Solar panel recycling market grows from $139.7M to $478.6M by 2030.

By Oliver Townsend Jun 5, 2024
Solar Panel Recycling Market Valued at $139.7M in 2020, Projected to Reach $478.6M by 2030 with 13.1% CAGR.jpegOrginal image from:

When it comes to the solar panel recycling market, the numbers speak for themselves. In 2020, the market was valued at $139.7 million, and it is projected to reach $478.6 million by 2030, with a compound annual growth rate (CAGR) of 13.1% from 2021 to 2030. These figures highlight the significant growth potential and opportunities within the solar panel recycling industry.

Thermal Segment Dominance

One of the key factors driving the solar panel recycling market is the thermal segment, which held the highest market share of about 68.9% in 2020. This segment is expected to maintain its dominance due to the benefits associated with the thermal process in solar panel recycling. The thermal process can recover more than 84.0% of a solar panel’s weight and recycle up to 98.0% of unbroken cells, depending on various conditions. The rapid growth of the solar panel sector is also expected to contribute to the market’s remarkable growth during the forecast period.

European Lead in Recycling

Europe stands out as a region where the solar panel recycling market is more advanced compared to others like Asia-Pacific, LAMEA, and North America. This is attributed to the regulatory measures and policies adopted by the European region to promote the recycling of solar panels. The region’s proactive approach towards sustainability and environmental conservation has positioned it as a leader in solar panel recycling.

Government Support and Market Growth

The solar energy industry’s rapid growth is a significant driver for the solar panel recycling market. The increase in installations of solar panels across various applications like power generation, transportation, and water heating is anticipated to fuel market growth. Government incentives and measures, such as the solar tax credit introduced by the U.S. government, have further encouraged the adoption of solar energy technologies, driving the demand for solar panel recycling.

Crystalline Silicon Dominance

Within the solar panel recycling market, the crystalline silicon segment holds the largest share in terms of revenue and is expected to maintain its dominance. The rise in demand for crystalline silicon in standalone PV systems like solar street lights and telecommunication towers is a key factor driving the growth of this segment. Additionally, government initiatives for the adoption of solar energy are expected to further boost the demand for crystalline silicon type.

European Market Outlook

Europe is forecasted to maintain its dominant position in the solar panel recycling market trend. The presence of key players and a large consumer base in the region contributes to its market leadership. Countries like the UK, Germany, Spain, and Italy have witnessed a surge in demand for distributed energy systems, further propelling the growth of the solar panel recycling market in Europe.

Future Growth Predictions

Looking ahead, the solar panel recycling market is set to experience significant growth, with various segments like the thermal, mechanical, and thin film segments expected to expand. Europe, in particular, is projected to grow at a fast rate, registering a CAGR of 13.7% throughout the forecast period. The market’s potential for growth and innovation makes it an exciting and promising industry to watch in the coming years.

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