Solar
Panel Recycling Industry
The
global solar panel recycling market is expected to exhibit a strong CAGR of 33%
over the forecast period from 2018 to 2023, according to the latest research
report published by Market Research Future (MRFR). The global solar panel
recycling market is mainly driven by the growing demand for solar energy, which
has driven the production of new solar panels, making the old ones redundant.
The growing demand for solar power all over the world is likely to be a major
driver for the global solar panel recycling market over the forecast period.
Solar
panel recycling has emerged as a vital need for the future due to the growing
reliance on solar power as a viable renewable energy source. The growing demand
for exploiting solar power to the full has led to rapid innovation in solar
panels, leading to regular product enhancements. While this has helped the
solar energy industry by allowing widespread installation of the latest tech,
it has also created the problem of a growing volume of solar panel waste. While
solar panels contain some precious materials, recycling them is not viable and
is mainly limited to recycling the metal and glass involved in the production
of the panels. As a result, landfills are currently seen as the most viable
method of recycling solar panels. This is likely to encourage innovation in the
solar panel recycling market over the forecast period, as companies try to
formulate sustainable long-term plans for recycling solar panels.
Competitive Analysis:
Leading
players in the Solar
Panel Recycling Industry include Silrec Corporation, ECS Refining LLC, Reiling
GmbH & Co, Rinovasol Group, Canadian Solar Inc., First Solar, Zorlu
Holding, Reclaim PV Recycling, Silcontel, and Yingli Energy Co.
Solar
Panel Recycling Industry Segmentation:
The
global solar panel recycling market is segmented on the basis of type, process,
shelf life, and region.
By
type, the global solar panel recycling market is segmented into silicon solar
panels, monocrystalline solar panels, polycrystalline solar panels, and thin
film solar panels. Silicon solar panels dominate the global solar panel
recycling market and are likely to remain the leading revenue generator over
the forecast period due to the widespread adoption of silicon solar panels.
By
process, the global solar panel recycling market is segmented into thermal,
mechanical, and laser. Mechanical recycling is the most popular process in the
global solar panel recycling market and is likely to remain dominant over the
forecast period.
By
shelf life, the global solar panel recycling market is segmented into normal
loss and early loss. Normal loss is likely to be the dominant segment in the
global solar panel recycling market over the forecast period.
Regional Analysis:
Europe
is the major regional market for solar panel recycling technology and is likely
to remain a leading regional player in the global market over the forecast
period due to the widespread adoption of solar power in the region. European
governments have been supportive towards the adoption of renewable energy
generation projects, leading to strong prospects for the solar panel recycling
market in the region over the forecast period. Countries such as France could
emerge as major players in the global solar panel recycling market over the
forecast period due to the growing reliance on solar power in these countries.
North
America is also likely to exhibit strong growth over the forecast period due to
the growing demand for newer, more advanced solar panels in the region, which
has led to the generation of a significant volume of solar panel waste.
Asia
Pacific could play a major role in the global solar panel recycling market in
the long run, as the high need for power in this region has led to a growing
use of solar power. This is likely to lead to a widespread need for effective
recycling solutions in a few decades, leading to steady growth of the solar
panel recycling market in the region.
Related
Reports:
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