The global solar panel recycling market is expected to post a CAGR of over 30% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has released a new market research report on the global solar panel recycling market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growth in solar PV panel installation. The increase in solar PV installations can be attributed to factors such as the tax credits provided by the government, clean energy initiatives such as the Paris agreement of 2015, and declining costs of solar PV panels. As per the IEA, in 2017, solar PV panel prices decreased by 70% since 2010 for large-scale utility systems.
This market research report on the global solar panel recycling market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in solar PV panel recycling R&D activities as one of the key emerging trends in the global solar panel recycling market:
Global solar panel recycling market: Increase in solar PV panel recycling R&D activities
As the recycling processes are not yet fully developed, the raw materials recovered from solar PV panel recycling often lack the quality required to achieve maximum potential value. In order to enable value creation from end-of-life panels, considerable R&D and technological and operational skills are crucial. This will allow the development of effective solutions to address the projected increase in the solar PV panel waste and enable improved and efficient recovery of raw materials and components.
"Efficient recycling techniques are being developed owing to the growing R&D activities, thus increasing the value addition from recycled materials. This increases the benefits of recycling for the solar PV panel owners, therefore encouraging the buyers to recycle the solar PV panel waste rather than disposing of them. This, in turn, increases the demand for solar PV panel recycling," says a senior analyst at Technavio for research on power.
Global solar panel recycling market: Segmentation analysis
This market research report segments the global solar panel recycling market by product (crystalline and thin-film) and geographical regions (APAC, EMEA, and the Americas).
The crystalline segment held the largest market share in 2018, accounting for nearly 85% of the market. This product segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2018 with a market share of nearly 52%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share by over 4%.
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Five Forces Analysis
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- Vendors covered
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