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Transparency Market Research, New York: Photovoltaic (PV) technology is one of the widely utilized technologies used to alleviate the impact of climate change as well as to improve the energy security. Generally, solar panels can work with good efficiency for around 20–25 years. After that, they are replaced with new ones. The photovoltaic modules hold heavy metal in them. Therefore, instead of sending to landfills, they are recycled. This scenario shows the potential for the growth of the solar panel recycling market in the years ahead.
The solar panel recycling market is all set to show growth at a substantial CAGR of ~37% in the tenure of 2019 to 2027. Major players are expected to concentrate on their business expansion in Europe. Key reason attributed to this scenario is the presence of dependable recycling infrastructure in the region.
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Key Findings of Solar Panel Recycling Market Report
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Solar Panel Recycling Market: Key Driving Factors and Promising Avenues
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Solar Panel Recycling Market: Competitive Assessment
Major players in the global solar panel recycling market are growing focus on research activities. The main motive of these moves is to find out innovative and cost-effective ways for the recycling process of solar panels. This aside, many vendors are collaborating with research institutes to accelerate these research activities. All these moves are helping industry leaders maintain their prominent position in the global solar panel recycling market.
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The list of key players in the global solar panel recycling market comprises following names: PV Recycling, Morgen Industries, Inc., Silcontel Ltd, Reclaim PV Recycling, ECS Refining LLC, Envaris, SunPower Corporation, Total Green Recycling, and Recycle Solar Technologies Limited.
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The Solar Panel Recycling Market can be segmented as follows:
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Gas Turbine Services Market – Gas turbines are combustion engines that can convert natural gas or other liquid fuels to mechanical energy which is then used by the generator to produce electrical energy. Most gas turbines operate on an open cycle in which air is drawn from the atmosphere. Gas turbines are composed of three primary sections which include a compressor, combustion mounted on the same shaft and turbine. Compressor draws air into the engine, pressurizes it and feeds it to the combustion chamber at speeds of hundreds of miles per hour. The combustion mechanism then produces high temperature gas stream that enters and expands through the turbine section. The turbine features an array of alternate stationary and rotating blades. Gas turbine services market is rapidly expanding in sectors where efficiency and power output of a gas turbine play crucial roles.
Hydrogen Storage Market – Based on application, the hydrogen storage market can be classified into stationary power, portable power, and transportation. The stationary power segment comprises power generation, thermal systems, and energy systems. The portable power segment consists of fuel cells for off-road usage, consumer electronic devices, and auxiliary power generation. The transportation segment includes usage of fuel cells in the transportation sector.
Virtual Power Plant Market – The need for aggregation of distributed electricity has created increased demand within the global virtual power plant market. Presence of a seamless industry for controlling power distribution units and systems has played an integral role in market maturity. Sale of power in the electricity market also necessitates the development of cloud-based virtual power plant market. Multiple sources of power exist across a regional territory, and there is a need to record the capacity of each of these units. The ability of virtual power plant to integrate multiple power sources has created fresh opportunities for growth within the market.
High Capacity Power Banks Market – Based on type of high capacity power banks, the market can be segmented into economy class power bank (up to 3000 mAh), business class power banks (3,000 mAh to 10,000 mAh), and special class power bank (above 10,000 mAh). In terms of application, the market can be segmented into smartphones, tablets, gaming devices, and others. Based on region, the high capacity power banks market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for major share of the high capacity power banks market due to the rapid expansion of end-use industries in the region.
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