Allied Market Research released a report titled "Solar Panel Recycling Market by Process (Thermal, Mechanical, and Laser) and Type (Crystalline and Thin Film): Global Opportunity Analysis and Industry Forecast for 2021-2030". According to the report, the global solar panel recycling industry generated US$139.7 million in 2020 and is expected to generate US$478.6 million by 2030, with a compound annual growth rate of 13.1% from 2021 to 2030.
Increasing demand for solar photovoltaic panels in residential, commercial and industrial applications, as well as increased government activities to promote solar energy, have promoted the growth of the global solar panel recycling market. However, the lack of solar panel recycling infrastructure and recycling-related problems have hindered market growth to a certain extent. On the other hand, countries such as India, China, and the United States are dissatisfied with the new opportunities in the market.
The outbreak of the Covid-19 pandemic led to global lockdowns and temporary closures of manufacturing facilities, which hindered the growth of the global solar panel recycling market.
The pandemic has temporarily banned imports and exports, leading to disruptions in the supply chain.
Nevertheless, once the blockade is completely over, the market will recover.
The crystalline silicon market segment maintains its leading position throughout the forecast period
By type, the crystalline silicon segment has the highest market share in 2020, accounting for more than four-fifths of the global solar panel recycling market, and is expected to maintain its leading position throughout the forecast period. This is due to the increased demand for crystalline silicon from independent photovoltaic systems such as solar street lights and telecommunications and signal towers (where solar panels are used to charge batteries). In addition, due to the increased use of thin film technology in building integrated photovoltaic applications (BIPV), it is expected that from 2021 to 2030, the compound annual growth rate of thin film parts, such as roofs or exterior walls, will be the highest at 14.6%.
Based on the process, the thermal energy segment will account for the largest share in 2020, accounting for more than two-thirds of the global solar panel recycling market, and is expected to maintain its leading position during the forecast period. This is due to the benefits associated with heat treatment in the recycling of solar panels, which can recover more than 84.0% of the weight of solar panels, and can also recover up to 98.0% of complete cells, depending on the conditions of the solar modules and the thickness of the solar cells. However, it is estimated that from 2021 to 2030, the compound annual growth rate of the laser field is the highest at 14.4%. This is attributed to the increase in the use of laser processes in the recycling process, starting from the cleaning of the stage surface of the solar silicon panels/modules.
By region, Europe, followed by Asia Pacific and North America, will have the highest market share in 2020, accounting for more than two-fifths of the global solar panel recycling market. In addition, the same region is expected to have the fastest compound annual growth rate from 2021 to 2030, at 13.7%. This is attributed to the major players in the region and the huge consumer base. Other regions discussed in the report include North America, Asia Pacific and LAMEA.
Reiling GmbH & Co. KG
Tags: solar panels, recycling, photovoltaic, green, sustainability, renewable energy
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