– March 16, 2022 —
Regional Analysis
Based on recent research, the solar panel recycling market is divided into four regions like North America, Europe, Asia-Pacific, and the Rest of the World. Among them, Europe is leading the largest market share due to the presence of key players and a huge consumer base. Moreover, due to the increase in demand for distributed energy systems, the demand for solar panel installation has raised in emerging economies like the UK, Spain, Germany, and Italy. Furthermore, introducing advanced technologies and stringent government requirements for waste management is expected to increase the market growth in Germany. Due to rising investments in recycling technology research and development, Asia-Pacific is said to be the fastest-growing region. China has the leading patent filings in solar panel recycling.
The solar panel recycling market industry players are Silcontel, Zorlu Holding, Canadian Solar Inc, Rinovasol Group, ECS Refining LLC, and Silrec Corporation.
According to the latest research, the global Solar Panel Recycling Market size in 2019 is witnessed at USD 127.7 million and is predicted to grow at a significant rate of 12.8% CAGR during the forecast period 2022-2027.
Solar panel recycling is the recycling process of solar panel waste after the end-of-life cycle of solar panels and early damage to them. Thermal, mechanical, and laser are the three types of solar panel recycling processes. Generally, solar panel waste includes heavy and toxic substances like cadmium, lead, plastics, glass, and more which are harmful to both environment and human health. Hence, there is a need of recycling solar panels rather than disposing of them in landfills. Solar panels are eco-friendly and cost-effective which are rising the demand for the market.
Introducing advanced technologies regularly with cost efficiency is enhancing solar panels adoption. Moreover, rising awareness regarding the benefits of sustainable sources of energy and subsidies provided by the provincial governments among the customers is expected to propel market growth. The rising trend towards renewable energy sources is escalating the market growth as this system has less effect on the environment. Apart, the declining prices of solar panels are projected to rise the number of installations of solar photovoltaic modules which boosts the market growth.
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The solar panels market opportunities are rising the investment in the R & D to develop the solar advanced technologies are fostering the growth of the market.
Market Segmentation
Based on the recent updates, the solar panel recycling market is classified into type, process, and shelf life.
Type Segmentation: The solar panel recycling market by type segment is analyzed into four forms such as silicon solar panels, monocrystalline solar panels, polycrystalline solar panels, and thin-film solar panels.
Process Segmentation: By process, the solar panel recycling market is trifurcated into thermal, mechanical, and laser.
Shelf-Life Segmentation: Based on the shelf life, the solar panel recycling market is bifurcated into normal loss and early loss.
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Industry News As per the information collected recently, the solar panel recycling market is expected to grow at a significant position in the market due to rising investments to develop advanced solar technologies is accelerating the market growth. Moreover, the brisk rate of PV installation has escalated the amount of decommissioned PV panels which leads to a rise in demand for solar panel recycling in the coming years.
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