The global solar panel recycling market is an integral part of the growing renewable energy industry. With millions of solar panels reaching the end of their useful lives each year, recycling provides an opportunity to recover valuable resources like glass, polymers, aluminum, silicon and other rare earth materials. Solar panel recycling helps reduce landfill waste and secondary aluminum usage by recovering the aluminum frames. It is estimated that over 90% of module components can be recovered through recycling processes.
The Global Solar Panel Recycling Market is estimated to be valued at US$ 298 Mn in 2024 and is expected to exhibit a 19% CAGR over the forecast period 2024-2031.
Key Takeaways
Key players operating in the solar panel recycling market are Reclaim PV Recycling, Silcontel, Rinovasol, RecyclePV, ECS Refining, REMA PV Systems, Dongfas Group, Rinovasol Group, Envaris, Recycle Solar Technologies Limited, Experia Solution, CCL Recycling, PV Cycle, First Solar, Reclaim PV Recycling, Silcontel, Aurora Solar Recycling, Solarcycle Recycling, and PV Recycling. The growing demand for renewable energy sources and stringent environmental regulations regarding electronic waste management are driving the solar panel recycling market. Major players are expanding their global footprint to capitalize on the opportunities arising from waste management and urban mining practices worldwide.
Market Key Trends
One of the key trends gaining traction in the solar panel recycling market is urban mining. As landfills around the world are filling up with end-of-life solar panels, urban mining provides an alternative solution for recovering resources through recycling. It refers to extracting valuable materials from waste produced by economic activities in cities and industrial areas. Solar panel recyclers are investing in advanced sorting and separation technologies to efficiently recover minerals and lift recycling rates. This helps establish a circular economy model for solar energy and supports global sustainability goals.
Porter’s Analysis
Threat Of New Entrants: Low capital requirement and availability of cheap labour in developing countries can attract new players in the market. However, presence of well established players and need for specialized skills and technology act as a barrier.
Bargaining Power Of Buyers: Large manufacturers and utility companies have higher bargaining power due to their demand supply dynamics. However, stricter regulations on e-waste recycling increase demand for recycled solar panels.
Bargaining Power Of Suppliers: Few companies have established facilities and technology for recycling solar panels. This gives them higher bargaining power over manufacturers seeking recycled materials.
Threat of new substitutes: No direct substitute for recycling solar panels currently exists. However, advanced technologies for higher efficiency panels may reduce attractiveness of recycled materials over time.
Competitive rivalry: Large companies battle for market share through expansion, mergers and acquisitions. competition intensifies on pricing and quality of recycled materials.
Geographical Regions: Europe accounted for the largest share in terms of value in 2021 led by Germany, Netherlands and Belgium. High solar installations, focus on sustainable waste management and subsidised recycling programs support growth.
The Asia Pacific region is poised to be the fastest growing regional market during the forecast period. This is attributed to increasing solar capacity additions in countries such as China, India and Japan along with focus on developing recycling infrastructures. Supportive government regulations and incentives boost prospects.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it