Japan Solar Panel Recycling Market Overview
Market Research Future (MRFR) believes that the Japan Solar Panel Recycling market can accelerate at a striking rate of 12.5% from 2024 to 2030 (evaluation period). By 2022-end, global market can be worth USD 179.2 Million.
Primary Drivers and Top Restraints
The Japan Solar Panel Recycling market growth has slowed down significantly since the COVID-19 outbreak, which resulted in a lockdown across countries. The pandemic led to temporary shutdown of manufacturing as well as recycling plants while non-essential businesses are no longer allowed to operate. Due to the risk of SARS-CoV-2 spreading and the need to curb it, curfews have been implanted, which have further caused a considerable drop in the demand for solar panels and also their recycling in the market.
With that said, the market can have some respite from the fact that numerous countries are lifting up the lockdowns and the world economy is on its way to recovery. Thanks to this, it is expected that solar panels can observe better demand in the next few months. The strong image of the renewable energy industry and the escalating spending on solar power generation can also benefit the Japan Solar Panel Recycling market in the coming years. Investments are projected to go into revolutionary solar technologies, which can present lucrative opportunities to the market contenders in the near future. The high focus on the use of renewable energy sources due to the rising concerns regarding the environment can work in favor of the global market, despite the increasing cases of novel coronavirus.
Speaking of renewable energy sources, governments are extending strong support to solar panels to reduce the carbon footprint. This can be a favorable aspect of the Japan Solar Panel Recycling market in the following years. Further, governments are also relaxing the regulatory standards and policies to encourage spending on renewable energy sources, which can be another plus point for the market. Over the coming years, it is expected that the developing countries can emerge as lucrative untapped markets for Japan Solar Panel Recycling, prompting renowned players to shift their bases in these locations.
Market Segmentation
The Japan Solar Panel Recycling industry can be segregated with respect to type, process, and shelf life.
The key types described in the study include monocrystalline solar panels, silicon solar panels, thin-film solar panels and polycrystalline solar panels. The largest share in the global market belongs to the silicon solar panel segment, which can also procure the highest CAGR in the ensuing period.
Process-wise, the key segments in the Japan Solar Panel Recycling market are mechanical, laser and thermal. The market is slated to be led by the mechanical segment over the coming years.
Depending on the shelf life, the market caters to normal loss as well as early loss. Normal loss can be the leading section in the market and can note further expansion during the projection period.
Regional Overview
The Japan Solar Panel Recycling market has been regionally considered for Europe, Asia Pacific/APAC, North America as well as RoW/Rest of the World.
Europe remains the word leader in the Japan Solar Panel Recycling market and can also witness the fastest growth rate over the assessment period. The increasing preference and uptake of renewable energy sources encouraged by the government’s push has expedited the market growth in the region. The supportive legislations in the region pertaining to the regulation of recycling processes can also bolster the market growth for Japan Solar Panel Recycling in the foreseeable years. The huge number of developed countries that are primarily focused on generating electricity via solar energy can further benefit the regional market.
North America is another promising contender and can remain profitable throughout the conjectured period. The rising number of strict recycling regulations amid the growing environmental concerns can boost the penetration of Japan Solar Panel Recycling in Canada and the United States/US in the following years.
The APAC market resonates lucrative opportunities backed by the presence of fast developing countries like India and China. The region has observe a sharp rise in the number of power projects in recent years in light of the alarming surge in the pollution and the growing industrialization rate. These aspects can be quite favorable for the Japan Solar Panel Recycling market in the region and foster its growth in the future as well.
Top Industry Players
The top industry players covered in the market research are Canadian Solar Inc, Rinovasol Group, Silcontel, Silrec Corporation, Zorlu Holding, Reiling GmbH & Co, Reclaim PV Recycling, ECS Refining LLC, First Solar, Yingli Energy Co, to name a few.
Recent News
July 2020
A group of researchers from NREL/National Renewable Energy Laboratory has performed the first appraisal of the approaches to better recycling of solar photovoltaic panels. The group has focused on effective ways to recycle crystalline silicon, which is over 90% of the PV systems in the purest form. This material is responsible for close to half of the energy, cost as well as carbon footprint while producing PV modules. The major objective is to bring down the overall recycling
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