WILMINGTON, DE / ACCESSWIRE / October 12, 2022 / Transparency Market Research Inc. - The solar panel recycling market is anticipated to progress at around 37% CAGR during the forecast period, from 2019 to 2027. By 2027, the solar panel recycling market growth forecast expect the market to achieve an output of around 894,000 tons. By 2027, the solar panel recycling market size is expected to touch valuation of around US$ 600 Mn. The garbage produced by solar panels that have reached the end of their useful lives is being managed and recycled by firms in the solar panel recycling market. Solar panel recycling operations have expanded in the US as a result of a considerable period of technological progress and addressing of legislation related to the panels.
Waste from solar panels is a growing problem since it includes poisonous substances that can contaminate water supplies by leaching into the ground. The production of waste can be decreased by recycling solar panels. After that, the recycled material can be utilized to make new panels. With the use of numerous techniques including laser, thermal, mechanical, chemical, and combination procedures, solar panels can be broken down into individual parts and recycled. Increase in solid waste is therefore projected to benefit solar panel recycling market.
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Europe is predicted to be a lucrative region in the global solar panel recycling market throughout the forecast timeframe.Between 2019 and 2027, the Europe solar panel recycling market is anticipated to grow significantly. Due to the largest installed solar energy capacity in the region, there will soon be a substantial number of solar panels that have reached the end of their service life. According to estimates, there will be more solar panel trash when there are many end-of-life solar panels present. Thus, it is projected that in the near future, demand for solar panel recycling will increase in Europe.
Key Findings of Market Report
- In order to meet the growing demand for batteries in the solar panel recycling market, researchers are looking at novel techniques to retrieve silicon from abandoned solar panels. The recycling of photovoltaic (PV) cells made of silicon is being boosted by recent advances. This is why it is predicted that amongst all product type, the silicon-based products will generate the highest revenue and is expected to account for considerable solar panel recycling market shares. In order to recycle discarded solar cells, market players are expected to work with material scientists, which is also expected to come up as important solar panel recycling market trends.
- More industrial production, growing global population, and expanding infrastructural development are all expected to drive up demand for power. In order to meet the increasing demand for energy, several nations are boosting the capacity of their existing power plants or constructing new ones to generate more electricity. An increase in power consumption is likely to boost the global market for solar panel recycling.
- Despite the comparatively little quantity of silicon present in silicon semiconductors, the material has a very high value. In order to avoid the high-value material from ending up in landfills, firms in the global solar panel recycling market are stepping up their efforts to recover silicon from PV cells.
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Global Solar Panel Recycling Market: Key Players
Some of the key market players are
- Reiling Glasrecycling Danmark ApS
- Recycle Solar Technologies Limited
- Morgen Industries, Inc.
- Reclaim PV Recycling Pty Ltd
- Silcontel Ltd
- Total Green Recycling
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Global Solar Panel Recycling Market: Segmentation
Process
- Thermal
- Mechanical
- Chemical
- Combination
- Laser
Material
- Glass
- Plastic
- Aluminum
- Silicon
- Metal
Product
- Silicon-based PV
- Thin Film PV
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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