Increasing demand for power and favorable government regulations supporting sustainable development to drive global solar panel recycling market through 2024
According to a report published by TechSci Research on “Global Solar Panel Recycling Market By Type, By Process, By Shelf Life, By Region, Competition, Forecast & Opportunities, 2024”, the global solar panel recycling market is projected to grow at a CAGR of around 20% through 2024, on the back of increasing volume of decommissioned PV panels coupled with strict laws to boost effective recycling. Moreover, initiatives undertaken by governments of various nations for the reduction in carbon emissions and adoption of renewable energy are boosting the global solar panel recycling market.
By process, solar panel recycling market, globally, has been categorized into thermal, mechanical and laser processes. In terms of value, mechanical process accounted for the largest market share in 2018 and is expected to capture more than half of the global market by 2024, on the back of economical and environment-friendly nature of the process. Asia-Pacific solar panel recycling market is anticipated to grow at the fastest rate, globally, during the forecast period. Growing environment sustainability concerns and cost advantage of solar panel recycling in emerging economies, such as India and China, are expected to fuel the market in Asia-Pacific during forecast period. However, Europe, which dominated the market in 2018, is expected to continue dominating the global solar panel recycling market in the coming years, on account of various government measures to regulate the recycling process in countries such as the UK and Germany.
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“Growing energy crisis and high rate of carbon footprints in the atmosphere are boosting the need for sustainable power generation across the globe, thereby resulting in the adoption of solar panels. The average life of a solar panel is around 10 years. Increasing installation of solar panels would end up eventually in landfilling, which would create environmental problems in later stages. Increase in the volume of decomposed photovoltaic panels coupled with stringent environmental laws introduced by the governments are anticipated to boost efficient and effective recycling, which would bolster the global solar panel recycling market growth over the course of next five years.”, said, Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.
“Global Solar Panel Recycling Market By Type, By Process, By Shelf Life, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global solar panel recycling market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global solar panel recycling market.
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