Solar Panel Recycling Market Scenario
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.
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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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.
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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.
Competitive Analysis:
Leading players in the global solar panel
recycling market 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.
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