Solar panel recycling market to witness steady growth, reaching $931m by 2029

Environmental regulations and government commitments will drive the market’s growth.

The solar panel recycling market is expected to reach $931m by 2029 at a compound annual growth rate of 19.3% from $385m in 2024, driven by the acceleration of solar panel installations globally.

In a report, MarketsandMarkets said the vital role played by solar energy will lead to a surge in the volume of end-of-life solar panels that will reach their operational lifespan, creating a demand for recycling solutions.

“One of the primary drivers propelling the solar panel recycling market forward is the tightening of environmental regulations and the growing commitment of governments to sustainable waste management practices,” the report read.

“Across the globe, policymakers are recognizing the environmental impact of electronic waste, including solar panels, and are implementing measures to ensure responsible disposal and recycling,” it added.

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In Asia, for example, Japan and South Korea passed legislation that promotes solar panel recycling.

Aside from this, the limited availability of raw materials used in solar panels such as silicon and precious metals like silver and copper contribute to the rise in recycling demand.

In terms of type, polycrystalline silicon solar panels are projected to be the largest due to their affordability and availability.

Panels of this type have a typical lifespan of 25 to 30 years.

“The impending expiration of the first wave of solar installations presents a significant opportunity for the recycling sector. As millions of solar panels reach the end of their operational lifespan in the coming years, the volume of solar waste available for recycling is expected to increase exponentially,” the report read.