Market Overview
The global solar panel recycling market to reach USD 461.2 million by 2030 and is predicted to increase at a CAGR of 12.5% from 2023 to 2030, owing to a growing desire for renewable energy sources backed by encouraging environmental regulations. Solar panels will become more popular as technology improves and costs become more efficient, which will improve the market outlook.
Furthermore, increased customer awareness of the advantages of sustainable energy sources and provincial government subsidies will help balance the market picture. Over the projected period, environmental degradation combined with a worldwide energy problem created by conventional energy sources such as nuclear and fossil fuels is anticipated to boost demand for renewable energy sources.
Market Segmentation
By Type
- Monocrystalline Solar Panels
- Thin-Film Solar Panels
- Polycrystalline Solar Panels
- Silicon Solar Panels
By Process
- Thermal
- Laser
- Mechanical
By Shelf Life
- Early loss
- Normal loss
By Region
- Europe
- North America
- Asia Pacific
- Rest of the World
Regional Classification
Due to the biggest percentage of solar power generation and the presence of industrial and technology centers like China and Japan, the Asia-Pacific area is predicted to be the largest and most successful market.
In 2019, Europe accounted for the greatest revenue share. This is expected to rise at a high rate from 2023 to 2030 since the area has the most installed solar farm grounds, which will result in a large number of end-of-life solar panels in the future years.
Due to technology improvements and stringent government requirements for waste management, the industry in Germany is expected to approach USD 70.0 million by 2027. Over the next 7 years, the increased usage of solar panels for energy production as an alternative to other quasi sources is expected to drive product demand.
From 2023 to 2030, Asia Pacific is anticipated to witness the fastest regional market. In the APAC area, China and Japan are the primary revenue sources. Due to increasing investments in research and development of recycling technology, China now has the most patent applications in solar panel recycling.
Industry News
The global Photovoltaic panel recycling market is growing due to competition for solar photovoltaic panels across commercial, residential, and industrial uses and increased government efforts to promote solar energy. Nevertheless, a shortage of solar panel recycling infrastructure plus issues connected with recycling stymie market expansion. Countries such as India, China, and the United States, on the other side, are resentful of new market prospects.
The crystalline silicon category, which accounted for more than four-fifths of the worldwide solar panel recycling industry in 2020, is expected to maintain its dominance during the forecast period.
It is due to an increase in the need for crystalline silicon for standalone PV systems like solar street light lights and telecommunication and signalling towers, which employ solar panels to charge the batteries. Furthermore, the thin-film technology usage throughout building-integrated photovoltaic applications (BIPV), like the roof or the exterior, the thin film segment is expected to grow at the fastest pace of 14.6 percent from 2021 to 2030.
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