Solar Panel Recycling Market Outlook
Solar panels contain several hazardous materials, such as aluminum, copper, silicon, silver, gallium, lead, and cadmium. The solar panel recycling process typically involves milling, crushing, and shredding solar panels after the removal of the frame and junction box.
The global solar panel recycling market size reached US$ 110.4 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 302.9 Million by 2027, exhibiting a growth rate (CAGR) of 18.42% during 2022-2027.
In these processes, aluminum, glass, and copper are recovered, and other materials, such as silicon solar cells, are incinerated. It lessens the greenhouse (GHG) gas emissions of photovoltaic (PV) modules and prevents the release of hazardous substances from waste streams.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Solar Panel Recycling Market Trends:
The increasing awareness regarding the rising pollution levels has considerably surged the preference for renewable energy sources, which is one of the primary factors driving the market growth. The growing sales of solar panels due to the shifting focus on sustainable development has further increased the need for solar panel recycling across the globe.
In addition to this, governments of several nations are introducing stringent regulations and policies, such as product stewardship, increasing landfill costs, and legalizing recycling processes, which is providing a considerable boost to the market growth. Other factors, such as rising investments in research and development (R&D) activities and the growing need to ensure end-of-life (EoL) management while minimizing human health risks, are creating a positive outlook for the market.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Canadian Solar.
- Echo Environmental LLC (Envela Corporation)
- Envaris GmbH
- First Solar Inc.
- Hanwha Group
- Reclaim PV Recycling Pty Ltd
- Reiling GmbH & Co. KG
- SILCONTEL LTD
- Silrec Corporation
- SunPower Corporation (Total SE)
- Total Green Recycling
- Trina Solar.
Key Market Segmentation:
The report has categorized the market based on process, type, material, and shelf life.
Breakup by Process:
- Thermal
- Mechanical
- Laser
- Others
Breakup by Type:
- Crystalline Silicon
- Thin Film
- Others
Breakup by Material:
- Metal
- Glass
- Aluminum
- Silicon
- Others
Breakup by Shelf Life:
- Normal Loss
- Early Loss
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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