Global solar panel recycling market is projected to reach $269.8 million by 2023, according to P&S Market Research.
Increasing support of the government toward sustainable development and growing adoption of solar power as a renewable source of energy are the major factors driving the growth of the market. Solar panel recycling is the processing of photovoltaic (PV) systems or panels to obtain their constituent parts, which can be reused in the manufacturing of other products. The average life expectancy of solar panels is 30 years.
Insights on market segments
In terms of value, mechanical process held the largest share in the solar panel recycling market during the historical period and is estimated to contribute more than 55.0% share to the market in 2017. This can be attributed to the fact that the process is highly efficient and environmentally safe.
During the forecast period, thin-film PV recycling is expected to be the fastest-growing category in the solar panel recycling market, with a CAGR of 29.7% in value terms. The advantageous properties of thin-film solar panels, such as flexibility, light weight, and temperature resistance, are expected to drive their recycling market in the coming years.
Browse report overview with 198 tables and 62 figures spread through 169 pages and detailed TOC on "Solar Panel Recycling Market by Process (Thermal, Mechanical, Laser), by Type (Monocrystalline, Polycrystalline, Thin Film), by Shelf life (Normal Loss, Early Loss), by Geography (U.S., Germany, Italy, U.K., France, China, India, Japan) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/solar-panel-recycling-market
In terms of revenue, the early-loss shelf life category of solar panels is estimated to contribute more than 80.0% share to the solar panel recycling market in 2017. This can be attributed to the increased use of these panels for recycling purposes due to factors such as exposure to harsh weather conditions and lack of routine maintenance.
Market will witness the highest growth in Asia-Pacific (APAC)
During the forecast period, the solar panel recycling market is projected to witness the fastest growth in terms of value in APAC. Growing environment sustainability concerns and cost advantage of solar panel recycling in emerging economies, such as China and India, are expected to foster the market growth in APAC in the coming years.
Reducing solar panel installation cost is the key trend in the market
Solar power is a renewable, clean, noiseless, and freely available source of energy. In spite of the extensive costs associated with the R&D of solar energy systems, solar panel manufacturers have successfully managed to reduce design and overhead costs over the years. This drop in the solar energy prices can be attributed to the reduction in the hardware cost and increased focus on the minimization of pre- and post-construction expenses.
Regional governments are witnessing record low prices for solar and wind systems at power auctions, which is resulting in the planning of more subsidy-free solar and wind farms. In addition, the decreasing price of solar panels and their installation is increasing their popularity for residential and commercial applications, which is subsequently driving the solar panel recycling market.
Increasing usage of solar power sources is expected to drive the market
Growing energy crisis, high rate of carbon emissions, and increasing concerns for environmental protection have stimulated the need for sustainable power generation, globally. The growing number of pacts and initiatives related to the implementation of solar energy projects, across the world, is the main factor supporting the increased installation of solar panels or PV modules, which, in turn, is driving the solar panel recycling market.
The average lifespan of solar panels is 30 years, but some may suffer an early loss, resulting in a large amount of e-waste generation containing environmentally harmful substances. Thus, the recycling of these solar panels becomes important, as it helps in maintaining the ecological balance and reducing the emission of various hazardous substances into the atmosphere. The above-mentioned factors indicate that the increasing popularity of solar energy as a renewable power source is driving the growth of the solar panel recycling market.
Solar panel recycling market competitive landscape
Some of the major players operating in the global solar panel recycling market are Silcontel Ltd., Rinovasol Group, Reiling GmbH & Co. KG, ENVARIS GmbH, ECS Refining LLC, Reclaim PV Recycling Pty. Ltd., Silrec Corporation, Canadian Solar Inc., Yingli Green Energy Holding Company Limited, and First Solar Inc.
GLOBAL SOLAR PANEL RECYCLING MARKET SEGMENTATION
By Shelf Life