Solar PV Recycling Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2032

The solar PV recycling focuses on sustainable management of photovoltaic panels once they have reached the end of their useful life which is mainly 30-35 years. This recycling process involves 3rd and. Cancel. The ration of various components within the solar panels, like the sheets, metals and cells and plastic elements. This process allows utilization of mechanical, thermal and chemical techniques in order to extract and purify these materials and reintroduce these recovered materials into the manufacturing cycle, leading to conservation of resources.

MARKET OVERVIEW

The global market valuation of Solar PV Recycling market was valued at approximately USD 189 million in 2023 and is projected to reach USD 478 million in 2032 exhibiting a CAGR of 13.6% during the forecast period of 2024-2032. Solar PV Recycling is crucial for minimizing the environmental impact and sustainability. The market is aligned with diverse sectors, which makes it a sustainable and growing market.

GROWTH DRIVERS

The recycling of solar panels significantly reduces the environmental impact associated with the disposal of large volume of photovoltaic wastes. According to IRENA, solar photovoltaic (PV) panel waste could reach 78 million tones by 2050. This waste is mostly made of glass, and if recycled, it could be worth more than USD 15 billion by 2050. The recovered materials could be used to make 2 billion new panels or sold on global commodity markets. The recycling processes generally consumes less energy compared to the production of new materials from the raw sources, for an instance recycling aluminum saves up to 95% of energy required to produce new aluminum from bauxite ore. 

The recycling of solar PV cells creates new economic opportunities and jobs in the manufacturing and recycling sectors. The increasing focus on sustainable practices drives the growth in solar PV recycling. The reclaiming of valuable materials like silicon, silver and aluminum from end-of-Life panels is significant, which can be sold back into the market. and that reduces the cost associated with the production of new panels. moments are increasingly implementing regulations to ensure proper disposal and recycling of solar panels like the European Union's Waste Electrical and Electronic Equipment directive mandates the recycling of PV panels. The rapid expansion of installations globally is the primary growth driver of the recycling market.

According to IRENA, the global installed photovoltaic (PV) capacity is expected to reach 4,500 gigawatts (GW) by 2050, which is more than an 1,800% increase from 2015. This growth is expected to have significant benefits for the world's climate, economy, and society. However, it will also result in a large amount of electronic waste as solar panels reach the end of their roughly 30-year life span. By 2030, worldwide solar PV waste is anticipated to reach between 4%-14% of total generation capacity and rise to over 80% by 2050, this creates significant opportunity for the market.

MARKET SEGMENTATION:

·         By Type– Crystalline (monocrystalline, polycrystalline), thin film and others

·         By Recycling Process – thermal, chemical, mechanical, combination, laser

·         By Recycled Material- glass, plastic, aluminum, silicon, metals

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Solar PV Recycling Market Segment By Type Segment Review:

The crystalline silicon PV modules are the most widely used type of solar panels and dominates the market. In this segment, monocrystalline silicon modules are made from single crystal silicon and are known for their high efficiency and long lifespan. They are often utilized in residential and commercial applications due to their superior performance.

Polycrystalline silicon modules are made from silicon crystals that are melted together, and these panels are generally less efficient than monocrystalline modules but are cheaper to produce, which makes them a popular choice in large scale installations like solar farms. The film PV modules are made from various materials including cadmium Telluride, copper Indium gallium selenide and amorphous silicon, and are used in specifics applications where flexibility and lighter weight are the top consideration.

Solar PV Recycling Market Segment By Recycling Process Segment Review:

The thermal recycling of panels involves heating in a controlled environment to a high temperature, where organic materials like polymers and adhesives are burned, leaving behind inorganic materials. The process primarily targets the recovery of silicon and metals like silver. The chemical recycling utilizes chemical solutions to dissolve and separate different materials in panels and this method is particularly useful for extracting metals in semiconductor materials. In the mechanical recycling, the panels are mechanically crushed and ground into smaller pieces, to separate different materials.

The fragments then sorted using techniques like magnetic separation to isolate materials like glass metals and plastics. The combination recycling utilizes multiple recycling processes to optimize material recovery. This approach leverages the strength of each method like mechanical process to breakdown the panels followed by thermal or chemical treatments to refine and recover specific materials, to achieve higher efficiency and purity in recovered materials. The laser recycling uses laser beams to selectively remove and recover materials from the panels. The laser beams are directed at specific areas of the PV panels to vaporize and recover materials.

Solar PV Recycling Market Segment By Recycled Material Segment Review:

The glass constitutes the largest portion of solar panel by weight and is primarily used as the protective front layer of the panel, in the recycling process, the panels are dismantled, and the grass is separated. Glass is separated from the other components, the glass is then cleaned, crushed and processed into cullet which can be melted and reused in new glass products. The plastics used in the panels for encapsulation and back sheet materials providing insulation and protection for the cells, in the recycling process these plastic components are separated through dismantling process and different types of plastics are sorted and processed through methods like mechanical recycling and or chemical recycling.

These recycling of plastic helps to reduce environmental pollution and can be used in a variety of products. Aluminum is mainly used in the frames of the panels for providing structural support and protection, in the recycling process aluminum frames are removed from the panels and then it is melted down to reform into new products. Silicon is a critical material in solar cells that are responsible for converting sunlight into electricity. In the recycling process, the silicon cells are carefully removed from the panels and then purified and reprocessed into new solar cells which can be further used into other semiconductor applications. Metals like silver, copper and lead are used in various components of solar panels including electrical contacts and interconnections. In the recycling process metals are separated from other panel materials during the dismantling process and then processed through melting and electrochemical methods to recover the pure metals.

Solar PV Recycling Market Regional Analysis:

North America is a valuable market driven by the factors like strict environmental regulations and policies that promote solar panel recycling and solar installations, drives the demand of recycling solutions. Europe is another valuable market driven by the factors like strong environmental regulations like the European Union's Waste Electrical and Electronic Equipment directive which mandates the recycling of solar panels and sets specific recycling targets. Asia Pacific is a significant market driven by factors like rapid expansion of solar energy market. In the countries like China, India and Japan. The Middle East and Africa is a growing market due to the presence of abundant sunlight and increasing energy demand to be less dependent on natural resources. South America is another growing market due to adoption of solar energy adoption.

Key Challenges:

The establishment of recycling facilities requires significant capital investment and technology, infrastructure and compliance with environmental regulations, and this initial cost may be a barrier for the market. The environmental and safety concerns related to the recycling process, to avoid environmental contamination health rules where ensuring proper handling and disposal may be challenging and costly.

Competitive Landscape:

In the highly competitive Solar PV Recycling, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes –  Silcontel partnered with SunPower Corporation to launch new series of AC modules, in August 2022. Recycle PV Solar announced about the expansion of recycling operations, in February 2022. First Solar announced plans to invest USD 1.1 billion to build a PV solar module, in November 2022.

Global Key Players:

·         Sunpower Corporation

·         Trina Solar

·         Sharp Corporation

·         Reiling Group

·         First Solar

·         Veolia

·         Canadian Solar

·         Silcontel