Solar panel recycling management industry growth is forecast to accelerate over the next few years, driven by rising renewable energy trends along with the introduction of favorable legislations encouraging effective recycling of decommissioned solar panels. According to Global Market Insights, Inc. “Solar Panel Recycling Management Market revenue is forecast to surpass USD 360 million by 2024.”
Rise in the number of PV power stations coupled with strict government rules regarding effective solar panel waste disposal will propel the industry trends over the years to come. For instance, favorable European government initiatives such as Photovoltaic cycle (PVC) is anticipated to provide huge investments for installing PV panels. The PV Cycle Association also administers legal compliance for waste disposal and recycling companies all over the world.
U.S. Solar Panel Recycling Management Market size, by process 2013-2024 (USD million)
Monocrystalline Cells, Thin Film Photovoltaic Cells, and Polycrystalline Cells are the major solar panel recycling products. Monocrystalline Cells segment is forecast to grow noticeably over the coming timeframe and will significantly drive solar panel recycling management market growth. Thin films photovoltaic cells market is anticipated to grow substantially over the coming seven years, owing to low costs, high quality, and elongated shelf life. Exceptional as well as effective battery memory features of polycrystalline cells is projected to fuel solar panel recycling management industry expansion over the next few years.
In terms of shelf life, solar panel recycling management industry can be segmented as early loss and normal loss. While the regular shelf life of solar panels is deemed to be 30 years, they will need to be rendered inactive owing to maintenance and related issues.
Solar panel recycling management market share from normal losses is expected to surpass USD 300 million by 2024. Industry share from early losses is forecast to witness a healthy CAGR on more than 35% over 2016 to 2024.
Below are the geographical trends influencing solar panel recycling management market over 2016-2024:
Industry players will try to increase their ROI through high investments in solar panel recycling management projects, product development, technological innovation, and mergers & acquisitions. Major market participants include PV Recycling LLC, First Solar Incorporation, ECS Refining, Canadian Solar Company, ENVARIS GmbH, Eiki Shoji Company Limited, REMA PV System, Reiling Glass Recycling, Silcontel Limited, and Cellnex Energy.
Written By : Dhananjay Punekar