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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