Global Solar Panel Recycling Market Size Projected to Reach USD 477.74 Million By 2032, at a CAGR of 12.9%: Report by Polaris Market Research

NEW YORK, Sept. 25, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Solar Panel Recycling Market Share, Size, Trends, Industry Analysis Report, By Type (Silicon, Monocrystalline, Polycrystalline, Thin-film); By Process; By Shelf Life; By Region; Segment Forecast, 2023- 2032" published by Polaris Market Research in its research repository.

"According to research report, the global solar panel recycling market size/share was valued at USD 141.80 Million in 2022 and is expected to touch USD 477.74 Million By 2032, growing at a CAGR of 12.9% during the forecast period."

What is Solar Panel Recycling? How Big is Solar Panel Recycling Market Size & Share?

• Overview

Solar panel recycling is the process of recovering materials and components from solar panels. Solar panels are designed to last for longer life, but over time, their efficiency can degrade. The solution is to recycle the solar panels to manage the disposal of old or damaged panels. Basically, the frame and junction box are removed. Through thermal, mechanical, or chemical processes, glass and silicon wafer is separated, and finally, the silicon cells and specialty metals are separated and purified using chemical and electrical techniques.

Recycling is used in the glass, metals, and electronics sectors. Another method of keeping solar panels out of landfills is reusing panels, either by direct reusing or after reconstructing. Solar panels that have been previously utilized can produce clean energy in a different place.  Silicon solar cells, glass, copper and silver, aluminum frames, and plastic are some of the key components of a solar panel that can be recycled. Increasing awareness about the environmental pollution related to solar panel waste is primarily drives the solar panel recycling market size growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• First Solar
• Echo Environmental
• Silcontel
• Canadian Solar
• Silrec
• SunPower
• Reiling GmbH
• Trina Solar
• Aurubis
• Envaris
• SiC Processing
• Yingli Energy
• Hanwha Group

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Solar Panel Recycling Market: Report Scope

Prominent Growth Driving Factors

Government policies and guidelines: Introduction of favorable government policies and regulations that encourage the use of renewable energy sources and promote the responsible disposal of solar panels is propelling the solar panel recycling market growth. On May 19, 2022, MoEFCC (Ministry of Environment, Forest and Climate Change) incorporated solar PV cells and modules (panels) into its amended draft E-waste guidelines via Gazette.

Rising investments and high-value prospects: Increasing investments in solar power generation and the renewable energy sector's experienced high value are boosting the solar panel recycling market growth. The advancement of solar technology is anticipated to encourage investment and present new opportunities for industry participants to expand.

Rise in PV installation: The market is expected to expand owing to the quick pace of PV installation, which has led to a surge in the number of retired PV panels. Clean energy resources may be priced at more than USD 15 billion by 2050, which would be enough to power 630 GW with 2 billion solar panels. Global demand is expected to be driven by solar panel longevity in the next 10–20 years.

Recent Trends Influencing the Market

• Shift towards renewable sources: Rising shift from conventional to renewable sources is fueling the solar panel recycling market sales. This is because awareness about the environmental damage caused by solar panel waste is increasing.
• Government efforts: Increasing initiatives by the government to reduce carbon footprints and increase investment in infrastructure for renewable energy sources is anticipated to create growth opportunities in the market for leading companies to retain their market position during the forecast period.

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Segmental Analysis

• Silicon is predicted to show the fastest growth during the foreseen period

Based on type, silicon category is anticipated to grow at a higher rate throughout the predicted period as crystalline silicon solar panels dominate the market. Crystalline silicon is used in more than 95% of solar panels now on the market. This kind of solar cell has a silicon crystal structure. These are typically incorporated with trace amounts of precious metals like silver and copper. Crystalline silicon-based solar panels are effective, affordable, and have lengthy lifespans. Modules of silicon solar panels are expected to last for at least 25 years, which will boost the solar panel recycling market demand over the forecast period.

• Mechanical segment is predicted to dominate the market

By process, mechanical category is anticipated to hold the largest solar panel recycling market share. In the mechanical recycling process, solar panels are physically broken down into smaller modules like aluminum, silicon, and glass, which can be recovered and reused. The method is simple and low in cost and can recover a large proportion of valuable components from the solar panels. Further, the laser and thermal category is estimated to experience significant growth owing to the rising demand for high-purity silicon and the requirement for sustainable and responsible recycling solutions for decommissioned solar panels.

• Early Loss segment is likely to show a significant revenue share in 2022

In terms of shelf life solar panel recycling market segmentation, the early loss category is expected to register a higher growth and market share during the foreseen period. This growth can be attributed to the growing demand for recycling services due to the early loss of solar panels. There is an increasing need for responsible and environmental recycling solutions as more and more solar panels approach the end of their useful lives and are deactivated.

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Geographic Overview

North America is anticipated to witness the greatest growth over the study period

Based on geography, solar panel recycling market in North America is projected to generate higher growth throughout the predicted period owing to the strong guidelines by the government in this region. The EU is certainly in front of other regions in terms of formulating and implementing waste management policies for PV waste. Manufacturers or distributors are responsible for the correct disposal of waste under the EU's Waste Electrical and Electronic Technology (WEEE) Directive, regardless of who first introduces or installs the equipment.

Moreover, Asia Pacific is estimated to capture a larger revenue share in the coming years. This growth can be attributed to the launch of initiatives and policies by several governments in the Asia Pacific region to encourage the adoption of renewable energy sources and promote the recycling of solar panels. For instance, the Indian government has introduced a National Solar Mission to encourage the expansion of the solar energy industry in the country. Solar panels provide clean, renewable electricity from the sun, and its use as an energy source has grown.

Browse the Detail Report "Solar Panel Recycling Market Share, Size, Trends, Industry Analysis Report, By Type (Silicon, Monocrystalline, Polycrystalline, Thin-film); By Process; By Shelf Life; By Region; Segment Forecast, 2023- 2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/solar-panel-recycling-market    

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Recent Developments

• In January 2023, First Solar finished the sale of Luz del Norte, a utility-scale solar power facility in Copiapó, Chile, with a 141 MW AC capacity, to the Toesca, a private asset manager with its headquarters in, Chile.
• In January 2023, CSI Solar signed an investment agreement with the municipal body of the Jiangsu Province, China, according to a statement from Canadian Solar.

Key Highlights of the Report

• Precise understanding of evolving competitive dynamics
• An outlook on several aspects that influence or impede the market growth
• Key trends that include drivers, restraints, PORTER's five forces analysis, and product and technological analysis
• A thorough listing of the major market participants active in the market
• The company profile gives a thorough summary of the company's operations and business divisions
• Specific segments by region (country), by company, by type, and by application
• Identification and analysis of key factors that are and will affect the growth of the market

Polaris Market Research has segmented the solar panel recycling market report based on type, process, shelf life, and region:

By Type Outlook

• Silicon
• Monocrystalline
• Polycrystalline
• Thin-film

By Process Outlook

• Thermal
• Mechanical
• Laser

By Shelf Life Outlook

• Normal Loss
• Early Loss

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research