The global solar power recycling market is expected to register a CAGR of more than 18% during 2020-2025. Factors, such as rising environmental concerns and government policies for safe disposal of solar panels, are expected to be major factors driving the market. However, lack of general awareness and interest in the developing nations of the Asia-Pacific region are expected to restrain the market’s growth.
· The crystalline silicon segment is expected to dominate the market for solar panel recycling, due to higher number of installations, globally.
· The aging older installations are expected to act as an opportunity for the solar panel recycling market.
· The Asia-Pacific region is expected to be the largest and the fastest growing market, owing to the largest share in terms of solar power generation and the presence of manufacturing and technology hubs, such as China and Japan.
Key Market Trends
Crystalline Silicon to Dominate the Market
· Globally, solar power generation increased from 33.7 TWh in 2010 to 584.6 in 2018, and it is expected to witness a significant growth over the forecast period. Out of this, over 90% of the installations are of crystalline silicon type.
· These modules are built using crystalline silicon solar cells, which are developed using the microelectronics technology. The two types of crystalline silicon solar cells used in crystalline silicon photovoltaic are monocrystalline silicon and polycrystalline silicon.
· In the European Union, the legislation (Directive 2002/96/EC on WEEE) was formulated to create collection schemes where consumers return their used waste equipment free of charge. The directive is aimed at increasing the recycling and/or re-use of such products. The target set by the directive includes the collection of 4 kilograms of such waste per year per inhabitant for waste electrical and electronic equipment (WEEE) from households.
· China started the PV recycling and safety disposal research program. Moreover, the country drafted various rules and regulations for solar panel recycling.
· The above-mentioned factors are expected to drive the demand for solar panel recycling over the study period.
Asia-Pacific to Dominate the Market Growth
· The Asia-Pacific region is expected to witness the fastest growth rate in the solar panel recycling market, with China being the largest market.
· With the rising pollution concerns and industrialization, especially in Asia-Pacific, the regional solar power generation capacities gained considerable momentum.
· The Chinese solar power market is expected to dominate, in terms of utility, and the country is seeking to boost the demand for rooftop solar installations. The electricity market has been deregulated in the country, and distribution-grid-connected (DGC) generators were allowed to sell the power directly to the commercial and industrial consumers.
· Countries, such as China and India, are some of the major solar power generating countries in the region, along with a large amount of installations for solar panels.
· China manufactures over 45% of the solar panels, globally. Furthermore, the solar panel recycling market is gaining momentum, owing to the older and aging installed infrastructure.
· Owing to the above-mentioned factors, the demand for solar panel recycling has been increasing over the study period.
The global solar panel recycling market is fragmented due to the presence of numerous players. Some of the major companies include Trina Solar, Sharp Corporation, First Solar, JA Solar Co., Ltd, Canadian Solar Inc., and Renesola, among others
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support