The global solar panel recycling market is expected to be valued at USD 384.4 million by 2025,
according to a new report by Grand View Research, Inc. Rising trend towards the
preference of renewable sources of energy over conventional sources considering
the minimal environmental impact of the former is projected to propel the
market growth over the forecast period.
The mounting PV installation rates on
account of dripping prices is expected to further augment the demand for solar panels.
Also, the growing awareness among the users regarding the cost as well as
environmental benefits associated with solar energy is likely to actuate the
market demand. With the extensive research and development underway, various
novel processes and mechanisms to carry out effective recycling of solar panels
have evolved.
Additionally, several stringent regulations
and certifications of the government with regard to proper solar panel waste
treatment as well as to encourage the adoption of solar energy projects is
anticipated to drive the market. To enable sustainable development, government
authorities are also providing various incentives and support schemes for
efficient recycling of solar panels.
Mechanical process of recycling is widely
used due to its efficient results and the minimal environmental impact.
Moreover, the monocrystalline solar panels accounted for 51.4% of the global
solar panel recycling market in 2016. High efficiency levels along with space
efficiency and longer shelf life is expected to increase the demand for these
panels over the forecast period.
Europe is the leading market for solar
panel recycling owing to the early adoption and wide consumer acceptance in the
region. Presence of various government measures to regulate the recycling
process in countries such as Germany and UK is anticipated to propel the market
growth. The technological advancements to enhance the recycling rate are likely
to fuel the demand for the market over the next eight years. Countries like US,
China, Japan, and India in the regions of North America and Asia Pacific are
also rapidly developing markets for solar panel recycling.
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http://www.grandviewresearch.com/industry-analysis/solar-panel-recycling-market
http://www.grandviewresearch.com/industry-analysis/solar-panel-recycling-market
Further key findings from the report suggest:
· In terms of value, the market is expected
to record a CAGR of 22.1% from 2017 to 2025 on account of increasing adoption
and government regulations on solar module recycling. In terms of revenue, thin
film panel segment is expected to denote a CAGR of 25.9% from 2017 to 2025
owing to high flexibility and low-cost advantages offered by the panels
relative to other segments.
· Europe was valued at USD 28.3 million in
2016 and is expected to witness significant demand over the period of forecast
considering the growing government regulations in light of sustainability
concerns.
· Key participants include Yingli Energy Co.
Ltd; First Solar; Canadian Solar; Envaris; ECS Refining LLC; Rinovasol; Reclaim
PV Recycling; Silcontel; Reiling Group; and Silrec Corporation. The companies
are focused on extensive innovation and enhancing their service quality to
maintain their standing in the market.
· In 2017, First Solar, entered into a
collaborative sales agreement with Zorlu Holding, A.S, a Turkish company to
distribute its thin film PV modules in 26 countries.
Grand View Research has segmented the solar
panel recycling market on the basis of process, type, shelf life and region:
Process Outlook (Revenue, USD Million; 2014–2025)
·
Thermal
·
Mechanical
·
Laser
Type Outlook (Revenue, USD Million; 2014–2025)
·
Monocrystalline
·
Polycrystalline
·
Thin film
Shelf Life Outlook (Revenue, USD Million;
2014–2025)
·
Normal loss
·
Early loss
Regional Outlook (Revenue, USD Million;
2014–2025)
·
North America
o
U.S.
·
Europe
o
Germany
o
Italy
o
UK
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
South & Central America
·
The Middle East and Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
