NEW YORK, Sept. 26, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global solar panel recycling market size is estimated to grow by USD 798.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 35.23% during the forecast period. Reduction in costs of solar pv systems is driving market growth, with a trend towards increasing investment in renewable energy sources. However, challenges associated with product characteristics poses a challenge. Key market players include Aurubis AG, Canadian Solar Inc., Cleanites Recycling, ENVARIS GmbH, First Solar Inc., NPC Inc., Reclaim PV Recycling Pty Ltd., Recycle Solar Technologies Ltd., Reiling GmbH and Co. KG, Rinovasol Global Services BV, SiC Processing GmbH, SILCONTEL Ltd., Silrec Corp., Solarcycle Inc., SunPower Corp., The Activ Group Solutions Pty Ltd, Trina Solar Co. Ltd., Veolia Environnement SA, We Recycle Solar, and Yingli Green Energy Holding Co. Ltd..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
Solar Panel Recycling Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 35.23% |
Market growth 2024-2028 |
USD 798.8 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
27.56 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 43% |
Key countries |
Germany, Japan, US, Italy, and China |
Key companies profiled |
Aurubis AG, Canadian Solar Inc., Cleanites Recycling, ENVARIS GmbH, First Solar Inc., NPC Inc., Reclaim PV Recycling Pty Ltd., Recycle Solar Technologies Ltd., Reiling GmbH and Co. KG, Rinovasol Global Services BV, SiC Processing GmbH, SILCONTEL Ltd., Silrec Corp., Solarcycle Inc., SunPower Corp., The Activ Group Solutions Pty Ltd, Trina Solar Co. Ltd., Veolia Environnement SA, We Recycle Solar, and Yingli Green Energy Holding Co. Ltd. |
Market Driver
The global shift towards renewable energy sources, driven by sustainability and carbon reduction goals, has led to a substantial increase in the adoption of solar PV and wind power. Renewables are poised to make a significant impact on the energy mix, with the International Energy Agency predicting an annual global energy investment of USD 1.7 trillion by 2023. This investment growth will finance distributed solar PV projects and energy efficiency initiatives. Consequently, the rise in solar PV installations will generate solar panel waste, fueling the growth of the global solar panel recycling market.
Solar panel recycling is a growing trend in the renewable sector as the number of discarded solar panels increases. Solar panels, a key component of the energy industry, contain valuable materials like lead, cadmium, plastics, and glass. Three main processes - thermal, mechanical, and laser - are used for recycling. Lead and cadmium are extracted through thermal processes, while mechanical and laser processes handle plastics and glass. Environmental concerns and human health risks from solar panel waste are driving the need for recycling. Regulations are emerging to reduce carbon footprints and minimize environmental pollution. Crystalline silicon and thin film solar modules are the main types of panels being recycled. Companies like Aurubis AG, Canadian Solar, Echo Environmental, LLC, Envaris GmbH, First Solar, Hanwha Group, Reiling GmbH & Co, Silrec Corporation, SunPower Corporation, Trina Solar, Yingli Energy Co, Zorlu Holding, Rinovasol Group, ECS Refining, LLC, SiC Processing GmbH, Hanwha Q Cells, Hyundai, ESS, and competitors are leading the way. Spent EV batteries and energy storage systems are also being recycled. The market for solar panel recycling is expected to grow as the world transitions to renewable energy.
Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!
Market Challenges
- Solar PV panel recycling presents unique challenges due to the materials used in their composition. While glass is the major component, solar panels also contain hazardous substances like cadmium, lead, and silver. These chemicals cannot be extracted without damaging the entire panel, making the recycling process complex. Chemical and thermal methods are employed to recover high-value materials, but the glass's low salvage value and impurities pose challenges. The increasing use of organic solar PV panels with less glass and more polymers further reduces incentives for recyclers. Commercial recycling companies require specialized training to efficiently extract valuable materials, and organizations like the US SEIA offer training programs. Despite these efforts, the complexities of solar PV panel recycling hinder market growth in the forecasted period.
- The Solar Panel Recycling Market is gaining momentum due to increasing regulations on solar waste disposal and the need to reduce carbon footprints. The process of recycling solar panels involves extracting valuable materials like crystalline silicon and thin film from solar modules and solar cells. Companies like Aurubis AG, Canadian Solar, Echo Environmental LLC, Envaris GmbH, First Solar, Hanwha Group, Reiling GmbH & Co, Silrec Corporation, SunPower Corporation, Trina Solar, Yingli Energy Co, Zorlu Holding, Rinovasol Group, ECS Refining LLC, and SiC Processing GmbH are key players in this market. Challenges include complex regulations and the high cost of processing. However, growth prospects are promising with the increasing demand for recycling spent solar panels, batteries from Electric Vehicles (EVs), and the production of energy storage systems (ESS). Competitors like Hanwha Q Cells, Hyundai, and ESS are also entering the market. The market includes solar modules, solar cells, solar panel sector, crystalline silicon type, standalone PV systems, telecommunication & signaling towers, and batteries.
Discover how AI is revolutionizing market trends- Get your access now!
Segment Overview
This solar panel recycling market report extensively covers market segmentation by
- Product
- 1.1 Crystalline
- 1.2 Thin film
- 2.1 Thermal
- 2.2 Mechanical
- 2.3 Laser
- 3.1 Europe
- 3.2 APAC
- 3.3 North America
- 3.4 Middle East and Africa
- 3.5 South America
1.1 Crystalline- Crystalline photovoltaic (PV) panels, the most widely used type in the solar PV market, are manufactured using monocrystalline and polycrystalline silicon. Monocrystalline panels, made from single crystal silicon, offer higher efficiency due to the unobstructed flow of electrons. In contrast, polycrystalline panels, formed from multiple silicon crystals, have lower efficiency but are more cost-effective. Both types consist of additional components, such as glass, aluminum, and copper, which can be recovered through mechanical processes, yielding around 85% by mass. However, high impurities in the recovered materials may reduce their resale value. Recycling advancements include metal frame and terminal box removal, elimination of the encapsulant, and metal recovery from the silicon cell. The crystalline PV panel recycling market is expected to expand due to the growing adoption of these efficient and reliable panels.
Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics
Research Analysis
Solar panel recycling is an essential aspect of the renewable energy industry as the number of solar panels reaching their end-of-life increases. Solar panels consist of various materials, including crystalline silicon, thin film, lead, cadmium, plastics, and glass. Recycling processes include thermal, mechanical, and laser methods to extract and recover these valuable resources. The environment and human health are significant concerns as improper disposal of solar panel waste can lead to environmental pollution and carbon footprints. Regulations are being implemented to address this issue, with companies exploring partnerships to develop efficient and cost-effective recycling solutions. The energy industry and renewable sector recognize the importance of solar panel recycling in reducing waste and minimizing the environmental impact. Spent EV batteries and energy storage systems are also being considered for recycling using similar processes.
Market Research Overview
Solar panel recycling is an essential process to address the growing issue of solar panel waste. Solar panels, a crucial component of the renewable sector, consist of crystalline silicon and thin film types, containing valuable materials like lead, cadmium, plastics, glass, and metals. Recycling methods include thermal, mechanical, and laser processes to extract these resources. The environmental and human health benefits, as well as reducing carbon footprints, are significant. Regulations are increasingly important in this sector, with LAMEA leading the way in solar panel recycling. Companies like Aurubis AG, Canadian Solar, Echo Environmental LLC, Envaris GmbH, First Solar, Hanwha Group, Reiling GmbH & Co, Silrec Corporation, SunPower Corporation, Trina Solar, Yingli Energy Co, Zorlu Holding, Rinovasol Group, ECS Refining LLC, and SiC Processing GmbH are key players in this market. Growth prospects are promising as solar modules, solar cells, spent EV batteries, energy storage systems, and solar panel sector waste continue to accumulate. Competitors in the batteries sector, such as Hyundai and ESS, are also entering the market. The recycling of solar panels not only benefits the environment but also reduces the need for raw materials, making it a crucial part of the energy industry's circular economy.
Table of Contents:
1 Executive Summary
2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation
- Product
- Type
- Geography
- Europe
- APAC
- North America
- Middle East And Africa
- South America
7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/
SOURCE Technavio
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
440k+Newsrooms &Influencers
9k+Digital MediaOutlets
270k+JournalistsOpted In Originally published at https://www.prnewswire.com/news-releases/solar-panel-recycling-market-projected-to-grow-by-usd-798-8-million-2024-2028-driven-by-lower-solar-pv-costs-and-ais-influence-on-trends-302258492.html Images courtesy of https://pixabay.com