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New York, Aug 30, 2021 (GLOBE NEWSWIRE) – Solar Panel Recycling Market Snapshot: According to a Comprehensive Research Report from Market Research Future (MRFR), “Solar Panel Recycling Market Research report, type, process and region – Forecast to 2028 ” The market size is expected to reach USD 718.8 Million by 2028, registering a CAGR of 33.51% during the forecast period (2021 – 2028)., The market was valued at USD 197.87 Million in 2020 .
Key players
The list of major players operating in the global solar panel recycling market presented is-
- Yingli Energy Co
- Silcontel
- PV recycling
- Zorlu Holding
- First solar
- Canadian Solar Inc
- Rinovasol Group
- Reiling GmbH & Co
- ECS Refining LLC
- Silrec Corporation
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Several factors to increase market growth
The high value of the renewable energy sector, along with increased investment in solar power generation, is expected to fuel the boom in the solar panel recycling market during the assessment period. Investments are expected to be directed towards advanced solar technologies, which should open up new avenues of growth for industry participants. In addition, the sustained pace of photovoltaic installations has paved the way for an increase in the number of photovoltaic panels taken out of service. This, in turn, is expected to accelerate the growth of the solar panel recycling market in the near future.
Government support for reducing the carbon footprint through large-scale solar power generation is expected to have a favorable impact on the expansion of the market in the coming years. In addition, developing economies have the potential to become large markets at the national level in the years to come.
Browse the In-Depth (185 Pages) Solar Panel Recycling Market Research Report
https://www.marketresearchfuture.com/reports/solar-panel-recycling-market-6701
Global market to regain stability after COVID-19 pandemic
The solar panel recycling industry has been severely damaged in recent months due to lockdowns in most countries. Since the emergence of the pandemic in December 2019, these lockdowns have resulted in the temporary closure of industrial and recycling industries. In addition, many countries experienced curfew-like conditions in which businesses other than essential services were not allowed to operate. This has had an effect on the demand for solar panels as well as their recycling. However, several governments have started to ease containment measures in order to restore economic conditions in the country. As a result, the demand for solar panels is expected to increase in the coming months. The high value of the renewable energy sector, along with increased investment in solar power generation, is expected to fuel the boom in the solar panel recycling market during the assessment period. Investments are expected to go into advanced solar technologies, creating growth prospects for market players. In addition, the rapid growth of photovoltaic installations has led to an increase in the number of photovoltaic panels taken out of service. This, in turn, is expected to accelerate the expansion of the solar panel recycling industry in the near future.
Demand for solar panels is increasing dramatically thanks to government assistance to reduce the carbon footprint through large-scale solar power generation. This is expected to have a beneficial impact on the growth of the market over the next few years. Governments around the world are working to adopt more lenient regulatory rules to encourage investment in renewable energy sources, which will fuel the expansion of the solar panel recycling industry. In addition, developing economies have a good chance of becoming large markets at the national level in the years to come.
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Market segmentation
The global solar panel recycling market has been segmented into types and processes.
By type, the global solar panel recycling market has been segmented into silicon, monocrystalline, polycrystalline.
By process, the global solar panel recycling market has been segmented into thermal, mechanical and laser.
Regional analysis
Europe will dominate the global market
In 2019, Europe had the highest revenue share. It is expected to increase at a high rate from 2020 to 2027 as the region has the most installed solar farm fleet, which will result in a large number of end-of-life solar panels in the years to come. The existence of a high number of end-of-life solar panels is expected to increase solar panel waste. As a result, the need for recycling solar panels is expected to increase in the coming years.
Due to technological improvements and strict government waste management requirements, the German market is expected to approach USD 70.0 million by 2027. Over the next seven years, the increased use of solar panels for Electricity generation as an alternative to other non-eco-friendly sources is expected to stimulate product demand.
APAC will experience fastest growth
From 2020 to 2027, the Asia-Pacific area is expected to be the fastest growing regional market. The APAC regional market is dominated by China and Japan. Due to increased investment in research and development of recycling technologies, China now holds the highest number of patent filings in solar panel recycling.
Market segmentation covered by research:
Solar Panel Recycling Market Segmented By Type (Silicon, Monocrystalline, Polycrystalline), Process (Thermal, Mechanical, Laser) and Region – Global Forecast to 2028
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