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The abundant availability of sunlight is the most promising energy source for producing heat and electricity without causing any harmful effects on the environment. In recent years solar power has gained popularity over its neutral pollution technology. In many parts of the world solar power has been adopted for energy security. However, increasing PV panel waste presents a new environmental challenge but also unprecedented opportunities to create value and pursue new economic avenue. These include recovery of raw material and emergence of new solar panels. Sectors like solar panel recycling are essential in the world’s transition to sustainable economically viable and increasing renewable energy future.
The solar panel recycling market segmented into type and process. Types are further divided into monocrystalline, polycrystalline, and thin-film. A monocrystalline solar panel is expected to account for a substantial share of solar panel recycling market. The process is bifurcated into mechanical, thermal, and laser. Mechanical process is likely to dominate in process segment due to it is widely used in solar panel recycling industry for separation and treatment of solar panel waste.
Key Market Driver -
Key Market Driver – Exponential growth in solar industry to meet the growing demand of energy
Key Market Restraint -
Key Market Restraint – Lack of infrastructure and facilities required for recycling
Several countries are massively investing in renewable energy sources to mitigate rising GHG emissions. Solar power is expected to account for the largest share in renewable energy sector. Numerous industries, residential and commercial sector embracing clean energy technologies and stringent environment regulation expected to drive the solar panel recycling market.
The growth of the solar panel recycling market is retarded by a lack of infrastructure and facilities required for recycling of solar panels. Also, the apathy of companies to invest in recycling projected may projected to hinder the solar panel recycling market.
The major companies in the solar panel recycling market are Veolia, Reclaim PV, Recycle PV, PV Cycle, First Solar, Silcontel ltd, Envaris GmbH, Darfon, Rinovasol Group, Interco Trading Company, and Renesola.
The global solar panel recycling market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The United States is one of the largest markets for the solar industry with total installed solar PV capacity 69.1GW in Q2 2019. Favorable government policies for promoting clean energy technologies and shifting trends towards renewable energy sources is expected to increase the growth of the solar market. Enormous installation of solar panels in utility and residential sector is expected to fuel the solar panel recycling market in North America. Recently, European Union (EU) has adopted PV-specific waste regulation. Most of the countries around the world classify PV panels as general or industrial waste.
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The EU has pioneered PV electronic waste regulation, which covers PV-specific collection, recovery, and recycling targets. Waste Electrical and Electronic Equipment (WEEE) Directive requires all producers supplying PV panels to the EU market to finance the costs of collecting and recycling end-of-life PV panels put on the market in Europe may drive the solar panel recycling market. Asia alone witnessed a 50% increase in solar PV capacity in 2015 with 15GW of new PV capacity installed in China and another 10GW in Japan. Emerging economies in APAC are continuously striving hard for promoting clean energy sources by offering tax benefits and assistance in setting up of plant. Following this trend solar panel recycling market may grow at steady rate in APAC.
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