Solar Panel Recycling Market Size Worth $333.8 Million By 2027

Solar Panel Recycling Market Growth & Trends

The global solar panel recycling market size is expected to reach USD 333.8 million by 2027 registering a CAGR of 12.8%, according to a new report by Grand View Research, Inc. Increasing preference for renewable energy over conventional sources of energy considering the nominal ecological impact is likely to boost the market growth over the projected period.

The growing number of photovoltaic installations on account of their declining prices is likely to further enhance the demand for the recycling of solar panels. Also, the rising awareness about the cost as well as ecological benefits related to solar energy is expected to trigger the market growth. With the extensive R&D, various mechanisms and processes to carry out the active recycling of solar panels have progressed.

Moreover, several strict regulations and government certifications with regards to appropriate solar panel waste treatment and to encourage the implementation of solar energy projects are expected to drive the market. To permit supportable development, certain government authorities are also providing numerous support schemes and incentives for the effective recycling of solar panels.

The mechanical solar panel recycling process type segment led the market in 2019. The segment will retain its dominant position throughout the forecast years on account of the wide usage of this process due to its efficiency and low impact on the environment. The monocrystalline solar panels recycling accounted for the largest share of 50.5% in 2019. High-efficiency stages and longer shelf life along with space efficacy are projected to surge the demand for such panels over the upcoming years.

Europe is the leading regional market owing to the wide consumer acceptance and early product adoption across the region. Moreover, various government actions to legalize the recycling process in countries, such as the U.K. and Germany, are estimated to thrust the market growth. Certain technological advancements to boost the rate of recycling are expected to drive the product demand further.

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Solar Panels Recycling Market Report Highlights

• The global market was valued at over USD 127.7 million in 2019 and is estimated to record a CARG of 12.8% over the projected period

• The early loss end-use segment led the market in 2019. However, the normal loss segment is projected to register the fastest CAGR from 2020 to 2027

• Mechanical process segment is expected to account for the largest revenue share by 2027

• The Asia Pacific will be the fastest-growing regional market over the forecast period. China is expected to account for the maximum share in the APAC market

• North America is also estimated to have significant growth during the forecast period

Solar Panels Recycling Market Segmentation

Grand View Research has segmented the global solar panels recycling market based on process, shelf life, product, and region:

Solar Panels Recycling Process Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)

• Thermal

• Mechanical

• Laser

Solar Panels Recycling Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)

• Monocrystalline

• Polycrystalline

• Thin Film

Solar Panels Recycling Shelf Life Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)

• Early Loss

• Normal Loss

Solar Panels Recycling Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • The U.K.

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Central and South America

  • Brazil

  • Argentina

• Middle East and Africa

  • Qatar

  • UAE

List of Key Players of Solar Panels Recycling Market

• First Solar Inc.

• Echo Environmental, LLC

• Silcontel Ltd.

• Canadian Solar

• Silrec Corp.

• SunPower Corp.

• Reiling GmbH & Co. KG

• Trina Solar

• Aurubis

• Envaris

• SiC Processing GmbH

• Yingli Energy Co. Ltd.

• Hanwha Group