Rising adoption rate of solar power systems and favorable government norms encouraging sustainable development are the major factors driving the growth of the solar panel recycling market. In 2017, the market generated a revenue of $80.7 million, and it is predicted to attain a size of $269.8 million by 2023, progressing at a CAGR of 22.0% during the forecast period (2018–2023). Solar panels convert solar energy into electricity for various commercial and residential applications; these are made from aluminum, glass, synthetic materials, and silicon.
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These components can be separated through the recycling process after panels’ lifecycle completes. On the basis of recycling method, the solar panel recycling market is classified into mechanical, thermal, and laser process. Out of these, in 2017, the mechanical classification held more than 55.0% revenue share in the market and is further expected to maintain its lead during the forecast period. The reason behind the leading position of this category is the economical and eco-friendly nature of the process.
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Talking about the shelf life, the solar panel recycling market is bifurcated into normal loss and early loss. Of these, in 2017, the early-loss shelf life category held a revenue share of more than 80.0% in the market. The key factor behind this is the early degradation or weathering of solar panels due to maintenance problems, negative weather conditions, and lack of product standardization. This is also why this category will lead the market during the forecast period.
Solar panel recycling market competitive landscape
Some of the major players operating in the global solar panel recycling market are Silcontel Ltd., Rinovasol Group, Reiling GmbH & Co. KG, ENVARIS GmbH, ECS Refining LLC, Reclaim PV Recycling Pty. Ltd., Silrec Corporation, Canadian Solar Inc., Yingli Green Energy Holding Company Limited, and First Solar Inc.
GLOBAL SOLAR PANEL RECYCLING MARKET SEGMENTATION
- Thin Film
By Shelf Life
- Normal Loss
- Early Loss
- North America
- Rest of North America
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of APAC
- Central and South America (CSA)
Middle East and Africa (MEA)
This post was originally published on Financial Sector