The global solar panel recycling market size is anticipated to value USD 333.8 million until 2027. It is also expected to register a CAGR of 12.8% over the forecasted years, 2020 to 2027. Surging preference for the adoption of renewable energy prevailing among the millennial population is projected to augment market growth.
The early loss shelf-life segment held the dominant share across the global market in 2019 due to the surging number of regulations and standards imposed by governing bodies to replace solar panels immediately due to operational dysfunction. On the other hand, the normal loss segment is expected to register the fastest growth due to the need for replacement of solar panels after completion of their shelf life.
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In 2019, the segment of monocrystalline panels dominated the global market with a 50.0% share on account of salient features such as higher shelf life, more heat tolerance, and enhanced efficiency. The thin-film production segment accounted for the highest CAGR across the global market from 2020 to 2027 owing to improved operational performance and reduced costs associated with these panels.
Europe accounted for the highest share across the global solar panel recycling market in 2019 due to the rising presence of many solar farms in the last few years that will result in replacement demand for solar panels across this region. The Asia Pacific is projected to witness the highest CAGR from 2020 to 2027 owing to an increase in the number of solar panel installations across Japan and China.
The market across the globe includes key players such as Envaris, Hanwha Group, Envaris, Hanwha Group, First Solar Inc., Silrec Corporation, Aurubis, and Trina Solar. Huge investments are being undertaken by these service providers to gain cutting edge over other players.
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Further key findings from the report suggest:
• In 2019, the early loss shelf-life segment held the dominant share across the global market.
• The thin-film production segment accounted for the highest CAGR across the global market from 2020 to 2027.
• Europe accounted for the highest share across the global market in 2019.
• The key players operating in this market are Envaris, Hanwha Group, Envaris, Hanwha Group, First Solar Inc., Silrec Corporation, Aurubis, and Trina Solar.
Million Insights has segmented the global solar panel recycling market on the basis of process, shelf life, product and region:
Solar Panels Recycling Process Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 – 2027)
• Thermal
• Mechanical
• Laser
Solar Panels Recycling Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 – 2027)
• Monocrystalline
• Polycrystalline
• Thin Film
Solar Panels Recycling Shelf Life Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 – 2027)
• Early Loss
• Normal Loss
Solar Panels Recycling Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• The U.K.
• France
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Qatar
• UAE
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