Know the growth opportunities of Solar Panel Recycling Market with SWOT Analysis
Increasing support of the government toward sustainable development and growing adoption of solar power as a renewable source of energy are the major factors driving the growth of the market. Solar panel recycling is the processing of photovoltaic (PV) systems or panels to obtain their constituent parts, which can be reused in the manufacturing of other products. The average life expectancy of solar panels is 30 years.
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In terms of value, mechanical process held the largest share in the solar panel recycling market during the historical period and is estimated to contribute more than 55.0% share to the market in 2017. This can be attributed to the fact that the process is highly efficient and environmentally safe.
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During the forecast period, thin-film PV recycling is expected to be the fastest-growing category in the solar panel recycling market, with a CAGR of 29.7% in value terms. The advantageous properties of thin-film solar panels, such as flexibility, light weight, and temperature resistance, are expected to drive their recycling market in the coming years.
Market will witness the highest growth in Asia-Pacific (APAC)
During the forecast period, the solar panel recycling market is projected to witness the fastest growth in terms of value in APAC. Growing environment sustainability concerns and cost advantage of solar panel recycling in emerging economies, such as China and India, are expected to foster the market growth in APAC in the coming years.
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Reducing solar panel installation cost is the key trend in the market
Solar power is a renewable, clean, noiseless, and freely available source of energy. In spite of the extensive costs associated with the R&D of solar energy systems, solar panel manufacturers have successfully managed to reduce design and overhead costs over the years. This drop in the solar energy prices can be attributed to the reduction in the hardware cost and increased focus on the minimization of pre- and post-construction expenses.
Some of the major players operating in the global solar panel recycling market are Silcontel Ltd., Rinovasol Group, Reiling GmbH & Co. KG, ENVARIS GmbH, ECS Refining LLC, Reclaim PV Recycling Pty. Ltd., Silrec Corporation, Canadian Solar Inc., Yingli Green Energy Holding Company Limited, and First Solar Inc.
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