Solar Panel Recycling Market size is forecast to grow by USD 116.67 billion between 2025 and 2037, driven by a 37.6% CAGR. The industry size of solar panel recycling in 2025 is predicted to reach USD 2.43 billion.
Increasing utilization of solar panels in many parts of the globe will impel the solar panel recycling market growth. According to a report by the International Energy Agency, global solar installations across the globe reached 447 GW, almost double the installations in 2022. China has the largest number of solar installations, accounting for 57% of the world’s solar in 2023. These solar panels have a typical lifespan of 25-30 years, leading to a surge in end-of-life. According to the International Renewable Energy Agency (IRENA), solar panel waste is expected to reach 78 million tonnes by the end of 2050. Thus, to manage the rising waste efficiently, governments and industry giants are coming up with proactive recycling measures. One such regulation is the EU Waste Electrical and Electronic Equipment (WEEE) which promotes solar panel recycling in Europe.
Growth Drivers:
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
37.6% |
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Base Year Market Size (2024) |
USD 1.87 billion |
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Forecast Year Market Size (2037) |
USD 118.54 billion |
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Regional Scope |
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Type (Monocrystalline & Polycrystalline, Thin Film)
The monocrystalline and polycrystalline segment is estimated to hold a 65% solar panel recycling market share by the end of 2037, as they are the most space-efficient and require the least amount of space compared to other types. Solar panels made from monocrystalline materials have a longer life and are usually lasting well beyond the expiry of their warranty.
Process (Thermal, Mechanical, Laser)
The thermal segment in the solar panel recycling market is set to garner a notable revenue share by 2037, led by the benefits of thermal processes for recycling solar panels, which recover over 80% of their weight and recycle up to 98% of interfering cells based on module conditions or cell thickness. Moreover, the thermal approach of recycling PV modules is preferable to the chemical method since it employs heat and chemical processes to delaminate solar panels and separate their chemical components.
Our in-depth analysis of the global solar panel recycling market includes the following segments:
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Type |
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Process |
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Shelf Life |
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End user |
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APAC Market Forecast
The solar panel recycling market in Asia Pacific is predicted to account for the largest share of 38% by 2037 owing to the presence of major producers of solar power and rising installations of solar panels in India, China, and Japan. This is expected to increase the demand for solar panel recycling. In addition, government regulations and policies to support the adoption of solar panels and growing awareness about the importance of recycling to prevent environmental contamination are expected to increase the demand for effective recycling solutions.
India is one of the top 10 nations producing solar energy and aims to achieve 500 GW of non-fossil fuel capacity by 2030. This expansion is expected to increase the need for recycling solutions. Moreover, government regulations and mandates for recycling electronic wastes, including solar panels, and growing awareness about the importance of recycling solar panels are expected to boost market growth in the country.
North America Market Statistics
The North America solar panel recycling market is estimated to witness lucrative growth during the forecast timeframe led by presence of government policies for sponsoring clean energy technologies and shifting tendencies towards renewable energy sources. This has led to higher adoption of solar power in the region, leading to an increase in demand for solar panel recycling. In December 2023, EDP Renewables North America launched a program for solar power end-of-life recycling and has partnered with 18 companies in recycling services to cater to the rising needs. The company has set a target of 85% waste recovery by 2026 and aims to aid in global decarbonization goals.
The solar panel installations in the U.S. have drastically increased, leading to growing need for favorable recycling solutions. Several key players in the country are focused on developing novel products and recycling technologies to cater to the rising demand. For instance, in February 2024, Qcells, a leading clean energy solutions provider in the U.S. partnered with Solarcycle, a technology-based solar recycling company to recycle Qcell’s decommissioned, installed, and owned solar panels across the country. This is the first-ever partnership between a large solar manufacturer and an advanced solar recycler in the U.S.
The global solar panel recycling market is characterized by the presence of key players focused on enhancing recycling technologies and expanding their services. Innovations in recycling processes such as laser-based and chemical treatments, enhance the efficiency and cost-effectiveness of material recovery from solar panels. These advancements are crucial in managing the anticipated increase in solar panel waste as early installations reach their end-of-life phase. Several companies are investing in adopting several strategies to cater to rising demand and enhance their product base. Here is a list of key players operating in the global market:
Author Credits: Dhruv Bhatia
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