Solar Panel Recycling Market Growth, Key Players and Future Analysis

NEW YORK - March 23, 2021 - PRLog -- As the signs of climate change become more and more prevalent with each passing year and the pollution levels soar all over the world due to the extensive usage of fossil fuels for power generation, the popularity of renewable energy sources grows rapidly across the world. Moreover, the increasing energy crisis in several countries and the mushrooming rate of toxic carbon emissions into the atmosphere are propelling the requirement for eco-friendly power production methods across the globe.

As these wastes contain environmentally toxic substances, they contribute heavily toward the environmental degradation. This makes the recycling of solar panels very necessary for mitigating the emission of toxic substances and maintaining the planet's ecological balance. Due to these factors, the demand for solar panel recycling is growing rapidly which is, in turn, fueling the expansion of the global solar panel recycling market. Laser, mechanical, and thermal processes are the main methods by which solar panels are recycled.

Currently, most of these solar panel recycling plants are adopting the mechanical process for recycling polycrystalline, monocrystalline, and thin-film panels. This is because the mechanical process is more efficient and environmentally safer than the thermal and laser techniques. These plants are recycling more thin-film solar panels every year, due to the rapidly rising installation of these panels on account of their low weight, flexibility, and temperature resistance, though monocrystalline panels still account for the highest overall recycling rate.

In 2017, Europe generated the highest revenue for the solar panel recycling market (https://www.psmarketresearch.com/market-analysis/solar-pa...), and it is projected to retain its dominance in the coming years. During the forecast period, the Asia-Pacific (market is expected to register the highest growth rate owing to the rising concerns about environmental sustainability and cost-effectiveness of solar panel recycling in the emerging economies of India and China.

Thus, the surging adoption of solar power systems, escalating concerns regarding e-waste management, and growing consciousness about sustainable development are increasing the solar panel recycling rate.