Global Solar Panel Recycling Market to expand by USD 417.08 mn through 2023-2027
The global solar panel recycling market size is estimated to grow at a CAGR of 26.97% between 2022 and 2027 with a forecasted revenue growth of USD 417.08 million. Determinants of this market expansion include the market depending on several factors, including a reduction in the costs of solar PV systems, the growth in solar PV panel installation, and the government regulations pertaining to solar waste recycling.
Technavio's report captures the growth trajectory of the market and is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
Solar Panel Recycling Market at a Glance
Navigating through the growth drivers of the Solar Panel Recycling Market: It has been observed Solar PV is recognized as a cost-effective power generation source, and the reduction in price is notably driving the market expansion to the next level.
Government initiatives and subsidies, as well as competitive bidding processes, have also enabled in substantial growth in solar PV installations across the globe.
Substantial investment in renewable energy sources is the key trend in the market and is expected to fulfill energy demand from the heat, transportation, and electricity sectors, with investments in clean energy on the rise.
As per data, "The US Department of Energy's SunShot Initiative, launched in 2011, aims to make solar PV systems more affordable and competitive. By 2020, the targets were set to achieve lower costs per kWh for residential, utility-scale, and commercial solar. Looking ahead, the SETO has set new cost targets for 2030 to reduce solar PV system costs by 50%."
The demand for clean and sustainable energy, the demand for solar PV is expected to grow, particularly in the US, India, and China. Get a comprehensive report summary describing the market landscape of the Solar Panel Recycling Market with all the detailed insights.
Key companies of the Solar Panel Recycling Market: Canadian Solar Inc., Cleanites Recycling, ENVARIS GmbH, First Solar Inc., Reclaim PV Recycling Pty Ltd., Recycle Solar Technologies Ltd., Rinovasol Global Services BV, SiC Processing GmbH, SILCONTEL Ltd., The Activ Group Solutions Pty Ltd, Veolia Environnement SA etc that comes with various range of product and services and are worth mentioning. Our report includes qualitative and quantitative analyses of key companies with a wider understanding of the business ecosystem. Order sample report today.