JERSEY CITY, N.J. – Verified Market Research recently published a report, “Solar Panel Recycling Market” By Type (Crystalline silicon and Thin film), By Process (Thermal, Mechanical, and Laser), and By Geography. According to Verified Market Research, the Global Solar Panel Recycling Market size was valued at USD 145.4 Million in 2020 and is projected to reach USD 770 Million by 2028, growing at a CAGR of 23.04% from 2021 to 2028.
Global Solar Panel Recycling Market Overview
The adoption of PV system technology is marginally suffering from factors like reliability, overall production, and competitiveness. Additionally, overall climate and geographical latitudes restrain the Solar Energy Market growth, especially in snowfall- and rainfall-prone regions. The development of photovoltaic (PV) storage systems is important to extend the power of PV systems to exchange the prevailing conventional sources. With the increase in demand for PV installations, the adoption of storage grid is projected to extend, which fuels the demand for lithium ion-powered battery for solar power storage and increase the Solar panel recycling growth.
The global energy crisis coupled with the environmental degradation caused by the conventional sources of energy such as fossil fuels & nuclear energy has boosted the adoption of renewable energy, which itself is a major growth driver for the Solar Panel Recycling Market. In addition, increasing investment by government & private bodies for the development of new solar panel recycling plants and rising adoption of integrated products have triggered the growth of the market. For instance, in July 2018, Veolia established the first European plant devoted exclusively to PV panel recycling. Furthermore, favorable government initiatives & policies such as tax benefits & subsidies, strict environmental regulations, and the rising count of solar power projects are the factors that are expected to propel the market growth. However, the high initial investment for the development of recycling infrastructure for solar panels is a leading reason that is restraining the market growth.
Key Developments in Solar Panel Recycling Market
- On February 2021, Reclaim PV, one of the leading solar panel recycling company, stated that it had committed to a long-term lease at the Lonsdale site and obtained development approval for the establishment of a solar panel recycling facility in Adelaide. The processing facility in the industrial Adelaide suburb of Lonsdale, in South Australia, plans to recycle tens of thousands of PV panels a year.
The major players in the market are Veolia, First Solar, SunPower Corporation, Reclaim PV Recycling, Silcontel Ltd., Reiling Glasrecycling Danmark ApS, Envaris, Recycle Solar Technologies Limited, Experia Solution, and Cascade Eco Minerals (CEM).
Verified Market Research has segmented the Global Solar Panel Recycling Market On the basis of Type, Process, and Geography.
- Solar Panel Recycling Market, By Type
- Crystalline Silicon
- Thin Film
- Solar Panel Recycling Market, By Process
- Thermal
- Mechanical
- Laser
- Solar Panel Recycling Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
