The leaning towards renewable energy sources amid the energy crunch and initiatives put forth by governments on solar power plants can drive demand for solar panels. Solar panels are low maintenance and provide relief to soaring electricity bills. The global report compiled by Market Research Future (MRFR) stresses on growth engines and hurdles to be faced for the industry for the period of 2022 to 2030 (forecast period). It contains estimations on growth and revenue during the forecast period and the hurdles put forth by the COVID-19 pandemic.
Market Scope
According to MRFRs new study, the global solar panel recycling market is projected to expand at a CAGR of 33% during the forecast period. It is estimated to be valued at USD 300 Mn by 2023. The strong interest towards the renewable energy sector coupled with rising investments in solar power generation is likely to catalyze the expansion of the solar panel recycling market over the assessment period. Investments are expected to flow towards solar advance technologies and open up new growth avenues for the market participants. Additionally, the thriving rate of PV installation has paved the way for rising volume of decommissioned PV panels. This, in turn, is poised to expedite the proliferation of the solar panel recycling market in the foreseeable future.
The support extended by governments for reduction of carbon footprints through large-scale solar power generation and a bevy of incentives and subsidies are expected to influence the expansion of the market positively over the next couple of years. Furthermore, the developing economies and their promising potential to emerge as major country-level markets in the forthcoming years can fuel the market growth.
The COVID-19 pandemic had brought the industry to a standstill with old solar equipment lying in heaps. But the easing of restrictions and adherence to environmental standards can bring about a resurgence of the global solar panel recycling market.
But the high cost of energy storage is likely to hold the growth of the solar panel recycling market over the assessment period.
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Competitive Outlook
Canadian Solar Inc, Reclaim PV Recycling, First Solar, Rinovasol Group, Silrec Corporation, Silcontel, ECS Refining LLC, Yingli Energy Co, Reiling GmbH & Co, and Zorlu Holding are notable players in the global solar panel recycling market.
Segmentation
By type, it is segmented into thin-film solar panels, monocrystalline solar panels, polycrystalline solar panels, and silicon solar panels.
By process, it is segmented into laser, thermal, and mechanical.
By shelf life, it is divided into normal loss and early loss.
Regional Analysis
North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are the biggest regions analyzed in the global solar panel recycling market.
Europe is estimated to lead in the market owing to maximum environmental reforms and large number of solar farms. The expiring shelf-life of solar panels and technological advances in waste management can drive the demand in the global solar panel recycling market. Germany is touted to be the leading generator in the region owing to shift to alternative sources of energy generation. According to PV Cycle, the volume of solar panels to be recycle can reach 50,000 tons by 2030. The rollout of programs such as Cabriss and Circusol for repair and promoting reuse of components in the solar panel industry value chain can favor the market.
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APAC and North America are expected to regions for large potential for the global solar panel recycling market. Investments in research and development and patents on new recycling technologies can drive the market demand in APAC. But the lack of regulations or mandates on recycling in the U.S., China, India, and Japan can hinder the market growth.