Solar Panel Recycling Market Analysis:
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 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.
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.
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.
Solar Panel Recycling Market 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:
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 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.
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