Solar Panel Recycling Market Overview
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.
Solar panel recycling has emerged as a vital need for the future due to the growing reliance on solar power as a viable renewable energy source. The growing demand for exploiting solar power to the full has led to rapid innovation in solar panels, leading to regular product enhancements. While this has helped the solar energy industry by allowing widespread installation of the latest tech, it has also created the problem of a growing volume of solar panel waste. While solar panels contain some precious materials, recycling them is not viable and is mainly limited to recycling the metal and glass involved in the production of the panels.
Competitive Analysis:
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.
Segmentation:
The global solar panel recycling market is segmented on the basis of type, process, shelf life, and region.
By type, the 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 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:
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 Share 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.
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