Global Solar Panel Recycling Market Overview
Market Research Future (MRFR) believes that the Solar Panel Recycling Market 2020 can accelerate at a striking rate of 33% from 2018 to 2023 (evaluation period). By 2023-end, global market can be worth USD 300 Mn, despite the COVID-19 impact. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Primary Drivers and Top Restraints
The solar panel recycling market growth has slowed down significantly since the COVID-19 outbreak, which resulted in a lockdown across countries. The pandemic led to temporary shutdown of manufacturing as well as recycling plants while non-essential businesses are no longer allowed to operate. Due to the risk of SARS-CoV-2 spreading and the need to curb it, curfews have been implanted, which have further caused a considerable drop in the demand for solar panels and also their recycling in the market.
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With that said, the market can have some respite from the fact that numerous countries are lifting up the lockdowns and the world economy is on its way to recovery. Thanks to this, it is expected that solar panels can observe better demand in the next few months. The strong image of the renewable energy industry and the escalating spending on solar power generation can also benefit the solar panel recycling market in the coming years. Investments are projected to go into revolutionary solar technologies, which can present lucrative opportunities to the market contenders in the near future. The high focus on the use of renewable energy sources due to the rising concerns regarding the environment can work in favor of the global market, despite the increasing cases of novel coronavirus. A detailed analysis report of COVID-19 impact on Solar Panel Recycling Market is provided with the report.
Speaking of renewable energy sources, governments are extending strong support to solar panels to reduce the carbon footprint. This can be a favorable aspect of the solar panel recycling market in the following years. Further, governments are also relaxing the regulatory standards and policies to encourage spending on renewable energy sources, which can be another plus point for the market. Over the coming years, it is expected that the developing countries can emerge as lucrative untapped markets for solar panel recycling, prompting renowned players to shift their bases in these locations.
Solar Panel Recycling Market Segmentation
The Solar Panel Recycling Industry can be segregated with respect to type, process, and shelf life.
The key types described in the study include monocrystalline solar panels, silicon solar panels, thin-film solar panels and polycrystalline solar panels. The largest share in the global market belongs to the silicon solar panel segment, which can also procure the highest CAGR in the ensuing period.
Process-wise, the key segments in the solar panel recycling market are mechanical, laser and thermal. The market is slated to be led by the mechanical segment over the coming years.
Depending on the shelf life, the market caters to normal loss as well as early loss. Normal loss can be the leading section in the market and can note further expansion during the projection period.
The solar panel recycling market has been regionally considered for Europe, Asia Pacific/APAC, North America as well as RoW/Rest of the World.
Europe remains the word leader in the solar panel recycling market and can also witness the fastest growth rate over the assessment period. The increasing preference and uptake of renewable energy sources encouraged by the government’s push has expedited the market growth in the region. The supportive legislations in the region pertaining to the regulation of recycling processes can also bolster the market growth for solar panel recycling in the foreseeable years. The huge number of developed countries that are primarily focused on generating electricity via solar energy can further benefit the regional market.
North America is another promising contender and can remain profitable throughout the conjectured period. The rising number of strict recycling regulations amid the growing environmental concerns can boost the penetration of solar panel recycling in Canada and the United States/US in the following years.
The APAC market resonates lucrative opportunities backed by the presence of fast developing countries like India and China. The region has observe a sharp rise in the number of power projects in recent years in light of the alarming surge in the pollution and the growing industrialization rate. These aspects can be quite favorable for the solar panel recycling market in the region and foster its growth in the future as well.
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