Global Solar Panel Recycling Management Market: Snapshot
The global solar panel recycling management market is projected to expand at a CAGR of more than 35% during the forecast period of 2016 to 2024. The market for solar panel recycling management was valued at US$ 20 Mn in 2015.
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Over the period of past few years, there has been increase awareness about the need for the use of clean energy sources among people from developing nations globally. Moreover, rise in the adoption of alternate energy sources globally has resulted into increase in the demand for solar panel recycling management. Furthermore, the rising demand for decommissioned panels is prognosticated to drive the sales growth in the global solar panel recycling management market in the upcoming years.
Government authorities of several nations globally are implementing stringent regulations in order to control the rising panel waste. Moreover, these regulations are also focused on efficient disposal and recycling of such wastes. These factors are resulting into expanding demand opportunities in the global solar panel recycling management market. Furthermore, the market for solar panel recycling management is likely to be driven by surge in the number of solar farms across the globe.
Key companies operating in the global solar panel recycling management market include Envaris, REMA PV Systems, ECS Refining, and Eiki Shoji Ltd. Several companies are executing strategies such as mergers and acquisitions in order to maintain prominent position in the global solar panel recycling management market.
Players in the market for solar panel recycling management are allocating sizable amount of money in R&Ds in order to offer improved services. Enterprises have developed strategies to deal with the setbacks occurred due to the COVID-19 pandemic. Such efforts are prognosticated to help in the expansion of the operating in the global solar panel recycling management market in the years to come.
The growing demand for sustainable energy has created a dire need for solar panels as commercial, non-commercial, and industrial units are turning their heads toward tapping solar energy. This has spiked the demand and uptake of solar panels in recent years. Furthermore, increasing number of government incentives for installing solar panels to use non-conventional sources of energy has also triggered the demand for solar panels. The impact of these factors can also be seen on units that upgrading their facilities with new and improved panels that come with better technology and deliver higher performance. However, this has resulted in an urgent need for recycling of old panels for ensuring effective waste disposal and reducing the carbon emissions, giving birth and boost to the global solar panel recycling management market.
Global Solar Panel Recycling Management Market: Overview
The global solar panel recycling management market is prophesied to be bolstered for a strong growth in future with the increasing adoption of processes such as mechanical. The mechanical process could attract a handsome share for solar panel recycling management on the back of its proven safety and the rising installation of polycrystalline panels. Although laser technology is still operating at a nascent stage, the share of laser processes is anticipated to witness a telling increase in the coming years. The thermal process, on the other hand, could slightly fall short of matching the growth pace of other processes. However, with the reducing silicon content in panels, the demand for thermal process is expected to recoup.
The global solar panel recycling management market is predicted to gain from the growth of products such as polycrystalline cells riding on the magnifying focus on the adoption of clean energy in developed nations. Polycrystalline cells are known for their high battery memory properties and significant efficiency. Other products such as thin film photovoltaic (PV) cells could also contribute toward the growth of the market because of their surged adoption subject to advantages such as longer shelf life, superior quality, and economic prices.
One of the trends foreseen to continue in the competitive landscape of the global solar panel recycling management market is the increment of stakes in other companies. This could be proved with Sunvault Energy’s purchase of an approximate 50.0% stake in Canadian waste-to-energy firm, CleanGen in 2015.
Global Solar Panel Recycling Management Market: Key Trends
Directives such as the Waste Electrical and Electronic Equipment (WEEE) Directive 2012/19/EU, announced in 2012, stated that manufacturers of PV systems must take the responsibility of recycling decommissioned systems and ensuring their effective disposal. Thus, stringent regulatory framework governing installation and decommissioning of solar panels is expected to boost the recycling management market in the near future. Furthermore, growing investments to reduce the pressure on landfills and cutting down on carbon footprint have also led to the rise of this market.
Global Solar Panel Recycling Management Market: Market Potential
Though the solar industry is at a nascent stage, manufacturers of components are taking up the responsibility of recycling seriously. Solar panel manufacturers have continuously focused on delivering improved versions as needs and consumption patterns have undergone drastic changes. The popularly used process for recycling solar panels is a thermal process and mechanical process. Hellatron Recycling, an Italian firm that delivers innovative recycling solutions, states that demand for solar panels is expected to grow exponentially over the years. Thus, it will be crucial to collaborate with users to work on the best possible solutions for recycling solar panels.
Currently, the company focuses on mechanical processes, which delaminates the panels, salvages glass material, and then cut the panel into thinner stripes. The key advantage of using mechanical process is that it is devoid of chemicals, which translates into lesser contamination due to chemicals. The popularity of mechanical processes is also on the rise due to their ability to reduce emissions in the long run. The company is a market leading in complying with the WEEE norms that have been established for the sector.
Global Solar Panel Recycling Management Market: Regional Outlook
In terms of geography, the global solar panel recycling management market is segmented into North America, Latin America, the Middle East and Africa, and Asia Pacific. Presently, North America leads the pack due to growing awareness about solar panel recycling in the U.S. This regional market is also being driven by growing number of solar farms in the regions that are projected to undergo upgradation in the near future. Developing nations in Latin America and Asia Pacific are expected to steady growth too as they work towards being self-reliant in terms of energy resources in the near future.
Key Players Mentioned in the Report are:
The leading players operating in the global solar panel recycling management market are Envaris, ECS Refining, REMA PV Systems, Eiki Shoji Ltd, Darfon Electronics Corporation, Chaoqiang Silicon Material, Rinovasol, PV Recycling, LLC, Suzhou Shangyunda Electronics, Silcontel, Cellnex Energy, IG Solar Private, Reiling Glass Recycling, Canadian Solar, and First Solar.
Key questions answered in this report
- What are the diverse growth parameters influencing the market?
- Which regions will contribute largely to the growth of the market
- What are the recent innovations and technological advancements in the market?
- What are the emerging trends across the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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