The demand for recycled solar photovoltaic (PV) panel components is set to skyrocket in the coming years as the number of installations surges and the threat of a supply bottleneck looms. Rystad Energy analysis shows recyclable materials from PV panels at the end of their lifespan will be worth more than $2.7 billion in 2030, up from only $170 million this year. This trend will only accelerate in the coming decades and the value of recyclable materials is projected to approach $80 billion by 2050.
PV recycling is still in its infancy but is seen as an essential element of the energy transition, with solar PV waste projected to grow to 27 million tonnes per annum by 2040. Our forecasts show that recovered materials from retired panels could make up 6% of solar PV investments by 2040, compared to only 0.08% today.
The panel components with the highest value are aluminium, silver, copper and polysilicon. Silver accounts for about 0.05% of the total weight but makes up 14% of the material value. Polysilicon is obtained through an energy intensive process to achieve the concentration needed for solar panel efficiency, reflected in the relatively high resale price. The greatest volume of material is glass, which has a high recycling rate but relatively low resale value.
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