In 2019, the global solar panel recycling market was worth USD 127.7 millions. It is expected that it will grow at a compound annual rate (CAGR of 12.8%) from 2020 to 2027 due to rising demand for renewable energy sources and promising environmental standards. The market outlook will be enhanced by technological advancements and cost efficiency. The market outlook will be balanced by increasing awareness among customers regarding the benefits of renewable energy sources and subsidies provided to them by their provincial governments. Over the projected period, the demand for renewable energy will increase due to the environmental degradation and the global energy crisis that is caused by conventional energy sources such as nuclear energy and fossil fuels.
Market growth will be boosted by the shift to renewable energy resources due to their minimal impact on the environment. Market growth will also be supported by the decreasing prices of solar panels. Due to the extensive R&D and the growing number of photovoltaic module installations, the U.S. market will experience significant growth in the future. It is possible to recycle the materials, including silicon and glass, that are left over after the life span of photovoltaic module. Solar panels are becoming more popular because they are both eco-friendly as well as cost-effective.
China's COVID-19-related epidemic has stalled the demand for electricity generation and hampered the growth of its solar panel recycling market. The country is also seeing a decrease in manufacturing and construction activity, which is leading to an increase in capacity. Market players are considering alternative sourcing in order to remain in the industry.
In 2019, the mechanical process was responsible for 59% of all revenue. It is expected to grow at a rapid rate between 2020 and 2027. The fastest CAGR is expected to be in the laser process segment, both in terms revenue and volume, during the forecast period. Due to the decrease in silicon content of solar panels, thermal processes have a limited acceptance range but are expected to gain wider adoption over the forecast period.
In 2019, the early loss segment was worth USD 102.3 millions. Market growth is expected to be supported by various government regulations and standards to encourage solar panel recycling, and renewable energy projects to preserve the ecological balance. Major market players are committed to technological advancements that improve service quality and efficiency.
This is due to solar panels becoming more expensive or deteriorating early, as a result of maintenance issues, product standardization problems, and adverse weather conditions. The normal loss segment will see a significant increase in volume over the next few years. Solar panels have a shelf life of approximately 30 years. Therefore, maintenance issues will require them to be kept inactive.
In 2019, the monocrystalline solar panel recycling product category accounted for more than 50% of the total revenue. Monocrystalline panels can be expensive, but they are widely used due to their high heat tolerance, long shelf life and high efficiency. These panels are made with solely crystalline silicon.
Active performance and low cost of thin film solar panels will make them the fastest-growing product category over the projected period. The development of thin film solar modules has been a result of extensive R&D. They are lightweight and low-cost. Because of their low cost, these products can be mass manufactured.
In 2019, Europe was the region with the highest revenue share. It is expected to grow at a significant rate between 2020 and 2027, as Europe has the largest number of solar farms. This would allow for huge amounts of end-of life solar panels in the future. It is expected that there will be an increase in the amount of solar panel waste due to large amounts of end-of life solar panels. The demand for solar panel recycling will rise in the future.
The market for Germany is expected to surpass USD 70.0 million in 2027 due to technological advances and strict government regulations regarding waste management. Over the next seven year, the demand for solar panels is expected to rise due to their increasing use as an alternative to other eco-friendly sources.
From 2020 to 2027, Asia Pacific will be the fastest growing region market. Japan and China are the main revenue generators for the APAC region market. Due to increasing investments in recycling technology research and development, China currently holds the highest number of patent applications in solar panel recycling.
Service providers are focused on technological advances and innovation in solar panel recycling systems. These inventions, coupled with affordable pricing, are expected to increase the market share in the future. To strengthen their market position, many companies invest in R&D. First Solar, for example, began offering a solution to recycle photovoltaic panels and power plants in 2018. This maximized the financial returns and capital return. The following are some of the major players in the solar panel recycling industry:
First Solar Inc.
Echo Environmental, LLC
SILCONTEL LTD
Canadian Solar
Silrec Corporation.
SunPower Corporation
Reiling GmbH & Co. KG
Trina Solar
Aurubis
Envaris
SiC Processing GmbH
Yingli Energy Co. Ltd.
Hanwha Group
Up Market Research published a new report titled “Solar Panel Recycling Market research report which is segmented by Shelf Life (Normal Loss, Early Loss), by Process (Mechanical, Laser), by Product (Thin Film, Monocrystalline), By Players/Companies SiC Processing GmbH, Hanwha Group, Aurubis, First Solar Inc, Silrec Corporation, SILCONTEL LTD, Envaris, Yingli Energy Co Ltd, Reiling GmbH & Co KG, Trina Solar, Canadian Solar, SunPower Corporation, Echo Environmental LLC”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Solar Panel Recycling Market Research Report |
By Shelf Life | Normal Loss, Early Loss |
By Process | Mechanical, Laser |
By Product | Thin Film, Monocrystalline |
By Companies | SiC Processing GmbH, Hanwha Group, Aurubis, First Solar Inc, Silrec Corporation, SILCONTEL LTD, Envaris, Yingli Energy Co Ltd, Reiling GmbH & Co KG, Trina Solar, Canadian Solar, SunPower Corporation, Echo Environmental LLC |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 248 |
Number of Tables & Figures | 174 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Shelf Life (Normal Loss, Early Loss), by Process (Mechanical, Laser), by Product (Thin Film, Monocrystalline).
Solar Panel Recycling Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Solar Panel Recycling Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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