The global Solar Panel Recycling Market size is expected to value at USD 384.4 million by 2025. The market is subject to witness a substantial growth due to the growing inclination towards renewable energy resources over conventional resources and increasing concerns regarding environmental impact. With rising adoption of solar panels due to reduced cost and dripping prices associated with installations are magnifying the growth of the market in recent years. Similarly, rising awareness among consumers about benefits of solar panels and their reduced cost are boosting overall market demand across different regions.
With the recent advancement for effective recycling of solar panels and numerous for efforts made by industry players for its effective implementation are spurring growth of the industry over the forecast period. Globally, the solar panel recycling industry is predicted to grow at CAGR of 22.1% in forecast period, providing numerous opportunity for market players to invest for research and development in the market.
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Moreover, multiple laws and regulation by regional governments for proper waste management involving solar panel are encouraging market players to invest in recycling activities. Additionally, numerous initiatives, schemes, and subsidies by local government for efficient recycling of solar panels and superior performance, are propelling growth of the market in coming years. Mechanical procedure involving recycling is widely adopted for its efficient outcome and the nominal atmospheric impact. The monocrystalline solar panels segment is considered as one of the fastest growing in solar panel recycling market over the forecast period. Critical factors such as higher efficiency levels, better space efficiency and longer life span are increasing popularity of the market.
Rising energy crisis, fluctuation in the prices of crude oil, the atmospheric hazards caused by the traditional resources of energy such as fossil fuels, and higher cost associated nuclear energy and its adverse environmental impact is boosting the demand for renewable energy resources Rising inclination towards renewable energy resources due to its minimum atmospheric hazards is predicted to expand reach of the solar panel recycling industry growth. Reduction in the prices of solar panel due to numerous government subsidies and recent technological advancement are responsible for increase in the number of solar photovoltaics installations. Recycling of solar panels not only allows waste management but also allows recycling the materials such as silicon, glass and various metals found inside the solar panels.
Economics associated with recycling of solar panels coupled with environmental friendly features are the major driving factors for recent developments in the solar panel recycling market over the forecast period. Materials used in the solar panels are isolated and recovered without any damage and loss of quality. The materials such as silicon and other metals are recycled by manufacture for the production of new panels, and for other industrial applications. Recycling of the materials such as glass can be used for production of insulating products and many other applications. Some of the silicon array are removed and reused. Reusability of silicon arrays is significant as manufacturing of silicon arrays is an energy-intensive process and expensive procedure.
The solar panel recycling industry is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America and Europe have shown major growth in recent years owing to the recent developments in solar PV modules and increasing investment by prominent industry players for research and development for recycling solar PV modules.
Asia-Pacific region is predicted to hold major market share in the solar panel recycling market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rising adoption of solar panels for electricity generation and growing competition among market players coupled with growing adoption of innovative technology. The key players in the solar panel recycling industry are Yingli Energy Corporations, First Solar Co., Canadian Solar Incorporations, Silcontel, Reclaim PV Recycling, and Envaris Co.
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Market Segment:
Process Outlook (Revenue, USD Million; 2014 – 2025)
• Thermal
• Mechanical
• Laser
Type Outlook (Revenue, USD Million; 2014 – 2025)
• Monocrystalline
• Polycrystalline
• Thin film
Shelf Life Outlook (Revenue, USD Million; 2014 – 2025)
• Normal loss
• Early loss
Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• U.S.
• Europe
• Germany
• Italy
• UK
• France
• Asia Pacific
• China
• India
• Japan
• South & Central America
• The Middle East and Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/renewable-energy
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