The solar panels at the end of life are collected and
recycled by solar panel recycling companies or solar panel manufacturers. The
solar panel recycling industry is at the developing stage, but with the rapid
growth of the solar power market, there is a rise in demand for solar panel
recycling in the coming years. There are various methods of solar panel
recycling including thermal, mechanical, and laser. In Europe, the solar
panel recycling market is more advanced than in other regions
including Asia-Pacific, LAMEA, and North America. This is owing to regulatory
measures and policies adopted by the European region in the recycling of solar
panels.
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The solar panel recycling market is anticipated to witness
considerable growth during the forecast period. This is attributed to factors
such as the rise in demand for solar photovoltaic panels from residential,
commercial, and industrial applications. In addition, an increase in government
activities toward the production of solar energy across the globe fuels the
growth of the market. However, the lack of solar panel recycling infrastructure
and problems associated with recycling are restraining the growth of the market
globally. Conversely, rapid growth and investment in the solar energy industry
in the economies such as China, Japan, India, and South Korea are anticipated
to provide potential solar panel recycling market opportunities in the upcoming
years.
Rapid growth of the solar energy industry is expected to
drive the growth of the market during the forecast period. In addition, an
increase in installations of solar panels in various applications including
power generation, transportation, water heating, and others is further
anticipated to fuel the growth of the solar panel recycling market during the
analyzed time frame. Moreover, favorable government measures including
incentives have also been introduced to promote the adoption of various solar
energy technologies such as crystalline silicon and thin film. For instance, in
2019, the U.S. government introduced solar tax credit with the objective to
reduce the cost of installing a solar energy system by 30.0%. In addition,
declining prices, improvements in conversion efficiencies, and growing efforts
toward advancements of solar panels is projected to propel the growth of the
solar energy industry which in turn is projected to drive the market from 2021
to 2030.
Depending on the process, the thermal segment held the
highest market share of about 68.9% in 2020 and is expected to maintain its
dominance during the solar panel recycling market forecast period. This is
owing to benefits associated with a thermal process in solar panel recycling which
recovers more than 84.0% of solar panels’ weight and can also recycle up to
98.0% of unbroken cells depending on the conditions of the solar modules and
the thickness of the solar cells. In addition, the rapid growth of the solar
panel sector is expected to drive the remarkable growth of the market during
the forecast period.
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On the basis of type, the crystalline silicon segment holds
the largest share, in terms of revenue, and is expected to maintain its
dominance during the forecast period. This growth is attributed to the rising
demand for crystalline silicon in standalone PV systems such as solar street
light lamps and telecommunication & signaling towers where solar panels are
used to charge batteries.
In addition, an increase in government initiatives for the
adoption of solar energy is expected to drive demand for crystalline silicon
type which in turn is anticipated to fuel the solar panel recycling market
growth from 2021 to 2030.
On the basis of region, the market is analyzed across four
major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe
garnered the dominant share in 2020 and is anticipated to maintain this
dominance in the solar panel recycling market trend during the forecast period.
This is attributed to the presence of key players and a huge consumer base in
the region.
In addition, the demand for solar panel installation has
increased significantly across the UK, Germany, Spain, and Italy owing to a
surge in demand for distributed energy systems in the region which in turn is
anticipated to drive the growth of the solar panel recycling market in the
European from 2021 to 2030.
The global solar panel recycling market analysis covers
in-depth information on the major solar panel recycling market participants.
The key players operating and profiled in the report include Aurubis AG,
Canadian Solar, Echo Environmental, LLC, Envaris GmbH, First Solar, Hanwha
Group, Reiling GmbH & Co. KG, Silrec Corporation, SunPower Corporation, and
Trina Solar.
Other players operating in the value chain of the global
solar panel recycling market are Yingli Energy Co., Zorlu Holding, Rinovasol
Group, ECS Refining, LLC, SiC Processing GmbH, and others.
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Key Findings Of The Study
- In
2020, the thermal segment accounted for about 68.9% of the share in the
global solar panel recycling market and is expected to maintain its
dominance till the end of the forecast period.
- In
2020, the mechanical segment accounted for 23.9% solar panel recycling
market share in the year 2020 and is anticipated to grow at a rate of
13.4% in terms of revenue, increasing its share in the global market.
- Thin
film is the fastest-growing type segment in the global solar panel
recycling market, expected to grow at a CAGR of 14.6% during 2021–2030.
- Europe
is expected to grow at the fastest rate, registering a CAGR of 13.7%,
throughout the forecast period.
- In
2020, Europe dominated the global solar panel recycling market with more
than 43.2% of the share, in terms of revenue.
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