Press Release Description
Global Solar Panel Recycling Market to Showcase Remarkable Growth Due to Growing Utility-Scale PV Projects
The Global Solar Panel Recycling Market is projected to grow at a CAGR of around 12.45% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The factors responsible for the market growth are the rising volume of decommissioned or end-of-life solar panels due to the rapid growth in solar energy installations has indeed created a need for efficient & environmentally responsible recycling solutions. The expanding deployment of solar panels across various sectors, including residential, commercial, and utility-scale, is expected to escalate the Solar Panel Recycling Market growth in the forthcoming years. This growth is attributed to several factors, such as decreasing costs of solar panels, government incentives & support, and an increasing focus on renewable energy sources.
Moreover, burgeoning government initiatives & policies to support the development of renewable sources, including utility PV projects, are expected to increase the market growth in the coming years. These policies contain tax initiatives & several renewable portfolio standards for the deployment of renewable energy globally. Such regulations offer long-term contracts & financial assistance, which promote project development & investment across the renewable sector.
This further led to a rise in the global deployment of solar PVs, which enhances the Solar PVs market in the upcoming years. Solar panel producers & project developers are establishing recycling programs & handling the end-of-life phase of solar panels, owing to the rising government regulations towards waste management & e-waste rules globally.
Furthermore, more than 90% of the world's entire manufacturing is currently based on Silicon-wafer technology & would continue in the forecast period, as recycling Silicon PV modules helps lower carbon emissions globally. For instance, recycling nearly 1 ton of silicon PV panels saves around 800-1200 kgCO2eq of global warming potential (GWP).
Hence, it is projected that throughout 2023–28, the growing technical innovation to reduce PV panels from primary materials is anticipated to accelerate the market growth in the near future, further states the research report, “Global Solar Panel Recycling Market Analysis, 2023.”
Global Solar Panel Recycling Market Segmentation Analysis
Thermal Process to Witness Considerable Growth
Based on the process, the market is further bifurcated into Thermal, Mechanical & Laser. Of them all, the Thermal process showcased the highest growth rate in the Solar Panel Recycling Market during the historical period. This method involves subjecting solar panels to high temperatures, enabling the breakdown of various components & the separation of valuable materials. It is properly designed & operated as compared to other processes to initiate the decomposition & separation of different materials, such as glass, metals, and semiconductors. Hence, it effectively minimizes the environmental impact of solar panel recycling across the globe and is expected to hold the considerable share in the forthcoming years.
Market in the Asia-Pacific is Set to Surge Ahead
Asia-Pacific region is anticipated to have considerable growth in the Global Solar Panel Recycling Market during the forecast period, owing to the rising government initiatives towards renewable sources, which resulted in an increase of solar panels across the region. Furthermore, developing nations in the region, including India & Southeast Asian nations, are rising their solar energy capacities. As a result, the region is expected to experience a surge in end-of-life solar panels in the coming years. It represents a substantial opportunity for market expansion, permitting recycling companies & technology providers to cater to the growing demand for their services in the forthcoming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Trina Solar Co, Ltd., First Solar Inc., Sunpower Corporation, Aurubis AG, Canadian Solar, Sharp Corporation, Reiling Group, Hanwha Group, Silrec Corporation, Cleanlites Recycling, ROSI Solar, Aerisoul Metal & Energy Corporation, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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