According to the market research report published by P&S Market Research, global solar panel recycling market is projected to reach $269.8 million by 2023, increasing support of the government toward sustainable development and growing adoption of solar power as a renewable source of energy are the major factors driving the growth of the market. Solar panel recycling is the processing of photovoltaic (PV) systems or panels to obtain their constituent parts, which can be reused in the manufacturing of other products.
In terms of value, mechanical process held the largest share in the solar panel recycling market during the historical period and is estimated to contribute more than 55.0% share to the market in 2017. This can be attributed to the fact that the process is highly efficient and environmentally safe.
During the forecast period, thin-film PV recycling is expected to be the fastest-growing category in the solar panel recycling market, with a CAGR of 29.7 percent in value terms. The advantageous properties of thin-film solar panels, such as flexibility, light weight, and temperature resistance, are expected to drive their recycling market in the coming years.
In terms of revenue, the early-loss shelf life category of solar panels is estimated to contribute more than 80.0% share to the solar panel recycling market in 2017. This can be attributed to the increased use of these panels for recycling purposes due to factors such as exposure to harsh weather conditions and lack of routine maintenance.
During the forecast period, the solar panel recycling market is projected to witness the fastest growth in terms of value in APAC. Growing environment sustainability concerns and cost advantage of solar panel recycling in emerging economies, such as China and India, are expected to foster the market growth in APAC in the coming years.
The average lifespan of solar panels is 30 years, but some may suffer an early loss, resulting in a large amount of e-waste generation containing environmentally harmful substances. Thus, the recycling of these solar panels becomes important, as it helps in maintaining the ecological balance and reducing the emission of various hazardous substances into the atmosphere. The above-mentioned factors indicate that the increasing popularity of solar energy as a renewable power source is driving the growth of the solar panel recycling market.