Solar panels play an important role in generating renewable energy with their increasing deployment globally. However, as more solar panels reach the end of their useful lives, the need arises for sustainable and environment-friendly disposal and recycling. Solar panel recycling helps recover valuable materials like glass, aluminum, silicon, copper, and other rare earth metals that can be reprocessed and reused in new solar panels. Recycling solar panels prevents huge amounts of e-waste from ending up in landfills and reduces the carbon footprint of manufacturing new solar panels.
The global Solar Panel Recycling Market was valued at US$ 298 million in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2023 - 2030, as highlighted in a new report published by CoherentMI.
Market Opportunity:
Rising volumes of solar panel waste as more solar projects reach the end of operational life offers a big market opportunity for solar panel recycling. It is estimated that around 60 GW of solar panels will reach the end of their 25-year lifespan by 2035, leading to a massive amount of solar panel waste if not recycled sustainably. The opportunity to recover valuable raw materials and prevent solar panel e-waste entering landfills by recycling this huge amount of end-of-life solar panels is driving investments in solar panel recycling technologies and facilities globally. Recycling solar panels in an environment-friendly way will help drive sustainable growth of the solar industry.
Porter's Analysis :
Threat of new entrants: Low due to high capital requirements for establishing large scale recycling plants and presence of established players.
Bargaining power of buyers: Moderate as buyers have options to choose from multiple players but quality and service requirements keep the power in balance.
Bargaining power of suppliers: Low due to fragmented supply of end of life panels from various sources and regions.
Threat of new substitutes: Low as solar panels have limited substitutes for renewable energy generation.
Competitive rivalry: High due to increasing competition among major recyclers to gain higher share.
SWOT Analysis:
Strength: Growing solar panel waste and strict regulations favoring recycling. Technological advantages in recycling processes.
Weakness: Collection and transportation of waste panels from dispersed locations involve high costs. Quality issues can arise during recycling processes.
Opportunity: Rising solar installations boost waste volumes. Growing focus on resource efficiency and circular economy presents business opportunities.
Threats: Fragmented supply chain poses challenges. Rising energy and other costs can compress margins.
Solar Panel Recycling Market Segmentation:
- By Panel Type
- Monocrystalline Silicon Solar Panels
- Polycrystalline Silicon Solar Panels
- Thin Film Solar Panels
- Others (Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS))
- By Process
- Thermal
- Mechanical
- Laser
- Chemical
- Others (Shot blasting, magnetic, gravity)
- By Shelf Life
- Early Loss
- Normal Loss
- Degradation Loss
- Others (slow loss, rapid loss)
- By End User
- Residential
- Commercial & Industrial
- Utility
Key Takeaways :
The global Solar Panel Recycling Market Size is expected to witness high growth over the forecast period driven by regulations mandating recycling. The global Solar Panel Recycling Market is estimated to be valued at US$ 298 million in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2023 – 2030.
Asia Pacific dominates the market currently owing to high solar installations in China, Japan and India. Europe is another major market supported by EU directives. Europe and Asia Pacific are major contributors to the market currently. Europe accounts for over 35% share due to stringent waste management regulations like WEEE Directive 2012. Asia Pacific is the fastest growing region on back of rising installations in China, India and Japan which will boost waste volumes in coming years.
Key Players: Key players operating in the solar panel recycling market are eclaim PV, Interco, ECS Refining LLC, PV Cycle, ERI, Black Bear Recycling, Ecobat Technologies, Silcontel, Recycle PV etc. eclaim PV is a major player focusing on recycling manufacturing scrap.
Explorer more information on this topic, Please visit @ https://www.ukwebwire.com/solar-panel-recycling-market-growth-strategy-and-demand-2/
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