The rising adoption of solar power as a renewable energy source and the increasing support from several governments toward sustainable development will drive the solar panel recycling market at a CAGR of 22% during the forecast period. The market value stood at $80.7 million in 2017, and it is expected to reach $269.8 million by 2023. Solar panels are made up of silicon, glass, synthetic materials, aluminum, and other metals, which can be separated through recycling after the completion of the lifecycle of panels. The recycled constituents can be reused in the production of other products.
In recent years, the falling solar panel installation cost has become a prominent trend in the solar panel recycling market. Even though the research and development (R&D) in the domain of solar power is an expensive process, solar panel manufacturers have been successful in reducing the design and overhead costs in the past few years. The reduction in solar energy prices can be owed to the declining hardware cost and the soaring emphasis on the minimization of pre-and post-construction expenses.
In the coming years, the increasing adoption of solar panels in the developing countries, such as South Korea, India, and China, will create ample growth opportunities for the players in the solar panel recycling market. The surging installation of solar panels in the emerging economies can be credited to the escalating awareness about the advantages of solar power as a renewable energy source and growing environmental concerns being raised in these nations. This is, therefore, creating lucrative opportunities for the recycling companies.
According to P&S Intelligence, Europe held the largest share in the solar panel recycling market in 2017. Whereas, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the market during the forecast period. This can be attributed to the accelerating environment sustainability concerns and increasing government support being provided for the adoption of renewable energy sources and solar panel waste management in the region. Moreover, the cost advantage of solar panel recycling in India and China will also facilitate the market growth in APAC in the foreseeable future.
Thus, the rising installation of solar panels for energy generation and the soaring emphasis of governments on sustainable development will supplement the market growth in the foreseeable future.
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