Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 388.1 Million | USD 901.92 Million | 8.1% | 2024 |
The global solar panel recycling market size was worth around USD 388.1 Million in 2024 and is predicted to grow to around USD 901.92 Million by 2034 with a compound annual growth rate (CAGR) of roughly 8.1% between 2025 and 2034. The report analyzes the global solar panel recycling market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the solar panel recycling industry.
Hazardous substances like silicon, silver, aluminum, copper, gallium, lead, and cadmium are found in solar panels. Their widespread installation has increased the demand for recycling to reduce trash production. Recycling solar panels includes a variety of processes, including decommissioning, collecting, and sorting. It reduces the greenhouse (GHG) gas emissions of photovoltaic (PV) modules and stops the discharge of potentially harmful compounds from waste streams. Several producers are already cleaning recycled materials for use in fresh panels or other parts like glass foam.
Wide adoption of solar PV systems drives market growth
A reliable source of inexpensive electricity generation is solar photovoltaics (PV). Launched in 2011, the US Department of Energy's SunShot Initiative seeks to lower the cost and increase the viability of solar PV systems. Lower prices per kWh for household, utility-scale, and commercial solar were specified as goals for the year 2024. The SETO has established new cost objectives for 2030 that call for a 50% cost reduction of solar PV systems. Additionally, the number of solar PV installations has increased significantly throughout the world as a result of the dropping costs of solar PV systems, which are due to government efforts, subsidies, and competitive bidding procedures. The market for solar PV is anticipated to increase, notably in the US, India, and China, driven by the desire for sustainable and clean energy. Costs will be reduced even further by the economies of scale. As a result, it is anticipated that increased solar power production will result from lower solar PV system costs. During the projected period, this will fuel the expansion of the worldwide solar panel recycling market.
Technological complexity impedes market growth
Solar panels are complex devices made of numerous layers of glass, metals, and semiconductors. In terms of technology, disassembling and recycling these parts can be difficult and may demand specific tools and knowledge. Therefore, technological complexity might be a major restraining factor that hamper the solar panel recycling industry growth during the forecast period.
Increasing government initiatives to offer a lucrative opportunity for market expansion
The increasing government initiatives are expected to offer an attractive opportunity for solar panel recycling market growth during the forecast period. For instance, in March 2024, Queensland made measures to lower the amount of electronic garbage (e-waste) produced per person, and it is the state in Australia with the most solar power installations. According to the proposal, Queensland would strive to collect 80% of all electronic trash produced, with 90% of the material being salvaged for reuse. The Smart Energy Council (SEC), which is leading the industry-led Solar Stewardship Scheme, will select participants and places to redirect end-of-life solar panels for recovery. The Queensland Government will initially contribute more than $250,000. Therefore, these initiatives are expected to offer a lucrative opportunity for revenue growth.
Lack of regulatory frameworks and economic viability pose a significant challenge to the industry's growth
There might not be sufficient guidelines and criteria for the recycling of solar panels in certain regions. The growth of recycling practices and infrastructure may be hampered by a lack of established norms. Furthermore, recycling solar panels may be expensive, particularly for older, less effective panels. Sometimes the expense of recycling, transportation, and collecting outweighs the value of the products that are recovered. Investment in recycling plants may be discouraged by this financial difficulty. Thus, this is expected to pose a major challenge to the market expansion.
Report Attributes | Report Details |
---|---|
Report Name | Solar Panel Recycling Market |
Market Size in 2024 | USD 388.1 Million |
Market Forecast in 2034 | USD 901.92 Million |
Growth Rate | CAGR of 8.1% |
Number of Pages | 211 |
Key Companies Covered | First Solar Inc., Echo Environmental, LLC, SILCONTEL LTD, Canadian Solar, Silrec Corporation., SunPower Corporation, Reiling GmbH & Co. KG, Trina Solar, Aurubis, Envaris, SiC Processing GmbH, Yingli Energy Co. Ltd., Hanwha Group, and others. |
Segments Covered | By Type, By Shelf Life, By Technique, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, The Middle East and Africa (MEA) |
Base Year | 2024 |
Historical Year | 2020 to 2023 |
Forecast Year | 2025 - 2034 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The global solar panel recycling market is segmented based on Type, Shelf Life, Technique, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2025 to 2034.
Based on Type, the global solar panel recycling market is divided into Mechanical, Thermal, Laser.
On the basis of Shelf Life, the global solar panel recycling market is bifurcated into Early Loss, Normal Loss.
By Technique, the global solar panel recycling market is split into Monocrystalline, Polycrystalline, Thin Film.
The Regional, this segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America,and the Middle East and Africa.
The solar panel recycling market shows distinct regional dynamics, with Europe leading due to stringent environmental regulations, robust recycling infrastructure, and strong policy support for circular economy initiatives. North America follows closely, driven by increasing solar installations approaching end-of-life and rising awareness of sustainable waste management. In Asia-Pacific, rapid solar energy expansion, especially in China, Japan, and India, is generating significant future demand for recycling services, though regulatory frameworks are still evolving. Meanwhile, regions like Latin America and the Middle East are at earlier stages, with growing solar capacity but limited recycling infrastructure, presenting long-term potential as installations mature and sustainability concerns gain prominence.
The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the solar panel recycling market on a global and regional basis.
The global solar panel recycling market is dominated by players like:
The global solar panel recycling market is segmented as follows;
By Type
By Shelf Life
By Technique
FrequentlyAsked Questions
Hazardous substances like silicon, silver, aluminum, copper, gallium, lead, and cadmium are found in solar panels. Their widespread installation has increased the demand for recycling to reduce trash production. Recycling solar panels includes a variety of processes, including decommissioning, collecting, and sorting. It reduces the greenhouse (GHG) gas emissions of photovoltaic (PV) modules and stops the discharge of potentially harmful compounds from waste streams. Several producers are already cleaning recycled materials for use in fresh panels or other parts like glass foam
The global solar panel recycling market is expected to grow due to growing solar waste volumes, stringent environmental regulations, increasing adoption of renewable energy, and rising demand for sustainable material recovery.
According to a study, the global solar panel recycling market size was worth around USD 388.1 Million in 2024 and is expected to reach USD 901.92 Million by 2034.
The global solar panel recycling market is expected to grow at a CAGR of 8.1% during the forecast period.
North America is expected to dominate the solar panel recycling market over the forecast period.
Leading players in the global solar panel recycling market include First Solar Inc., Echo Environmental, LLC, SILCONTEL LTD, Canadian Solar, Silrec Corporation., SunPower Corporation, Reiling GmbH & Co. KG, Trina Solar, Aurubis, Envaris, SiC Processing GmbH, Yingli Energy Co. Ltd., Hanwha Group, among others.
The report explores crucial aspects of the solar panel recycling market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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