Description
The
global solar panel recycling market is expected to be valued at USD 384.4
million by 2025, according to a new report by Grand View Research, Inc. Rising
trend towards the preference of renewable sources of energy over conventional
sources considering the minimal environmental impact of the former is projected
to propel the market growth over the forecast period.
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The
mounting PV installation rates on account of dripping prices is expected to
further augment the demand for solar panels. Also, the growing awareness among
the users regarding the cost as well as environmental benefits associated with
solar energy is likely to actuate the market demand. With the extensive
research and development underway, various novel processes and mechanisms to
carry out effective recycling of solar panels have evolved.
Additionally,
several stringent regulations and certifications of the government with regard
to proper solar panel waste treatment as well as to encourage the adoption of
solar energy projects is anticipated to drive the market. To enable sustainable
development, government authorities are also providing various incentives and
support schemes for efficient recycling of solar panels.
Mechanical
process of recycling is widely used due to its efficient results and the
minimal environmental impact. Moreover, the monocrystalline solar panels
accounted for 51.4% of the global solar panel recycling market in 2016. High
efficiency levels along with space efficiency and longer shelf life is expected
to increase the demand for these panels over the forecast period.
Europe
is the leading market for solar panel recycling owing to the early adoption and
wide consumer acceptance in the region. Presence of various government measures
to regulate the recycling process in countries such as Germany and UK is
anticipated to propel the market growth. The technological advancements to
enhance the recycling rate are likely to fuel the demand for the market over
the next eight years. Countries like US, China, Japan, and India in the regions
of North America and Asia Pacific are also rapidly developing markets for solar
panel recycling.
Further key findings from the report
suggest:
•
In terms of value, the market is expected to record a CAGR of 22.1% from 2017
to 2025 on account of increasing adoption and government regulations on solar
module recycling. In terms of revenue, thin film panel segment is expected to
denote a CAGR of 25.9% from 2017 to 2025 owing to high flexibility and low-cost
advantages offered by the panels relative to other segments.
•
Europe was valued at USD 28.3 million in 2016 and is expected to witness
significant demand over the period of forecast considering the growing
government regulations in light of sustainability concerns.
•
Key participants include Yingli Energy Co. Ltd; First Solar; Canadian Solar;
Envaris; ECS Refining LLC; Rinovasol; Reclaim PV Recycling; Silcontel; Reiling
Group; and Silrec Corporation. The companies are focused on extensive
innovation and enhancing their service quality to maintain their standing in
the market.
•
In 2017, First Solar, entered into a collaborative sales agreement with Zorlu
Holding, A.S, a Turkish company to distribute its thin film PV modules in 26
countries
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Table of Contents
Chapter 1 Methodology and Scope
1.1
Research methodology
1.2
Research scope and assumptions
1.3
List of data sources
1.4
List of abbreviations
Chapter 2 Executive Summary
2.1
Market summary
Chapter 3 Solar Panel Recycling Market
Variables, Trends & Scope
3.1
Market segmentation
3.2
Penetration & growth prospect mapping, 2014 - 2025
3.3
Value chain analysis
3.4
Regulatory framework
3.5
Technology overview
3.6
Market dynamics
3.6.1
Market driver analysis
3.6.1.1
Increasing demand for renewable power sources
3.6.1.2
Favorable government regulations in light of sustainability concerns
3.6.2
Market restraint analysis
3.6.2.1
Expensive recycling technology
3.7
New market avenues
3.8
Industry analysis - Porter's
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