Solar Panel Recycling Market Analysis
Solar Panel Recycling Market is projected to be worth USD 718.8 million, registering a CAGR of 32% during the forecast period (2022 - 2030).
Multiple Factors to Augment Market Growth
The renewable energy sector's strong value, together with increased investments in solar power generation, is projected to fuel the rise of the solar panel recycling market over the assessment period. Investments are expected to flow toward advanced solar technologies, which are expected to open up new avenues of growth for industry participants. Furthermore, the brisk rate of PV installation has prepared the way for an increase in the amount of decommissioned PV panels. This, in turn, is expected to accelerate the growth of the solar panel recycling market in the near future.
The government's support for reducing carbon footprints through large-scale solar power generation is likely to have a favorable impact on market expansion over the next few years. Furthermore, developing economies have the potential to become large country-level marketplaces in the coming years.
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Report Attribute/Metric
Details
CAGR
32% CAGR (2022-2030)
Base Year
2021
Forecast Period
2022 to 2030
Historical Data
2019 & 2020
Forecast Units
Value (USD Million)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Process
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
The Global Market to Regain Stability Post COVID-19 Pandemic
The solar panel recycling sector has been badly damaged in recent months as a result of the majority of countries' lockdowns. Since the pandemic's emergence in December 2019, these lockdowns have resulted in the temporary shutdown of industrial and recycling industries. In addition, numerous countries have experienced curfew-like conditions in which enterprises other than essential services were not permitted to function. This has had an effect on the demand for solar panels as well as their recycling. Several governments, however, have begun to ease the lockdowns in order to restore the country's economic conditions. As a result, demand for solar panels is expected to increase in the coming months. The renewable energy sector's strong value, together with increased investments in solar power generation, is projected to fuel the rise of the solar panel recycling market over the assessment period. Investments are expected to flow into cutting-edge solar technologies, creating growth prospects for market participants. Furthermore, the rapid growth of PV installations has resulted in an increase in the number of decommissioned PV panels. This, in turn, is expected to accelerate the expansion of the solar panel recycling industry in the near future.
The demand for solar panels is expanding significantly as a result of government assistance for reducing carbon footprints through large-scale solar power generation. This is projected to have a beneficial impact on market growth over the next few years. Governments throughout the world are working on enacting more lenient regulatory rules to encourage investments in renewable energy sources, which will fuel the expansion of the solar panels recycling industry. Furthermore, developing economies have a good chance of becoming big country-level markets in the following years.
Key Players
Some of the key players operating in the global solar panel recycling market are Yingli Energy Co, Silcontel, Reclaim PV Recycling, Zorlu Holding, First Solar, Canadian Solar Inc, Rinovasol Group, Reiling GmbH & Co, ECS Refining LLC, and Silrec Corporation.
Market Segmentation
The global solar panel recycling market has been segmented into type and process.
By type, the global solar panel recycling market has been segmented into silicon, monocrystalline, polycrystalline.
By process, the global solar panel recycling market has been segmented into thermal, mechanical, and laser.
Regional Analysis
Europe to Dominate the Global Market
In 2019, Europe had the highest revenue share. It is expected to rise at a high rate from 2020 to 2027 since the region has the most installed bases of solar farms, resulting in a large number of end-of-life solar panels in the coming years. The existence of a high number of end-of-life solar panels is expected to increase solar panel waste. As a result, the need for solar panel recycling is expected to rise in the coming years.
Due to technology improvements and stringent government requirements for waste management, the market in Germany is expected to approach USD 70.0 million by 2027. Over the next seven years, the increased usage of solar panels for power generation as an alternative to other non-eco-friendly sources is expected to drive product demand.
APAC to Witness Fastest Growth
From 2020 to 2027, the Asia Pacific area is expected to be the fastest-growing regional market. The APAC regional market is dominated by China and Japan. Due to increased investments in recycling technology research and development, China now has the most patent filings in solar panel recycling.
In a recently published report by Research Nester titled “Solar Panel Recycling Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the solar panel recycling market in terms of market segmentation by shelf life, by type, by process, by end users and by region.The global solar panel recycling market is anticipated to surpass USD 325 Billion by 2027 on account of increased adoption of solar power energy generation methods backed by favored regulations across the globe.
On the basis of process, the market is segmented into thermal, mechanical and laser.
By end users, the market is segmented into manufacturers and government authorities.North America region is anticipated to witness significant growth during the forecast period owing to the increasing use of solar panels along with stringent recycling regulations in the region.
The growing adoption of solar panels in emerging countries, such as, India & China is expected to create new growth opportunities for market players in the near future.
These factors are estimated to boost the growth of the market in Asia-Pacific region.Request Sample To Learn More About This Report @ https://www.researchnester.com/sample-request-1481Favorable Government Policies and Reduction in the Price of Solar PanelsDecline in the prices of solar panels and favorable government policies and initiatives as a move towards cleaner, affordable and reliable sources of energy are considerably propelling the adoption of solar energy around the world.
According to International Renewable Energy Agency (IRENA), total volume of accumulated global photovoltaic panel waste is projected to reach around 60 to 70 million tons by 2050.
