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Global Solar Panel Recycling Market to Grow at a CAGR of 19.5% During 2022-2027, Aided by the Rapid Adoption of Solar Panels Across Industries

According to a new report by EMR titled, ‘Global Solar Panel Recycling Market Report and Forecast 2022-2027’, the market witnessed a healthy growth in the historical period of 2017-2021. The market is further expected to grow at a CAGR of 19.5% in the forecast period of 2022-2027.

The global solar panel recycling industry is being driven by the heightened adoption of solar panels across industries, in an endeavour to support the transition from conventional energy resources to sustainable resources. This can be attributed to the rising concerns of pollution and environmental degradation. In addition, increased government investments to promote the use of solar panels in the household segment by offering subsidies are leading to increased solar panel installation As a result, the demand for solar panel recycling solutions is also anticipated to surge in the forecast period, as these solutions help in the extraction of recoverable raw materials from end-of-life solar panels, further diverting them from landfills. Moreover, solar panels also comprise critical substances that might be harmful for the environment and human health, which is, thus, expected to bolster the demand for solar panel recycling in the forecast period.

The growing investments by the leading players in the development of dedicated recycling plants to recover essential raw materials from solar panels are expected to catalyse the industry growth in the forecast period. For instance, in July 2018, Veolia Environnement S.A. (OTCMKTS: VEOEY) announced the opening of Europe’s first photovoltaic panel recycling plant in Rousset, France. This plant is aimed at treating and recycling end-of-life "crystalline silicon" type photovoltaic panels. With this, the company intends to meet the heightened demand for solar panel recycling with the increasing number of ageing panels worldwide. Furthermore, in April 2022, Silicon Ranch and First Solar, Inc. (NASDAQ: FSLR) announced their partnership, under which the latter will supply 4 GW of responsibly produced thin film photovoltaic (PV) solar modules to Solar Ranch. In addition, First Solar will also provide its advanced recycling services for the end-of-life CadTel modules from Silicon Ranch projects for the extraction of raw materials that can be used in the production of newer modules and other materials. Such developments are expected to positively impact the growth of the solar panel recycling industry in the forecast period.

Market Breakup by Process, Type, and Region:

  • The market is divided, based on process, into thermal, mechanical, and laser.
  • On the basis of type, the market can be distributed into crystalline silicon and thin film.
  • Region-wise, the global market for solar panel recycling can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for solar panel recycling is being driven by the heightened adoption of solar panels across industry verticals.
  • The growing government investments in promoting the adoption of solar panels in the household sector have significantly contributed to the market expansion.
  • The rising demand for solar panel recycling for the extraction of recoverable and recyclable elements, while also helping reduce their environmental impact is also aiding the industry growth.
  • The rising technological advancements and the growing investments in the expansion of solar panel recycling solutions are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for solar panel recycling for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the processes, types, and regions of solar panel recycling.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global solar panel recycling market are Canadian Solar, Inc., First Solar, Inc., Hanwha Group, JA Solar Co. Ltd., and SunPower Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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