With the rising environmental damage and the growing energy crisis in several countries, because of the ballooning costs of fossil fuels and their depleting reserves, the demand for renewable energy sources such as solar energy is rising rapidly. Moreover, as the signs of climate change are becoming more and more prevalent, sustainability and eco-friendly power generation are gaining traction all over the world. This is one of the biggest factors fueling the popularity of solar panel recycling across the globe.
Governments and industries are increasingly focusing on reusing and recycling solar panels and their various parts and components for reducing waste generation and promoting sustainable energy production. The governments of many countries are rapidly implementing stringent policies such as the European Waste Electrical and Electronic Equipment (WEEE) Directive that lay down effective methods of reusing and managing wastes related to solar plants and panels. Such directives are being enacted for boosting the popularity of green projects.
As a result, the market would witness a sharp growth in its valuation from $80.7 million to $269.8 million from 2017 to 2023 and progress at a CAGR of 22.0% between 2018 and 2023. Depending on the method of recycling, the solar panel recycling market is divided into mechanical, laser, and thermal processes. Amongst these, the mechanical category recorded the highest growth in the market in the past, because of the highly environment-friendly and economical nature of the mechanical process.
Globally, the European solar panel recycling market exhibited the highest growth in the years gone by. In the near future, the market would demonstrate the highest growth in the Asia-Pacific (APAC) region, as per the estimates of P&S Intelligence, a market research firm based in India. This would be a result of the implementation of strict government regulations regarding waste management and rapid technological advancements in recycling and waste management in the region.
For more information about the market overview visit: https://www.psmarketresearch.com/market-analysis/solar-panel-recycling-market/report-sample
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