In a recently published report by Research Nester titled “Solar Panel Recycling Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the solar panel recycling market in terms of market segmentation by type, by process, by shelf-life and by region.
The rising concerns related to energy crisis and carbon emissions among other problems contributing to environment degradation has led to the implementation of solar panels that generate electricity from solar energy for both residential and commercial purposes. However, the life expectancy of solar panels is around 30 years, which is expected to contribute to large stock of raw materials among other important components at the end of completing that period. This material can be used to produce new panels which is one of the major factors that are supporting the growth of the market.
The solar panel recycling market is anticipated to record a CAGR of around 21.4% over the forecast period i.e. 2019-2027 and is estimated to cross USD 325 million by 2027. Increasing R&D activities leading to the development of efficient recycling techniques are supporting the market growth. The market is segmented by shelf life into normal and early loss segments, out of which, the early loss segment is anticipated to witness significant growth in upcoming years owing to significant presence of products with less shelf life in the market.
Regionally, the solar panel recycling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America is anticipated to witness significant growth during the forecast period owing to the increasing use of solar panels coupled with stringent recycling regulations across the region. The growing adoption of solar panels in emerging economies, such as, India & China is expected to create new growth opportunities for market players in upcoming years. These factors are estimated to boost the growth of the market in Asia-Pacific region.
Rising Ecological Concerns & Government Support
As mentioned above, the expected lifecycle of solar panel is around 30 years and once they complete their cycle, they are estimated to contribute to large amount of waste to be released through landfill or other forms of reducing waste which is expected to contribute to environmental degradation across the world. According to IRENA (International Renewable Energy Agency), the total amount of PV panel waste around the globe is estimated to be 78 million tons by 2050. The rising ecological concerns and favorable government laws and regulations such as the European Waste Electrical and Electronic Equipment (WEEE) Directive to manage waste related to solar panels are expected to support the growth of the market during the forecast period.
However, high investment for research and development activities and lack of skills pertaining to solar panel recycling are some of the restraining factors that are estimated to affect the growth of the market over the forecast period.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the solar panel recycling market which includes company profiling of Silcontel Ltd., Rinovasol Group, Reiling GmbH & Co. KG, ENVARIS GmbH, ECS Refining LLC, Reclaim PV Recycling Pty Ltd., Silrec Corporation and Yingli Green Energy Holding Company Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the solar panel recycling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.