Solar Panel Recycling Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Solar Panel Recycling Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Solar Panel Recycling Market

The global solar panel recycling market size was valued at USD 219.28 million in 2023. The market is projected to be worth USD 274.21 million in 2024 and reach USD 2,489.52 million by 2032, exhibiting a CAGR of 31.75% during the forecast period.

Solar panel recycling focuses on reclaiming valuable materials from old or damaged panels to reuse in new ones. For the solar energy sector, sustainability entails meeting today’s energy needs while preserving resources for future generations. Assessing the entire life cycle of a solar panel, from production to disposal, is essential for understanding its environmental impact. Efforts to develop new recycling methods, such as Japan's AGC and Tokuyama successfully using recycled solar panel glass to produce float glass, highlight innovation in the industry. These advancements are paving the way for more sustainable practices in solar panel recycling.

We Recycle Solar’s advancements in 2024 at its Arizona facility and its collaboration with Renewables.org highlight significant progress in addressing solar panel waste. These efforts also support renewable energy in underserved regions, underscoring the industry’s commitment to sustainability and capacity expansion. Moreover, innovations in recycling methods and increased adoption of panel reuse for off-grid applications, such as electric vehicle charging stations, highlight the industry’s potential and drive solar panel recycling market growth.

Comprehensive Analysis of Solar Panel Recycling Market

As per type, the market is fragmented into monocrystalline, polycrystalline, and thin film types. The monocrystalline segment is poised to be the fastest-growing segment and holds the largest market share due to their high efficiency and premium status. As per process, the market is divided into mechanical, thermal, chemical, and other processes. The mechanical process is expected to maintain the key solar panel recycling market share during the forecast period due to its physical separation efficiency and widespread adoption in recycling practices. In terms of geography, the market is analyzed across Europe, North America, Asia Pacific, and the rest of the world.

France's ROSI startup is pioneering an economically viable process for recovering high-purity silicon and other materials, enhancing resource efficiency and sustainability in Europe’s solar industry.

The U.S. and Canada are driving rapid growth in North America through expanded recycling projects. Canada's commitment to a full lifecycle approach in solar energy seeks to cut carbon emissions and enhance resource efficiency throughout the solar panel's life cycle.

The top industry participants in the market are Veolia (France), First Solar Inc. (U.S.), Reiling GmbH & Co. KG (Germany), SILCONTEL LTD (Israel), HAMADA CO., LTD (Japan), Solarcycle, Inc (U.S.), Recycle Solar Technologies Limited (England), ROSI (France), The Retrofit Companies, Inc. (Canada), and Rinovasol (Netherlands). In the fragmented global market, numerous players provide a range of recycling processes across regions. Reiling GmbH & Co. KG has updated its PV recycling film, allowing customers to explore advanced recycling solutions at their specialized Münster site.

In February 2024, Qcells partnered with SOLARCYCLE to recycle its decommissioned solar panels in the U.S., marking a groundbreaking collaboration between a major solar manufacturer and a leading recycler.

Segmentation Table

Global Solar Panel Recycling Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 31.75% from 2024 to 2032

Unit Value (USD Million)

Segmentation By Type, Process, and Region

Segmentation By Type

Monocrystalline

Polycrystalline

Thin Films

By Process

Thermal

Mechanical

Chemical

Others

By Region

North America (By Type, Process, and Country)

U.S. (By Type)

Canada (By Type)

Europe (By Type, Process, and Country)

Germany (By Type)

U.K. (By Type)

France (By Type)

Spain (By Type)

Italy (By Type)

Rest of Europe (By Type)

Asia Pacific (By Type, Process, and Country)

China (By Type)

India (By Type)

Japan (By Type)

Australia (By Type)

South Korea (By Type)

Rest of Asia Pacific (By Type)

Rest of World (By Type and Process)