Solar Panel Recycling Management Industry to earn significant revenue from thin film PV cells, Chile to emerge as a major ground for market growth over 2016-2024
U.S. Solar Panel Recycling Management Market size, by process 2013-2024 (USD million)
Ideally, solar panels have a regular shelf life of 30 years. Post this 3-decade period, these panels will need to be disassembled and recycled for further use. Strict government directives regarding solar panel recycling and environmental maintenance will propel solar panel recycling management industry, which is anticipated to grow at a CAGR of more than 35% over 2016-2024. As per the report by Global Market Insights, Inc., “Having registered more than USD 20 million in 2015, Solar Panel Recycling Management Industry will cross USD 360 million by the year 2024.”
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Solar panels can suffer normal losses or early losses. In case of the former, the panels function until the end of their shelf life, after which they are decommissioned, accumulated, and recycled. Solar panel recycling management market share from normal losses is expected to cross USD 300 million by 2024. When solar panels cease to function efficiently due to maintenance issues, technical problems, and unfavorable weather conditions, they are said to suffer early losses, in which case, they are decommissioned earlier than their usual shelf life and then recycled. Solar panel recycling management market from early losses is said to grow at a CAGR of 35% over 2016-2024.
Global solar panel recycling management industry is slated to be fiercely competitive owing to the existence of several companies involved in the manufacture of solar panels and the increasing preference toward sustainable energy sources. Key players include Canadian Solar, PV Recycling, LLC, PV Recycling, LLC, Envaris, Reiling Glass Recycling, First Solar, Rinovasol, Silcontel, ECS Refining, Silcontel, Eiki Shoji Ltd, Chaoqiang Silicon Material, Cellnex Energy, REMA PV Systems, IG Solar Private, Darfon Electronics Corporation, and Suzhou Shangyunda Electronics. Companies engage in tactics such as product innovation and enhanced recycling procedures to sustain their position in solar panel recycling management market.
Solar panels can be recycled by means of thermal, laser, and mechanical processes. The mechanical recycling process is deemed to be one of the safest, owing to which solar panel recycling management industry share from mechanical process will surpass USD 300 million by 2024. Solar panel recycling by thermal process places a strain on the environment due to the presence of excess silicon in the panels. However, with companies striving to innovate environment-friendly thermal procedures, solar panel recycling management industry from thermal process, worth more than USD 1 million in 2015, will grow substantially over 2016-2024.
Thin-film PV cells are extensively adopted for solar panels subject to their excellent quality and affordability, which will in turn, fuel thin film solar cells industry over 2016-2024. Increasing adoption rate of these cells coupled with their most favorable property of longer shelf life will also drive solar panel recycling management market from thin film PV cells, which is anticipated to witness a y-o-y growth rate of more than 40% over 2016-2024.
Polycrystalline solar cells possess excellent properties such as high efficiency and enhanced battery power. High adoption of sustainable energy resources coupled with the aforementioned properties will fuel solar panel recycling management market from polycrystalline cells, which is slated to cross USD 220 million by 2024.
In Germany, the number of dismantled panels amounted to more than 75,000 tons in 2015. An exponential rise in the number of decommissioned panels annually, strict government norms, and the establishment of solar farms will propel Germany solar panel recycling management market, which is expected to cross USD 24 million by 2024.
Chile is anticipated to hold a volume of more than 45,000 tons of decommissioned solar panel waste, which makes it a lucrative market for panel recycling. Chile solar panel recycling management industry is expected to observe a CAGR of more than 40% over 2016-2024.
High volume of decommissioned solar panels in the U.S. (30,000 tons in 2016) and rising adoption of solar panels will drive U.S. solar panel recycling management market size over the next seven years, which was worth more than USD 5 million in 2015.
Solar energy is one of the most widely-adopted renewable energy sources globally. The increasing implementation of solar panels, government directives regarding waste disposal, and the increase in the number of decommissioned panels will significantly propel solar panel recycling management industry over the years to come.
Author Name :Saipriya Iyer