Top 10 Leading Companies in Solar Panel Recycling Industry

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 The global solar panel recycling market size is expected to reach USD 333.8 million by 2027 registering a CAGR of 12.8%, according to a new report by Grand View Research, Inc. Increasing preference for renewable energy over conventional sources of energy considering the nominal ecological impact is likely to boost the market growth over the projected period. 

The growing number of photovoltaic installations on account of their declining prices is likely to further enhance the demand for the recycling of solar panels. Also, the rising awareness about the cost as well as ecological benefits related to solar energy is expected to trigger the market growth. With the extensive R&D, various mechanisms and processes to carry out the active recycling of solar panels have progressed.

Moreover, several strict regulations and government certifications with regards to appropriate solar panel waste treatment and to encourage the implementation of solar energy projects are expected to drive the market. To permit supportable development, certain government authorities are also providing numerous support schemes and incentives for the effective recycling of solar panels.

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The mechanical solar panel recycling process type segment led the market in 2019. The segment will retain its dominant position throughout the forecast years on account of the wide usage of this process due to its efficiency and low impact on the environment. The monocrystalline solar panels recycling accounted for the largest share of 50.5% in 2019. High-efficiency stages and longer shelf life along with space efficacy are projected to surge the demand for such panels over the upcoming years.

Europe is the leading regional market owing to the wide consumer acceptance and early product adoption across the region. Moreover, various government actions to legalize the recycling process in countries, such as the U.K. and Germany, are estimated to thrust the market growth. Certain technological advancements to boost the rate of recycling are expected to drive the product demand further.

Transitioning trend towards renewable energy resources owing to its least effect on the environment is likely to enhance the market growth. Furthermore, the declining prices of solar panels are expected to increase the number of installations of solar photovoltaic modules, thereby supporting market growth. The U.S. market is anticipated to witness significant growth over the forecast period due to extensive R&D along with the increasing number of installations of photovoltaic modules. The waste generated at the end of life of the photovoltaic modules is subject to recycle to reuse the ingredients, such as glass and silicon. The demand for solar panels is growing as they are eco-friendly and cost-effective.

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