The global solar panel recycling market is projected to strike a CAGR of 33% over the forecast period 2018 to 2023. The market valuation is estimated to grow from USD 90.23 Mn in 2017 to USD 300 Mn by 2023-end. The growth of the solar energy industry is likely to reflect on the expansion of the solar panel recycling market. The rising awareness about the environmental effects of solar power is likely to propel the growth of the global market over the next couple of years. However, the expensive energy storage remains an impediment to the market growth.
The initiatives undertaken by the governments for the reduction in carbon emissions and the adoption of renewable energy have catapulted the renewable energy industry on an upward trajectory. This, in turn, has catalyzed the growth in the recycling of solar panels across the world. The swift rate of solar PV installation and rising count of solar power projects have led to a phenomenal volume of decommissioned PV panels. It is forecasted to influence the expansion of the solar panel recycling market positively in the upcoming years. Additionally, the developments and innovations in the solar Advance Technology pose immense potential for revolutionizing the market growth through the assessment period.
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Global Market for Solar Panel Recycling – Segmental Analysis:
MRFR’s report offers a comprehensive segmental analysis of the global solar panel recycling market based on type, process, and shelf life. By type, the market has been segmented into silicon solar panels, monocrystalline solar panels, polycrystalline solar panels, thin-film solar panels. The silicon solar panel holds the largest share of the market and is likely to strike a relatively higher CAGR during the review period.
By process, the solar panel recycling market has been segmented into thermal, mechanical, and laser. The mechanical segment is expected to witness high demand and exhibit substantial growth over the next few years.
By shelf life, the market has been segmented into normal loss and early loss. The normal loss segment holds the major share of the market and is prognosticated to expand its market presence across the projection period.
Solar Panel Regional Market Outlook:
The global solar panel recycling market, by region, has been segmented into North America, Europe, Asia Pacific, Rest of the World.
North America is a promising market and is projected to remain lucrative during the forecast period. The stringent recycling regulations enforced are expected to expedite the proliferation of the solar panel recycling market in the region. Meanwhile, the fast-developing economies of Asia Pacific resonate strong opportunities for growth.
The region is forecasted to exhibit significant growth over the next couple of years. Rising count of solar power projects is a major factor responsible for the growth of the solar panel recycling market in Asia Pacific region.
Europe is the largest regional market for solar panel recycling and is expected to emerge as the fastest growing region towards the end of the assessment period. The swift inclination towards the adoption of renewable energy backed by the governments is prognosticated to expedite the growth of the solar panel recycling market in the region.
Additionally, the enforcement of favourable legislation for regulating the recycling processes is poised to drive the expansion of the market in the foreseeable future. The presence of developed economies that are well equipped for generating vast amounts of solar power is anticipated to further propel the expansion of the regional market.
Companies Covered:
Some of the key players operating in the global solar panel recycling market are Yingli Energy Co, Silcontel, Reclaim PV Recycling, Zorlu Holding, First Solar, Canadian Solar Inc, Rinovasol Group, Reiling GmbH & Co, ECS Refining LLC, and Silrec Corporation.
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