The solar panel recycling market is growing quickly as more solar panels reach the end of their life. In 2020, the market was worth $139.7 million and is expected to grow to $478.6 million by 2030, with a yearly growth rate of 13.1 percent.
Europe is leading the market and is expected to continue growing the fastest. Countries like the UK, Germany, Spain, and Italy are increasing their use of solar energy, driving the demand for recycling solutions, according to Allied Market Research.
Top companies in this market include Aurubis, Canadian Solar, Echo Environmental, First Solar, Hanwha Group, SunPower, and Trina Solar. Other important players include Yingli Energy, Zorlu Holding, and Rinovasol Group.
The solar energy industry is growing, increasing the need for recycling. More solar panels are being used for power generation, heating, and transportation. Governments are also offering incentives, like the U.S. solar tax credit, to encourage solar energy use. Better technology and lower costs are making solar power more popular, which is helping the recycling market grow.
Thermal recycling is the most common method, making up 68.9 percent of the market in 2020. It is highly effective, recovering 84 percent of a panel’s weight. Mechanical recycling is also growing, making up 23.9 percent of the market and expected to grow at a rate of 13.4 percent per year.
Crystalline silicon panels are the most commonly recycled type due to their widespread use in solar streetlights and communication towers. Thin film panels are the fastest-growing segment, expected to grow at 14.6 percent per year. With government support and better recycling technology, the market will continue to expand, helping to manage solar panel waste effectively.
Faheema P