New York, US, Dec. 15, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Solar Panel Recycling Market Segmented by Type, Process and Region - Global Forecast Till 2028, the market is anticipated to acquire a valuation of approximately USD 718.8 million by the end of 2028. The reports further predict the market to flourish at a robust CAGR of over 32% during the assessment timeframe.
Solar Panel Recycling Market Key Players
Eminent industry players profiled in the solar panel recycling market report include-
- 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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Report Scope:
| Report Metric | Details |
| The revenue forecast in 2028 | USD 718.8 million |
| Growth Rate | CAGR of 32% from 2022 to 2028 |
| Base Year | 2021 |
| Study Period | 2022-2028 |
| Key Market Opportunities | Increasing investment in Renewable Energy Sources. |
| Key Market Drivers | Increasing Volume Of Decommissioned PV Panels |
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Drivers
Increasing Customer Awareness to Boost Market Growth
The increasing customer awareness regarding the perks of sustainable energy sources will boost market growth over the forecast period.
Opportunities
Introduction of Stringent Policies and Regulations to offer Robust Opportunities
The introduction of stringent policies and regulations like product stewardship & rising landfill costs via governing authorities of various countries will give lucrative opportunities for this market in the forecast period.
Restraints and Challenges
Expensive Energy Storage to act as Market Restraint
The expensive energy storage coupled with lack of awareness about solar panel recycling may act as market restraints over the forecast period.
Solar Panel Recycling Market Segmentation
The solar panel recycling market is bifurcated based on shelf life, process, and type.
By type, silicon solar panels will lead the market over the forecast period.
By process, mechanical will dominate the market over the forecast period.
By shelf life, normal loss will spearhead the market over the forecast period.
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Solar Panel Recycling Market COVID-19 Analysis
The global market for recycling solar panels has slowed down as a result of the COVID-19 (coronavirus) outbreak. It is also anticipated that China, which has the most PV installations and solar PV panel production, will suffer. The global solar supply chain is expected to be impacted by this phenomenon. One of the nation’s investing the most in renewable energy is China. The COVID-19 outbreak, however, has paralyzed power generation and demand, which might slow the expansion of China's solar panel recycling market. A wave of low capacity additions is also occurring across the nation as a result of the suspension of construction and manufacturing activities. As a result, it is predicted that by 2027, the market for recycling solar panels will produce 894,000 tons. As a result, businesses in the market landscape are looking into alternative sourcing options to remain competitive.
Regional Analysis
Europe to Head Solar Panel Recycling Market
The largest regional market for solar panel recycling is in Europe, which is also predicted to have the fastest growth rate by the end of the assessment period. The region's solar panel recycling market is expected to grow more quickly due to the governments' rapid support for the adoption of renewable energy sources. Additionally, the implementation of favorable legislation to control recycling procedures is anticipated to fuel market growth in the near future. It is anticipated that the presence of developed economies that are well suited for producing significant amounts of solar power will further accelerate the regional market's growth. In terms of revenue, Europe accounted for the largest portion of the solar panel recycling market in 2020, and it is predicted that it will continue to hold this position throughout the forecast period. This is explained by the region's substantial consumer base and key player presence. The demand for distributed energy systems in the region has also significantly increased the demand for solar panel installation across the UK, Germany, Spain, and Italy. This increase in demand is expected to propel the development of the solar panel recycling market in this region from 2021 to 2030. In 2019, Europe's revenue share was the highest. It is anticipated to grow significantly between 2020 and 2027 because the region has the most solar farms installed, which will result in a significant amount of solar panels reaching out the end of their useful lives during that time. According to estimates, there will be more solar panel waste as a result of the abundance of end-of-life solar panels. As a result, it is anticipated that over the coming years, demand for solar panel recycling will increase. The market in Germany is expected to reach over USD 70.0 million by 2027 as a result of technological advancements and stringent government waste management regulations. Over the next seven years, it is anticipated that demand for the product will increase due to the increasing use of solar panels for power generation as an alternative to other unsustainable sources. The initial product adoption and widespread consumer acceptance across the EU are credited with this growth. The government's numerous initiatives to legalize recycling in developed nations like Germany and the United Kingdom are anticipated to drive the market for recycled solar panels to expand.
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APAC to Have Favorable Growth in Solar Panel Recycling Market
Due to the region's rising adoption of solar power, rising government regulations, rising number of solar panel installations, and rising number of installations of photovoltaic modules, Asia-Pacific is expected to experience the fastest growth in the solar panel recycling market. Due to the region's rising adoption of solar power, rising government regulations, rising number of solar panel installations, and rising number of installations of photovoltaic modules, Asia-Pacific is expected to experience the fastest growth in the solar panel recycling market. Rising solar panel installations in China and Japan are anticipated to significantly aid market expansion. More patent applications in China for solar panel recycling due to increased investments in the development of recycling technology are also anticipated to boost market demand in this area. The solar industry in APAC is likely to grow at the fastest rate, contributing to this prediction. Additionally, rising R&D expenditures have led to the incorporation of new technologies, which has fueled the development of the solar panel recycling market. The majority of patent applications in APAC for solar panel recycling technology are from China.
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