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 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.
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.
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Prominent Players:
Yingli Energy Co,
Reclaim PV Recycling, Zorlu Holding, Silcontel, First Solar, Canadian Solar
Inc, Reiling GmbH & Co, ECS Refining LLC, Rinovasol Group, and Silrec
Corporation
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.
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Regional Outlook:
The global solar panel
recycling market, by region, has been segmented into North America, Europe,
Asia Pacific, Rest of the World. 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 favorable 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.
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.
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