New York, July 10, 2023 /PRNewswire/green energy — According to Technavio’s latest market research report, the solar panel recycling market is poised for substantial growth, with a projected increase of USD 417.08 million between 2022 and 2027.
The market is expected to register an accelerating compound annual growth rate (CAGR) of 26.97%. Technavio’s report provides a comprehensive analysis of the current market scenario, highlighting trends, drivers, and the overall market environment.
The report presents the following key areas of analysis:
1. Solar Panel Recycling Market Size
2. Solar Panel Recycling Market Trends
3. Solar Panel Recycling Market Industry Analysis
4. Solar Panel Recycling Market 2023-2027: Segmentation
The solar panel recycling market is segmented as follows:
|Crystalline, Thin Film
|Thermal, Mechanical, Laser
|Europe, APAC, North America, Middle East and Africa, South America
The market share of the crystalline segment is expected to witness significant growth during the forecast period. Factors such as superior cell efficiencies, long lifespans, and compact designs contribute to the increasing demand for crystalline photovoltaic (PV) segments worldwide.
Crystalline PV technology holds a dominant market share of 90%, with monocrystalline and polycrystalline silicon being the primary manufacturing methods. Both types are utilized for capturing solar energy and converting it into electricity, driving market growth during the forecast period.
The report provides detailed insights into the impact of each market segment, empowering businesses to make informed decisions. To further enhance market positioning, Technavio offers a thorough analysis of over 15 vendors operating in the solar panel recycling market.
These vendors include Canadian Solar Inc., Cleanites Recycling, ENVARIS GmbH, First Solar Inc., NPC Inc., Reclaim PV Recycling Pty Ltd., Recycle Solar Technologies Ltd., Reiling GmbH and Co.
KG, Rinovasol Global Services BV, SiC Processing GmbH, SILCONTEL Ltd., Silrec Corp., Solarcycle Inc., SunPower Corp., The Activ Group Solutions Pty Ltd, Veolia Environnement SA, We Recycle Solar, Yingli Green Energy Holding Co. Ltd., Aurubis AG, and Trina Solar Co. Ltd.
The market growth is primarily driven by the decreasing costs of solar PV systems. The adoption of solar PVs has been increasing due to their cost-effectiveness in power generation.
Additionally, factors such as declining costs, government initiatives, subsidies, and competitive bidding processes contribute to the global growth of solar PV installations.
The rising demand for clean energy, particularly in countries like India and China, further fuels market expansion during the forecast period.
The market is witnessing a significant trend of increased investment in renewable energy sources. The demand for renewable energy is crucial for achieving a sustainable and low-carbon environment.
The rapid growth of solar PV and wind energy in the global energy mix has led to a substantial reduction in the cost of these power systems. As a result, renewables are expected to meet the growing energy demand in sectors such as heat, transportation, and electricity, supporting market growth.
One of the key challenges facing the solar panel recycling market is the intermittency of solar power generation. Factors such as solar irradiation, panel efficiency, and shading vary across geographic locations and climates, significantly impacting solar output.
While solar PV panels generate peak power during mid-day under optimal conditions, they require secondary power sources like batteries, wind or grid power, or hybrid generators during off-peak hours or at night. This intermittency poses a challenge to market growth during the forecast period.
To cater to diverse reader needs, the report also provides special coverage on various topics, including the Russia-Ukraine war, global inflation, COVID-19 recovery analysis, supply chain disruptions, global trade tensions, and the risk of recession.
It offers insights into global competitiveness, key competitor positions, and market presence across multiple geographical footprints.
Key Highlights of the Solar Panel Recycling Market 2023-2027:
– Compound annual growth rate (CAGR) during the forecast period 2023-2027
– Factors contributing to solar panel recycling market growth in the next five years
– Estimation of market size and its contribution to the overall market
– Predictions on upcoming trends and changes in consumer behavior
– Analysis of the market’s competitive landscape and vendor details
– Comprehensive assessment of factors challenging market growth for vendors
Access over 17,000 market research reports instantly on Technavio’s subscription platform.
1. Solar Photovoltaic (PV) Market:
The global solar photovoltaic market is projected to grow at a CAGR of 8.42% between 2022 and 2027, with an estimated increase of USD 47.16 billion.
The report covers market segmentation by end-user (commercial, residential, and utility), deployment (ground-mounted and rooftop), and geography (APAC, Europe, North America, Middle East and Africa, and South America). Government support for solar power technology is a key driver of market growth.
2. Solar Energy Storage Market:
The global solar energy storage market is estimated to grow at a CAGR of 9% between 2022 and 2027, with a projected increase of USD 5,508.04 million.
The report covers market segmentation by end-user (utilities, residential, commercial, and industrial), installation sites (on-grid and off-grid), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The rise in global energy demand is a significant factor driving market growth.
Solar Panel Recycling Market Scope:
|Growth momentum & CAGR
|Accelerate at a CAGR of 26.97%
|Market growth 2023-2027
|USD 417.08 million
|YoY growth 2022-2023(%)
|Europe, APAC, North America, Middle East and Africa, and South America
|Performing market contribution
|APAC at 38%
|US, Japan, China, Germany, and Italy
|Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
|Key companies profiled
|Canadian Solar Inc., Cleanites Recycling, ENVARIS GmbH, First Solar Inc., NPC Inc., Reclaim PV Recycling Pty Ltd., Recycle Solar Technologies Ltd., Reiling GmbH and Co. KG, Rinovasol Global Services BV, SiC Processing GmbH, SILCONTEL Ltd., Silrec Corp., Solarcycle Inc., SunPower Corp., The Activ Group Solutions Pty Ltd, Veolia Environnement SA, We Recycle Solar, Yingli Green Energy Holding Co. Ltd., Aurubis AG, and Trina Solar Co. Ltd.
|Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period
|If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.