovery.
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Competitive Landscape
Key players in the solar panel recycling market are strategically employing various business strategies, including partnerships, mergers & acquisitions, process innovations, and joint ventures. With these efforts, the firms aim to broaden their portfolios and enhance their market presence across various regions.
For instance, in July 2023, First Solar agreed with Energix Renewables, whereby Energix will acquire 51 gigawatts (GWDC) of First Solar's environmentally friendly, low-carbon thin film solar modules. Energix, a significant player in Israel's renewable energy sector, managing over 7 GW of projects in Israel, Poland, and the United States, has also engaged First Solar's Recycling Services for the proper disposal of retired modules.
Major participants profiled in the global solar panel recycling market include:
First Solar Veolia Trina Solar Canadian Solar Hanwha Group Reiling GmbH & Co. KG SunPower Corporation Aurubis AG Yingli Solar RENESOLA
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Trending Now: Greenbacker Renewable Energy and SOLARCYCLE Forge Strategic Partnership for Cost-Effective Solar Panel Recycling
In October 2023, Greenbacker Renewable Energy established a long-term partnership with SOLARCYCLE, aiming to implement cost-effective recycling measures for decommissioned solar panels.
Under this agreement, Greenbacker secured a reliable recycling contract, while the relatively young SOLARCYCLE gained access to a substantial volume of panels for facilitating the scale-up of its operations. This strategic partnership signals a significant step toward sustainable practices in the renewable energy sector.
Widespread Usage of Crystalline Silicon Technology to Spur Solar Panel Recycling Market Progress
Based on type, the solar panel recycling market is divided into crystalline silicon and thin film. The crystalline silicon segment dominated the market in 2022. The rising demand for crystalline silicon solar panels has generated significant interest in their recycling. With the dominance of crystalline silicon technology in the market, the need to recycle these panels has increased considerably. The recycling process for materials such as glass, aluminum frames, copper wire, and plastic junction boxes is relatively straightforward.
However, challenges arise due to the complex nature of separating and recycling the polymer layers. Moreover, existing recycling procedures struggle to generate sufficient revenue from recovered materials to offset the recycling expenses. Implementing pivotal measures is crucial for fostering a sustainable approach to solar energy, ensuring that the high demand for crystalline silicon panels does not result in adverse environmental consequences.
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Increased Efficiency of Mechanical Process to Drive Solar Panel Recycling Market Development
Based on process, the solar panel recycling market is categorized into thermal, mechanical, and laser.
The mechanical segment led the global industry by capturing the largest market share in 2022. The mechanical recycling process encompasses the shredding and separation of solar panel components to reclaim valuable materials such as glass, aluminum, copper, and silicon cells.
The mechanical recycling method has gained prominence recently for its efficacy in recovering a substantial portion of the panel's components for reuse in the solar industry. As the technology continues to advance, it is anticipated to play a pivotal role in fulfilling the recycling requirements of the growing solar panel market. Enhancing and implementing mechanical recycling processes can contribute to a more sustainable approach to solar energy, minimizing waste.
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Rising Adoption of Solar Energy Worldwide to Propel Solar Panel Recycling Market Growth
The solar panel recycling industry experiences substantial growth driven by the increasing worldwide adoption of solar energy. The proliferation of solar panel installations leads to a corresponding surge in panels reaching their end-of-life, creating a demand for efficient recycling solutions to ensure responsible environmental disposal. Industry expansion is also fueled by an upsurge in awareness of the environmental impact of improper panel disposal and the pressing need for sustainable practices.
Companies at the forefront of recycling processes are emphasizing enhanced material recovery and effective hazardous waste management to gain a competitive advantage. Embracing the circular economy concept, where materials undergo recycling and reuse in panel manufacturing, not only aligns with global sustainability objectives but also presents substantial growth potential. Technological advancements enhancing recycling processes and the increasing prominence of circular economy principles offer lucrative opportunities in the market. With the growing global emphasis on renewable energy, solar panel recycling gains heightened significance in reducing the industry's carbon footprint, making it an attractive prospect for investors and stakeholders committed to sustainability goals.
Stringent Government Regulations to Augment Europe Solar Panel Recycling Market Revenue
Europe led the solar panel recycling market in 2022 driven by its robust commitment to environmental sustainability and stringent regulations governing solar panel disposal and recycling. The region's adoption of Extended Producer Responsibility (EPR) programs, which places the onus of end-of-life recycling on solar panel manufacturers, has bolstered market growth. Europe's dedication to the circular economy model has spurred investments in advanced recycling technologies, making it a hub for innovative processes. The mature solar industry and environmental consciousness in the region further contribute to its dominance. With a growing emphasis on waste reduction and resource efficiency, Europe is poised to maintain its leadership in the business in the coming years.
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Key Points from TOC:
1 Introduction of the Global Solar Panel Recycling Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 RESEARCH METHODOLOGY
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Solar Panel Recycling Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Solar Panel Recycling Market, By Type
7 Global Solar Panel Recycling Market, By Process
8 Global Solar Panel Recycling Market, By Geography
9 North America
10 Europe
11 Asia Pacific
12 Middle East & Africa
13 Latin America
14 Global Solar Panel Recycling Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
15 Company Profiles
15.1 First Solar
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Veolia
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Product Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Trina Solar
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Product Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Canadian Solar
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Product Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 Hanwha Group
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Product Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
Continued............
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