Solar Panel Recycling Market to Grow due to Limited Lifespan of these Devices

 The global solar panel recycling market is expected to generate a revenue of $269.8 million by 2023, increasing from $80.7 million in 2017, advancing at a 22.0% CAGR during the forecast period (2018–2023), as per a study conducted by P&S Intelligence. Favorable government regulation that support sustainable development and the rising adoption of solar power as a source of energy are the major driving factors of the market. On the basis of process, the market is divided into laser, thermal, and mechanical. 

 

Out of these, the mechanical process accounted for the major share of the market in the past, holding more than 55.0% share of the market in 2017. The eco-friendly and economical nature of this recycling process is leading to its high demand. In terms of type, the market is categorized into thin film, polycrystalline, and monocrystalline, out of which, the monocrystalline type dominated the market in the past, accounting for over 50.0% market share in 2017. 


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These solar panel are preferred widely, owing to their beneficial features, such as superior grade material, greater efficiency, longer shelf life, relatively higher space efficiency, and excellent heat resistance. The thin-film category is expected to register the highest CAGR in the solar panel recycling market during the forecast period. The adoption of these solar panels is projected to rise due to their flexibility, temperature resistance, and light weight in the coming years, thereby driving the market during the forecast period. 

 

Geographically, the European region dominated the solar panel recycling market in the past, contributing over 40.0% value share to the market in 2017. The stringent regulations regarding solar panel waste management is majorly leading to the growth of the regional domain. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to increasing concerns regarding environmental sustainability and cost advantages of solar panel recycling in developing countries, including India and China.

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