The Global Solar Panel Recycling Market is expected to be valued at USD 384.4 million by 2025, according to a new report by Hexa Reports. 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.
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.
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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.
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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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