Global Solar Panel Recycling Market Report and Forecast 2024-2032

Global Solar Panel Recycling Market Outlook

The global solar panel recycling market is expected to grow in the forecast period of 2024-2032 at a CAGR of 19.5%.

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Asia Pacific Market to Witness Healthy Growth Over the Forecast Period

The Asia Pacific region is expected to witness healthy growth in the coming years. India, China, and Japan make up for a considerable share of solar power generation in the region, and have a large amount of installation of solar panels. China and Japan are the major markets for solar panel recycling in the region, owing to the presence of manufacturing and technology hubs.

China has a substantial amount of patent filing due to huge investment in the research and development activities pertaining to recycling technology. Further, Europe is a significant market for solar panel recycling. The region has large quantities of end-of-life solar panels resulting in an increase in solar panel waste. Thus, increasing the demand for solar panel recycling.

Solar Panel Recycling: Market Segmentation

Solar panel is made up of photo-voltaic cells mounted in a framework for installation. Solar panels generate direct current electricity using sunlight as a medium of energy. Silicon panels are often crushed or shredded, and sent to different recycling processes depending on the type of material. In some cases, panels undergo a similar process of separation of components, but then have to go through a chemical separation process known as delamination to remove the polymer layer from the glass and semiconductor material.

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The major process of solar panel recycling are:

• Thermal
• Mechanical
• Laser

The market can be broadly categorised on the basis of its types into:

• Crystalline Silicon
• Thin Film

The EMR report looks into the regional markets of solar panel recycling like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Technological Advancement in the Industry to Boost the Market Growth

Technological advancement in the industry, along with the cost-effectiveness of the product has increased the demand for solar panels. The prices of solar panels are declining, causing an increase in the number of installations of solar photovoltaic modules. The degradation of solar panels is responsible for the need to recycle the solar panels. This can happen due to maintenance issues, lack of product standardisation, and unfavourable weather conditions, among others. Growing awareness of customers' consciousness about renewable resources and sustainable living is driving the growth of solar panel recycling industry.

Nature is degrading at a very fast rate leading to an energy crisis. Decrease in conventional sources like nuclear energy, fossil fuels, boosts the growth of the industry. The government is providing various initiatives to promote the use of solar panels such as giving subsidies, which is beneficial for both, environment as well as users. Numerous countries are heavily investing in the research and development sector of renewable resources to combat the waste generated at the end of life of the photovoltaic modules. However, Covid-19 had negatively impacted the growth of solar panel recycling industry as industries are working on low capacities because the manufacturing and construction work halted. But with the lifting of restrictions and lockdowns, things are getting back to normal, and the demand for solar panel recycling is expected to rise in future.

Key Industry Players in the Global Solar Panel Recycling Market

The report presents a detailed analysis of the following key players in the global solar panel recycling market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Canadian Solar, Inc.
• First Solar, Inc.
• Hanwha Group
• JA Solar Co. Ltd.
• SunPower Corporation
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report