Global Solar Panel Recycling market is projected to grow at a CAGR of 10.4% by 2033: Visiongain

Jul 11, 2023

As per the report by Visiongain, the Global Solar Panel Recycling Market was valued at US$138.2 million in 2022 and is projected to grow at a CAGR of 10.4% during the forecast period 2023-2033.

Visiongain has published a new report entitled Solar Panel Recycling 2023-2033. It includes profiles of Solar Panel Recycling and Forecasts Market Segment by Product, (Silicon Based PV, Thin Film PV, Other PV Products) Market Segment by Waste Type, (PV-Infant Failure Waste, PV-Midlife Failure Waste, PV-Wear-out Failure Waste, Other PV Waste Type) Market Segment by Process, (Thermal Process, Mechanical Process, Chemical Process, Hybrid Process, Laser Process) Market Segment by Material, (PV Glass Material, PV Plastic Material, PV Aluminum Material, PV Silicon Material, PV Metal Material, Other Material) plus COVID-19 Impact Analysis and Recovery Pattern Analysis ("V"-shaped, "W"-shaped, "U"-shaped, "L"-shaped), Profiles of Leading Companies, Region and Country.

Solar is the fastest growing renewable energy source, and its growth is expected to accelerate further as a result of the Inflation Reduction Act. Previously, however, decommissioned solar panels were mostly disposed of in landfills. Currently, 95% of the value in materials can be recycled; however, solar panel recycling must be scaled up.

Solar panels, unlike many consumer electronics, have a long lifespan of 20 to 30 years. In fact, many panels from decades ago are still operational and producing. Solar panel recycling is a relatively new concept due to their longevity, leading some to incorrectly assume that all end-of-life panels will end up in the landfill. Solar panel recycling technology is well underway, despite its early stages. With solar power's exponential growth, recycling should be scaled up quickly.

With tens of millions of solar panels installed on more than three million homes in the United States, the solar industry is booming. With the recent passage of the Inflation Reduction Act, solar adoption is expected to accelerate over the next decade, presenting the industry with a massive opportunity to become even more sustainable.

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How has COVID-19 had a significant negative impact on the Solar Panel Recycling Market?

The COVID-19 pandemic has had some impact on the solar panel recycling industry, including:

Supply chain disruptions: Disruptions in the global supply chain affected the delivery of raw materials and components, causing delays and price increases.

Decreased demand: The slowdown in the global economy led to a decrease in demand for new solar panel installations, reducing the supply of end-of-life panels for recycling.

Labour shortages: The pandemic led to labour shortages and health concerns among workers, affecting the operations of recycling facilities.

Financial constraints: The pandemic led to financial constraints for many companies in the industry, affecting investments in new recycling technologies and processes.

Overall, the pandemic has had a negative impact on the solar panel recycling industry, although the extent of the impact has varied depending on regional and company-specific factors.

How will this Report Benefit you?

Visiongain's 286-page report provides 132 tables and 152 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global solar panel recycling market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Solar Panel Recycling. Get financial analysis of the overall market and different segments including material type, process, product, waste type, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing solar panel recycling market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

The Role of Investment in Scaling Solar Panel Recycling

Investment can also help to accelerate the growth and adoption of the recycling market. The National Renewable Laboratory of the Department of Energy discovered that with modest government support, recycled materials can meet 30-50% of domestic solar manufacturing needs in the United States by 2040. According to the research, $18 per panel for 12 years would create a profitable and sustainable solar panel recycling industry by 2032.

This sum is insignificant in comparison to the government's subsidies for fossil fuels. According to research, fossil fuels received $5.9 trillion in subsidies in 2020, when the social cost of carbon (the economic costs associated with carbon emissions) is factored in, which is estimated to be $200 per ton of carbon or a federal subsidy close to $2 per gallon of gasoline. This industry has the potential to make a significant difference for both customers and the environment. We can achieve a truly sustainable, resilient, and climate-hardy solar industry for all with continued investment and innovation. We simply cannot afford to do otherwise.

Rising Energy Costs, Improved Recycling Technology, and Government Regulations

These may pave the way for a market in which decommissioned solar panels are recycled rather than disposed of in the nearest landfill. Recycling PV panels can help operators save money, solve supply chain issues, and increase the likelihood that countries will meet their solar capacity targets. A solar panel contains numerous raw materials, but extracting them is difficult. The DOE Advanced Manufacturing Office has awarded Arizona State University researchers a $485,000 grant to pursue a new recycling process to recover high-value materials such as silver and silicon. If everything goes as planned, a cleaner and more cost-effective solar recycling process could hit the market.

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https://www.visiongain.com/report/solar-panel-recycling-market-2023/#download_sampe_div

Where are the Market Opportunities?

Companies and Researchers Are now Racing Against the Clock to Prepare for the Impending Tsunami of PV Waste

There are no federal regulations in the United States that require PV recycling, and the US National Renewable Energy Laboratory reports that less than 10% of the country's decommissioned panels are recycled. Even in the European Union, where legislation requires PV recycling, many waste facilities simply harvest bulk materials such as aluminium frames and glass covers, which account for more than 80% of the mass of a silicon panel. Even though the remaining mass contains elements such as silver, copper, and silicon, which account for two-thirds of the monetary value of a silicon panel's materials, it is frequently incinerated.

More Recoverable Value and More Job Opportunities

PV recycling will not only create more green job opportunities, but it will also generate approximately £11 billion in recoverable value by 2050. This influx will enable the production of 2 billion new panels without the need for raw material investments. This means that reusing previously used materials will be capable of producing around 630 GW of energy. As the cost of solar energy continues to fall, an increasing number of households and businesses are opting to invest in solar power systems. As a result, there will be even more economic opportunities in the solar cell recycling sector.

Competitive Landscape

The major players operating in the solar panel recycling market are First Solar, Inc., Echo Environmental, LLC, Silcontel Ltd, Canadian Solar Inc., Silrec Corporation, SunPower Corporation, Trina Solar, Aurubis AG, Hanwha Group, Yingli Green Energy Holding Company Limited, . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

26 Oct 2022, First Solar, Inc. signed an agreement to supply Swift Current Energy with 2 gigatonnes (GW)DC of high-performance, responsibly produced thin film solar modules in 2025 and 2026. Swift Current has placed its second gigawatt-plus order for First Solar modules. The Boston-based developer, owner, and operator of utility-scale clean energy assets announced earlier this year that it had placed an order for 1.27 GWDC of First Solar modules.

11 Feb 2022, Comcast Cable has entered into a collaboration with Echo Environmental Holdings, LLC to use a new recycling solution for end-of-life coaxial cables from its customers. Every year, the effort will allow Comcast to recycle approximately 70% of its cable and coax waste. Multi-layered cords with a steel inner conductor, an insulating layer, and conductive shielding are examples of coaxial cables.

To access the data contained in this document please email [email protected]

To find more Visiongain research reports on the Renewable sector, click on the following links:

Geothermal Power Market Report 2022-2032

Crystalline Silicon Solar PV Market Report 2021-2031

Building Integrated Photovoltaic (BIPV) Solar Power Market Report 2021-2031

Marine Solar Market Report 2021-2031

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: [email protected]

About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

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