Global Solar Panel Recycling Management Market: Overview
The global solar panel recycling management market is expected to grow at a CAGR of over 35% during the forecast period from 2016 to 2024. The solar panel recycling management market was valued at 20 million US dollars in 2015.
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In recent years, there has been an increased awareness of the need to use clean energy sources among people in developing countries around the world. Additionally, the increase in the adoption of alternative energy sources globally has led to an increase in the demand for solar panel recycling management. In addition, the growing demand for decommissioned panels is expected to drive the sales growth in the global solar panel recycling management market in the coming years.
Government authorities in several countries around the world are implementing strict regulations in order to control the increase in panel waste. Moreover, these regulations also focus on the efficient disposal and recycling of these wastes. These factors are driving an expansion of demand opportunities in the global solar panel recycling management market. Additionally, the solar panel recycling management market is expected to be boosted by the increase in the number of solar parks across the globe.
Major 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 a prominent position in the global solar panel recycling management market. .
Players in the solar panel recycling management market are spending huge amounts on R&D in order to offer improved services. Businesses have developed strategies to deal with the setbacks that have arisen due to the COVID-19 pandemic. Such efforts are expected to help expand the operation in the global solar panel recycling management market in the coming years.
The growing demand for sustainable energy has created an urgent need for solar panels as commercial, non-commercial and industrial units turn to harnessing solar energy. This has driven up the demand and adoption of solar panels in recent years. In addition, the growing number of government incentives to install solar panels to utilize unconventional energy sources has also triggered the demand for solar panels. The impact of these factors can also be seen on units that upgrade their installations with new and improved panels that have better technology and offer higher performance. However, this has led to an urgent need for recycling old panels to ensure efficient waste disposal and reduce carbon emissions, giving birth and boosting the global solar panel recycling management market.
Global Solar Panel Recycling Management Market: Overview
The global solar panel recycling management market is expected to be strengthened for strong growth in the future with the increasing adoption of processes such as mechanical. The mechanical process could attract a good share of solar panel recycling management thanks to its proven safety and the growing installation of polycrystalline panels. Although laser technology is still in its infancy, the share of laser processes is expected to increase significantly in the coming years. The thermal process, on the other hand, may be slightly below the growth rate of the other processes. However, with the reduction in the silicon content of the panels, the demand for heat treatment is expected to recover.
The global solar panel recycling management market is expected to benefit from the growth of products such as polycrystalline cells thanks to the focus on clean energy adoption in developed countries. 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 to the growth of the market due to their increased adoption subject to benefits such as longer shelf life, higher quality and prices economic.
One of the trends that are expected to continue in the competitive landscape of the global solar panel recycling management market is the increase in shareholdings in other companies. This could be proven with Sunvault Energy’s purchase of a roughly 50.0% stake in Canadian waste-to-energy company, 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, state that photovoltaic system manufacturers must take responsibility for recycling decommissioned systems and ensuring their effective removal. Thus, a strict regulatory framework governing the installation and dismantling of solar panels is expected to boost the recycling management market in the near future. Moreover, increasing investments to reduce pressure on landfills and reduce carbon footprint has also led to the boom of this market.
Global Solar Panel Recycling Management Market: Market Potential
Although the solar industry is in its infancy, component manufacturers take the responsibility of recycling seriously. Solar panel manufacturers have continually focused on providing improved versions as needs and consumption patterns have undergone drastic changes. The process commonly used to recycle solar panels is a thermal process and a mechanical process. Hellatron Recycling, an Italian company that offers innovative recycling solutions, says the 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 is focusing on mechanical processes, which delaminate the panels, recover the glass material, and then cut the panel into thinner strips. The main advantage of using a mechanical process is that it is chemical free which results in less chemical contamination. The popularity of mechanical processes is also on the rise due to their ability to reduce emissions over the long term. The company is a market leader in meeting the WEEE standards established for the sector.
Global Solar Panel Recycling Management Market: Regional Outlook
Geographically, the global solar panel recycling management market is segmented into North America, Latin America, Middle East & Africa, and Asia-Pacific. Currently, North America is leading the pack due to the growing awareness of solar panel recycling in the United States. This regional market is also boosted by the growing number of solar farms in the regions that are expected to undergo an upgrade in the near future. Developing countries in Latin America and Asia-Pacific are also expected to experience steady growth as they strive to become self-sufficient in terms of energy resources in the near future.
The major players mentioned in the report are:
The major 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 by this report
- What are the various growth parameters influencing the market?
- Which regions will largely contribute to the growth of the market
- What are the latest innovations and technological advances on the market?
- What are the emerging trends in the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic market scenario?
- What are the major threats that will weigh on the growth prospects of the market?
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