Rise in demand for solar photovoltaic panels from residential, commercial, and industrial applications drives the growth of the global solar panel recycling market
PORTLAND, Ore., Nov. 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Panel Recycling Marketby Process (Thermal, Mechanical and Laser), and Type (Crystalline Silicon and Thin Film): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global solar panel recycling industry generated $139.7 million in 2020, and is anticipated to generate $478.6 million by 2030, witnessing a CAGR of 13.1% from 2021 to 2030.
Prime determinants of growth
Rise in demand for solar photovoltaic panels from residential, commercial, and industrial applications and increase in government activities toward the promotion of solar energy drive the growth of the global solar panel recycling market. However, lack of solar panel recycling infrastructure and problems associated with the recycling hinder the market growth to some extent. On the other hand, countries like India, China and U.S is resenting new opportunities to the market.
The outbreak of the Covid-19 pandemic led to global lockdown and temporary closure of manufacturing facilities, which hampered the growth of the global solar panel recycling market.
The pandemic resulted in temporary ban on the import & export, which in turn caused disruptions in the supply chain.
Nevertheless, the market is going to recover once the lockdown gets completely over.
The crystalline silicon segment to maintain its leadership status throughout the forecast period
Based on type, the crystalline silicon segment held the highest market share in 2020, accounting for more than four-fifths of the global solar panel recycling market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to rise in demand for crystalline silicon in standalone PV systems such as solar street light lamps and telecommunication & signaling tower where solar panels are used to charge batteries. Moreover, the thin film segment is projected to manifest the highest CAGR of 14.6% from 2021 to 2030, owing to rise in use of thin-film technology in building-integrated photovoltaic applications (BIPV), such as the roof or the façade.
The thermal segment to maintain its lead position during the forecast period
Based on process, the thermal segment accounted for the largest share in 2020, contributing to more than two-thirds of the global solar panel recycling market, and is projected to maintain its lead position during the forecast period. This is owing to benefits associated with thermal process in solar panel recycling which recovers more than 84.0% of solar panels weight and can also recycles up to 98.0% unbroken cells depending on the conditions of the solar modules and the thickness of the solar cells. However, the laser segment is expected to portray the largest CAGR of 14.4% from 2021 to 2030. This is attributed to increase in use of laser process from stage surface cleaning of solar silicon panels/modules during the recycling process.
Europe, followed by Asia-Pacific and North America to maintain its dominance by 2030
Based on region, Europe, followed by Asia-Pacific and North America held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global solar panel recycling market. Moreover, the same region is expected to witness the fastest CAGR of 13.7% from 2021 to 2030. This is attributed to presence of key players and huge consumer base in the region. Other regions discussed in the report include North America, Asia-Pacific and LAMEA.
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