Pune, 22, Nov 2022: According to Maximize Market Research, the latest report “Solar Panel Recycling Market” is expected to grow from USD 157.66 million in 2021 to USD 422.12 million in 2029, at a CAGR of 13.1 percent for the forecast period from 2022 to 2029.
Solar Panel Recycling Market Scope and Methodology
The report is a systematic analysis of solar panel recycling featuring key insights and trends in the market. It identifies key investment pockets with recommendations on the investment strategies to be adopted. For new entrants, market followers, and investors, a competitive analysis of the solar panel recycling market is conducted by their revenue, financial status, portfolio, growth strategies, mergers and acquisitions, joint ventures, technological advancements, and regional dominance. The growth opportunities are key findings of the report which help companies to utilize their resources and focus on the growth prospects. Market insights such as drivers, challenges, restraints, and opportunities are studied along with growth rate fluctuations.
Data is collected by using both primary and secondary research methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary research. Secondary data were collected from official databases of various organizations and government sites, industry journals, white papers, annual reports, and releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was carried out to understand the strengths and weaknesses of leading key players and PESTLE to grasp the various factors affecting the solar panel recycling market. This includes key economic and political factors affecting the solar panel recycling market.
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Solar Panel Recycling Market Overview
Solar panel waste is a growing problem because it includes harmful elements that can leach into the soil and contaminate drinking water. Solar panel recycling can help to reduce waste generation. The recycled material can then be utilized to create new panels. Solar panels may be dismantled into different components and recycled using a variety of procedures such as mechanical, thermal, chemical, laser, and combination. Rising energy costs, improved recycling technology, and government regulations may pave the way for a market in which discarded solar panels are recycled rather than disposed of in the nearest landfill.
Solar Panel Recycling Market Dynamics
The increasing sales of solar panels due to the widespread adoption of renewable energy sources all over the world generate solar panel waste that goes to landfills every year. This represents one of the key factors boosting the need for solar panel recycling methods to reduce human health risks and ensure end-of-life (EoL) management. Solar Panel Recycling also helps to reduce the overall cost of new panels. Energy demand has been rising as a result of countries’ economic progress and higher living standards. Countries throughout the world are increasing their energy generation capacity by constructing new plants or increasing the capacity of existing facilities to meet the increased demand for electricity. Companies are focusing on developing low-cost renewable energy generation technologies in response to the introduction of rigorous government rules regulating greenhouse gas emissions. Thus, the growth in global power consumption is expected to create new opportunities for the global solar panel recycling market throughout the forecast period.
Aside from that, the adoption of strict regulations and policies, such as product stewardship and increasing landfill costs, by governing bodies in several countries are also contributing to market growth. these authorities are regulating recycling processes and implementing various solar energy initiatives. This, in turn, presents lucrative chances for manufacturers in this industry to increase their market reach. Furthermore, several companies are investing in research and development (R&D) operations to recover and recycle rare metal elements, which is expected to drive market growth.
Solar Panel Recycling Market Regional Insights
The Asia-Pacific region is expected to have the fastest growth rate in the solar panel recycling market, with China being the largest market. Asia-Pacific, solar power generation capacity has increased significantly with rising environmental concerns and industrialization. The Chinese solar power market is expected to dominate in terms of utility, and the nation is trying to increase demand for rooftop solar systems. The country’s energy market has been deregulated, and distribution grid-connected (DGC) generators are now allowed to sell power directly to commercial and industrial consumers. Because of the aforementioned considerations, the demand for solar panel recycling has increased throughout the forecast period.
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Solar Panel Recycling Market Segmentation
o Poly- or multi-crystalline
o Others (Ribbon, a-Si)
- Thin-film based
o Copper indium gallium (di)selenide (CIGS)
o Cadmium telluride (CdTe)
o Organic PV/dye-sensitized cells (OPV)
o Crystalline silicon (advanced c-Si)
o Concentrating solar PV (CPV)
By Recycling Management
- Specialized waste disposal companies
Solar Panel Recycling Market Key Competitors
- Reiling Glasrecycling Denmark ApS
- ECS Refining LLC
- SunPower Corporation
- Morgen Industries, Inc.
- PV Recycling
- Silcontel Ltd.
- Reclaim PV Recycling Pvt. Ltd.
- First Solar
- Recycle Solar Technologies Limited.
- Total Green Recycling
- Trina Solar
- Sharp Corporation
- JA Solar Co., Ltd,
- Canadian Solar Inc.
Key questions answered in the Solar Panel Recycling Market are:
- What is solar panel recycling?
- What is the growth rate of solar panel recycling market during the forecast period?
- What is the nature of competition in solar panel recycling industry in developed and developing economies?
- Who are the key players in the solar panel recycling?
- Who are the market leaders in solar panel recycling in Asia Pacific?
- What are the factors affecting growth in the solar panel recycling?
- Who held the largest market share in solar panel recycling?
- What are the factors for the growth of asia-pacific region in solar panel recycling?
- Market share, size & forecast by revenue | 2022−2029
- Market dynamics – growth drivers, restraints, investment opportunities, and key trends
- Market segmentation – a detailed analysis by technology, end-of-life, process recycling management and region.
- Competitive landscape – top key vendors and other prominent vendors
Maximize Market Research is leading energy and power research firm, has also published the following reports:
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Wave and Tidal Energy Market– the wave and tidal energy market size is expected to reach usd 6012.1 million by 2029 at a cagr of 33.3 percent during the forecast period. Wave and tidal energy market is expected to be driven by the increase in energy demand for various operations in the commercial and residential sectors.
Residential Solar (PV) Inverter Market: residential solar (PV) inverter market was valued at US$ 4.58 billion in 2021. The residential solar (pv) inverter market size is estimated to grow at a CAGR of 4.3 % over the forecast period. Increasing government incentives, large investments in the renewable energy industry, and growth in residential solar installations are driving the market growth.
Solar Battery Market: solar battery market size was valued at usd 155.42 million in 2021 and the total solar battery revenue is expected to grow at a CAGR of 16% from 2022 to 2029, reaching nearly usd 509.53 million. Oil, coal, and other fossil fuels are in short supply, which would increase the demand for technology-based renewable energy. Additionally, the adoption of solar battery storage technologies and rising industry investments drive market growth.
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