The market is prospering because of the favorable government regulations supporting sustainable development and increasing usage of solar power. Solar panels provide solar energy-based electricity for different commercial and residential applications. These panels are made up of aluminum, silicon, synthetic materials, glass, and other metals, which can be separated via solar panel recycling and then reused.
On the basis of process, the solar panel recycling market is categorized into laser, thermal, and mechanical recycling. Among these, the mechanical process dominated the market during the historical period (2013–2017) and contributed more than 55.0% share to the market in 2017, in terms of value. This can be attributed to the environmental-friendly and economical nature of this process. The category of laser process is predicted to register the highest CAGR during the forecast period, both in terms of value and volume.
When type is considered, the solar panel recycling market is divided into thin film, monocrystalline, and polycrystalline panels. Out of these, the monocrystalline division dominated the market during the historical period, in terms of value, holding more than 50.0% share in 2017. This is attributed to the various advantageous features of these solar panels, such as superior grade material, longer shelf life, excellent heat resistance, and relatively higher space efficiency, compared to others. Thin-film panels are projected to witness the highest CAGR during the forecast period, in terms of value.
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The increasing usage of solar power is one of the key driving factors of the solar panel recycling market. The demand for sustainable power generation is rising due to the increasing concerns for environmental protection and growing energy crisis. Owing to these aspects, renewable sources of energy (such as solar), which cause no harm to the environment and produce energy efficiently, are increasingly replacing conventional sources (such as fossil fuels). This is leading to the rising adoption of solar panels, which is further driving the market for their recycling.
Another factor contributing to the growth of the solar panel recycling market is the favorable government regulations supporting sustainable development. It refers to the controlled use of resources to reduce environmental hazards and make them available for the current and future generations. Due to the growing energy crisis, the global sustainability concern is rising, which is leading to the increasing support for the use of renewable solar power as a source of energy. As solar panels can be easily recycled, their demand is increasing to achieve the sustainability goal.
A major opportunity is being created for the players in the solar panel recycling market by the increasing adoption of solar panels in emerging economies. The awareness regarding the benefits of solar power as a renewable source of energy is increasing in developing countries, such as China, South Korea, and India, which is leading to the rising adoption of solar panels here. Seeing this, new manufacturers and service providers are entering the market, and the existing companies are penetrating untapped regions to expand their operational footprint.
Hence, the favorable government regulations supporting sustainable development and the increasing usage of solar power are leading to the growth of the market.