New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Solar Panel Recycling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Solar Panel Recycling Market Research Report, Type, Process and Region - Forecast till 2028” the market size is projected to be worth USD 718.8 million by 2028, registering a CAGR of 33.51% during the forecast period (2021 - 2028)., The market was valued at USD 197.87 million in 2020.
Key Players
List of the key players operating in the global solar panel recycling market profiled are-
- Yingli Energy Co
- Silcontel
- Reclaim PV Recycling
- Zorlu Holding
- First Solar
- Canadian Solar Inc
- Rinovasol Group
- Reiling GmbH & Co
- ECS Refining LLC
- Silrec Corporation
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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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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.
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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.
Segmentation of Market covered in the research:
Solar Panel Recycling Market Segmented by Type (Silicon, Monocrystalline, Polycrystalline), Process (Thermal, Mechanical, Laser) and Region - Global Forecast Till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
