Solar panel recycling market to grow by a CAGR of 26.97% from 2022 to 2027; Growth in solar PV Panel installation to boost the market growth

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17 Aug, 2023, 19:00 ET

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NEW YORK, Aug. 17, 2023 /PRNewswire/ -- The global solar panel recycling market size is set to grow by USD 417.08 million and it is progressing at a CAGR of 26.97% between 2022 and 2027. Download a Sample Report

The solar panel recycling market covers the following areas:

Company Landscape

The solar panel recycling market is diverse and has several international and domestic players. The market is characterized by high capital investments and continuous innovations for improving the efficiency of solar energy storage systems. The declining prices of solar energy and rising stringent carbon emissions regulations render the solar panel recycling market attractive for investors. The key companies in the market include Recycle Solar Technologies Ltd., Canadian Solar, ENVARIS, Veolia Environnement SA, and others. The top companies in the market have been selected based on our perception of their importance in the development of the solar panel recycling market during the forecast period.

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Solar Panel Recycling Market - Market Segmentation

Solar Panel Recycling Market - Regional Market Outlook

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Companies Mentioned

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Solar panel recycling market - Market Dynamics

Key Driver

Growth in solar PV panel installation is the key factor driving the growth of the market. Factors such as government tax credits, clean energy initiatives like the 2015 Paris Agreement, and the falling cost of solar panels are driving the growth of solar panel installations. Furthermore, factors such as favorable regulations, increased investment, and unprecedented market dynamics in countries like China are expected to further boost solar panel installations in the coming years. Therefore, with the increase in solar panel installations, the demand for solar panels will increase, which will drive the growth of the solar panel recycling market during the forecast period.

Leading Trend

Increasing investment in renewable energy sources is a primary trend in the market. Solar and wind energy systems are reducing costs, fueling their rapid growth in the global energy mix. Renewable energy is expected to fill demand in various sectors, with global energy investment expected to reach USD 1.9 trillion by 2021. China leads in spending for solar power, providing access to financing for distributed photovoltaic projects and solar energy efficiency initiatives. Government support and investment are driving the adoption of solar and wind power, leading to an increase in solar panel waste and driving the growth of the solar panel recycling market during the forecast period.

Significant Challenge

Intermittency in solar power generation is the challenge that affects the growth of the market. The average efficiency of solar panels is about 18.3% in 2020. As solar technology develops, its conversion rate cannot match fossil fuels due to the change variations in sunlight and geographical differences. Solar discontinuity creates a significant challenge to solar power adoption and subsequently impedes the growth of the solar panel recycling market during the forecast period.

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Solar Panel Recycling Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 26.97%

Market growth 2023-2027

USD 417.08 million

Market structure

Fragmented

YoY growth 2022-2023(%)

25.06

Regional analysis

Europe, APAC, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 38%

Key countries

US, Japan, China, Germany, and Italy

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Canadian Solar Inc., Cleanites Recycling, ENVARIS GmbH, First Solar Inc., NPC Inc., Reclaim PV Recycling Pty Ltd., Recycle Solar Technologies Ltd., Reiling GmbH and Co. KG, Rinovasol Global Services BV, SiC Processing GmbH, SILCONTEL Ltd., Silrec Corp., Solarcycle Inc., SunPower Corp., The Activ Group Solutions Pty Ltd, Veolia Environnement SA, We Recycle Solar, Yingli Green Energy Holding Co. Ltd., Aurubis AG, and Trina Solar Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Compny Landscape

12 Compny Analysis

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