27th August 2019 – The global Solar
Panel Recycling Market size is expected to value at USD 384.4 million
by 2025. The market is subject to witness a substantial growth due to the
growing inclination towards renewable energy resources over conventional
resources and increasing concerns regarding environmental impact. With rising
adoption of solar panels due to reduced cost and dripping prices associated
with installations are magnifying the growth of the market in recent years.
Similarly, rising awareness among consumers about benefits of solar panels and
their reduced cost are boosting overall market demand across different regions.
With the recent advancement for
effective recycling of solar panels and numerous for efforts made by industry
players for its effective implementation are spurring growth of the industry
over the forecast period. Globally, the solar panel recycling industry is
predicted to grow at CAGR of 22.1% in forecast period, providing numerous
opportunity for market players to invest for research and development in the
market.
Moreover, multiple laws and regulation
by regional governments for proper waste management involving solar panel are
encouraging market players to invest in recycling activities. Additionally,
numerous initiatives, schemes, and subsidies by local government for efficient
recycling of solar panels and superior performance, are propelling growth of
the market in coming years. Mechanical procedure involving recycling is widely
adopted for its efficient outcome and the nominal atmospheric impact. The
monocrystalline solar panels segment is considered as one of the fastest
growing in solar panel recycling market over the forecast period. Critical
factors such as higher efficiency levels, better space efficiency and longer
life span are increasing popularity of the market.
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Rising energy crisis, fluctuation in the
prices of crude oil, the atmospheric hazards caused by the traditional
resources of energy such as fossil fuels, and higher cost associated nuclear
energy and its adverse environmental impact is boosting the demand for
renewable energy resources Rising inclination towards renewable energy
resources due to its minimum atmospheric hazards is predicted to expand reach
of the solar panel recycling industry growth. Reduction in the prices of solar
panel due to numerous government subsidies and recent technological advancement
are responsible for increase in the number of solar photovoltaics
installations. Recycling of solar panels not only allows waste management but
also allows recycling the materials such as silicon, glass and various metals
found inside the solar panels.
Economics associated with recycling of
solar panels coupled with environmental friendly features are the major driving
factors for recent developments in the solar panel recycling market over the
forecast period. Materials used in the solar panels are isolated and recovered
without any damage and loss of quality. The materials such as silicon and other
metals are recycled by manufacture for the production of new panels, and for
other industrial applications. Recycling of the materials such as glass can be
used for production of insulating products and many other applications. Some of
the silicon array are removed and reused. Reusability of silicon arrays is
significant as manufacturing of silicon arrays is an energy-intensive process
and expensive procedure.
The solar panel recycling industry is
divided into regional market segment such as North America, Europe,
Asia-Pacific, Latin America and Africa. North America and Europe have shown
major growth in recent years owing to the recent developments in solar PV
modules and increasing investment by prominent industry players for research
and development for recycling solar PV modules.
Asia-Pacific region is predicted to hold
major market share in the solar panel recycling market with massive growth in
forecast period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with rising adoption of solar panels for electricity
generation and growing competition among market players coupled with growing adoption
of innovative technology. The key players in the solar panel recycling industry
are Yingli Energy Corporations, First Solar Co., Canadian Solar Incorporations,
Silcontel, Reclaim PV Recycling, and Envaris Co.
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