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Solar Panel Recycling Market Share, Growth 2027 | Industry Report

Solar Panel Recycling Market Analysis Report By Process, By Product, By Shelf Life, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17617170  |  Published: September 2020  |  No of Pages: 135
Format: Electronic (PDF)  |  Industry: Renewable Energy  |  Publisher: Grand View Research

Industry Insights

The global solar panel recycling market size was worth USD 127.7 million in 2019. It is also estimated to register 12.8% CAGR from 2020 to 2027. Increasing preference for the usage of renewable energy sources to cater to power requirements of industrial, commercial and residential purposes is expected to drive the growth of the market.

Rapid technological advances are being undertaken by the key players for the development of cost-effective and energy saver methods to extract solar energy from the panels. Further, increasing awareness about environmental degradation caused due to usage of conventional energy like fossil fuels and nuclear energy has contributed majorly towards the rising demand for solar panels.          

The U.S. solar panel recycling market Thus, shifting trend towards the adoption of renewable energy due to less environmental impact is estimated to trigger market growth. Moreover, the reduction in the solar panel prices coupled with an increasing solar photovoltaic module installations is projected to further fuel up the market demand. The market across the U.S. is estimated to register substantial growth in the upcoming years on account of huge investments to conduct R&D activities. Moreover, the generated waste like silicon and glass from photovoltaic modules at the end of shelf-life can be recycled and reused. Thus, the demand for cost-effective and eco-friendly solar panels is increasing at a rapid pace.

Process Insights

The segment of mechanical process held the dominant share of around 59.0% across the global solar panel recycling market in 2019. It is also expected to register substantial growth in the upcoming years. This growth can be attributed to its features like low environmental impact and higher efficiency.

The segment of the laser process is expected to witness the highest CAGR in terms of volume and revenue from 2020 to 2027. On the other hand, the process segment of thermal accounted for a limited share across the market but is anticipated to gain wide popularity in the upcoming years due to reduced silicon content among the solar panels.

Shelf life Insights

The segment of early loss accounted for the dominant share across the global market in 2019. This can be associated with the rising number of regulations and standards imposed by governing bodies for streamlined replacement of solar panels in the renewable energy projects. Further, the need for preserving ecological balance is projected to bolster the growth for this segment.

The segment of normal loss is projected to witness the highest CAGR across the global market from 2020 to 2027. As the shelf life of solar panels in 30 years, their replacement after the stipulated period becomes necessary. This factor is expected to contribute majorly towards the growth of this segment in the upcoming years.

Product Insights

The segment of monocrystalline panels held the largest share of around 50.0% across the global market in 2019. Salient features such as higher shelf life, more heat tolerance, and enhanced efficiency have contributed majorly towards the market growth of this segment. Such panels are produced with single crystalline silicon and thus are costlier as compared to the other types.

Global solar panel recycling market

The thin-film segment is expected to account for the fastest CAGR over the forecasted years, 2020 to 2027. This can be attributed to the enhanced operational performance and reduced costs associated with these panels. Also, rapid technological advances undertaken by the key players for developing thin-film panels having properties like temperature resistance and flexibility are projected to boost the market growth.

Regional Insights

Europe held the dominant share across the global solar panel recycling market in 2019. It is also projected to witness significant growth over the forecasted period, 2020 to 2027. This can be attributed with the presence of many solar farms in the last few years that will result in replacement demand for solar panels.

The Asia Pacific is estimated to register the fastest growth across the global market over the forecasted years, 2020 to 2027. Rising installations of solar panels across Japan and China are projected to contribute majorly towards the market growth. Further, more number of patent filing in the field of recycling the solar panels across China due to more investments in developing recycling technology is expected to further fuel up the market demand across this region.

COVID-19 Impact Analysis

The market has been negatively impacted due to the COVID-19 pandemic. Reduced demand for power generation owing to the lockdown imposition and travel restrictions has adversely affected the growth of the market. Also, shutting down of many manufacturing industries and stagnancy over construction work has reduced the solar panel replacement demand. However, rapid technological advances and initiatives undertaken by governing bodies for promoting the usage of renewable energy sources are expected to boost the market growth in the upcoming years.

Solar Panel Recycling Market Share Insights

The key players operating in the market are First Solar Inc., SILCONTEL LTD, Silrec Corporation, Canadian Solar, SunPower Corporation, Aurubis, Trina Solar, Envaris, Hanwha Group, and Reiling GmbH & Co. KG. These service providers are constantly engaged in innovation and product development for gaining a cutting edge over other players.

They have started investing hugely to carry out many R&D activities for strengthening their position across the global market. For example, First Solar had started providing recycling solutions for power farms, and photovoltaic modules which can maximize the financial returns from the installation of solar panels.

Report Scope

Attribute

Details

Market size value in 2020

USD 160.8 million

Market volume in 2020

950.0 kilotons

Revenue forecast in 2027

USD 333.8 million

Volume forecast in 2027

3193.5 kilotons

Growth Rate

CAGR of 12.8% from 2020 to 2027 (Revenue-based)

Base year for estimation

2019

Actual estimates/Historic data

2016 - 2018

Forecast period

2020 - 2027

Quantitative Units

Volume in kilotons, revenue in USD million, and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Process, product, shelf life, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

The U.S.; Canada; Mexico; The U.K.; Germany; France; China; India; Japan; UAE; Qatar; Brazil

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.


Segments Covered in the Report
 

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub segments. For the purpose of this study, Million Insights has segmented the global solar panel recycling market on the basis of process, product, shelf life and region:

• Process Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
    • Thermal
    • Mechanical
    • Laser

• Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
    • Monocrystalline
    • Polycrystalline
    • Thin Film

• Shelf Life Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
    • Normal Loss
    • Early Loss

• 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 & South America
        • Brazil
        • Argentina
    • The Middle East & Africa
        • UAE
        • Qatar

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