Solar Panel Recycling Market Research Report - Forecast to 2030

Impact of the Covid-19 Outbreak on the Solar Panel Recycling Market

The Solar panel recycling market has been negatively impacted in recent months owing to the lockdowns imposed in the majority of the countries. These lockdowns have resulted in temporarily halting manufacturing and recycling plants since the pandemic outbreak in December 2019. Also, several countries have witnessed curfews like situations where businesses, except essential services, were not permitted to operate. This has also impacted the demand for solar panels and their recycling. However, several countries have started easing the lockdowns aiming at restoring the economic conditions in the country. As a result, the demand for solar panels is anticipated to recover in the coming months. The strong value maintained by the renewable energy sector, coupled with rising investments in solar power generation is likely to catalyze the expansion of the solar panel recycling market over the assessment period. Investments are prognosticated to flow towards cutting-edge solar technologies, which is anticipated to create growth opportunities for the market players. Additionally, the thriving rate of PV installations has resulted in rising volumes of decommissioned PV panels. This, in turn, is projected to expedite the growth of the solar panel recycling market in the foreseeable future.

FIGURE: GLOBAL INVESTMENT IN SOLAR PV (USD BILLION)

The demand for solar panels is significantly increasing owing to the support extended by the governments for the reduction of the carbon footprint through large-scale solar power generation. This is expected to positively influence the expansion of the market over the next couple of years. Governments across the world are focusing on the implementation of lenient regulatory policies to encourage investments towards renewable sources of energy, which will further boost the growth of the solar panels recycling market. Furthermore, the developing economies hold high potential for emerging as major country-level markets in the forthcoming years. Nevertheless, the high cost of energy storage is likely to hinder the growth of the solar panel recycling market over the assessment period.

Source: Primary Experts, Secondary Sources, and MRFR Analysis

Source: International Energy Agency (IEA)