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Solar panel recycling management market to observe massive growth over 2016-2024
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Monocrystalline, polycrystalline, and thin film PV cells are the basic three products used in solar panel recycling process. Polycrystalline cells are gaining prominence in response to their high efficiency and better battery storage properties. It is estimated that polycrystalline cell solar panel recycling management industry will exceed a revenue of USD 220 million by 2024. This product usage is prevalent in mechanically processed solar panel recycling management industry. Thin film PV cells market is slated to hit a striking double-digit annual growth rate of 40% over 2016-2024, owing to the product adoption in solar panel reprocessing.
Based on the process by which solar panels are recycled, the market is bifurcated into the thermal, laser, and mechanical process. Mechanically processed solar panel recycling management industry, which is witnessing wide adoption globally, will record a revenue of more than 300 million over the next seven years. Market share from laser technology will also have strong growth prospects, with a projected annual growth rate of 45% over 2016-2024.
Geographically, Germany is expected to be one of the prominent regions driving the overall market in terms of growth forefront. Rising PV panels installation along with a strong inclination for alternate energy sources are the vital factors driving the regional demand. Germany solar panel recycling industry is estimated to cross over USD 24 billion by 2024.
Japan and China will be the major revenue pockets for APAC solar panel recycling management market. Japan market is forecast to grow at a CAGR of 30% over the period 2016-2024. China solar panel recycling management industry will exceed a revenue of USD 50 billion over the coming seven years.
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Driven by the bulk amount of decommissioned PV panels present in the region (which needs immediate recycling), it is anticipated that Chile solar panel recycling management market will grow lucratively at an annual rate of 40% over the forecast span. U.S. industry will also experience steady gains owing to the increasing acceptance of PV panels.
Key players of the market include ECS Refining, Envaris, REMA PV Systems, and Eiki Shoji Ltd.
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