Solar panel recycling market to register a double-digit CAGR over 2016-2024, stringent regulatory norms to characterize the global industry trends

The shifting trends toward increasing adoption of renewable energy sources is significantly boosting solar panel recycling market. It has been observed that in the past decade, the deployment of solar energy systems has tremendously increased. The growing awareness among people regarding the advantages of renewable energy over fossil fuel-based energy is thus considerably fueling the product demand. Additionally, regional governments have also been encouraging the masses to adopt renewable energy systems, owing to depleting fossil fuel sources. This has indeed, considerably propelled solar panel recycling market share. A pivotal factor for the growth of this industry is that post the expected life-span of solar panels, they are required to be replaced for maintaining their working efficiency. In order to reduce e-waste and landfilling caused due to expired solar panels, their recycling has emerged as a global concern, thus augmenting solar panel recycling management market size.

The European Union is known to have implemented a stringent regulatory framework that solar panel manufacturers would have to adhere to. In accordance with the same, major giants in solar panel recycling industry are deploying advanced technologies to recycle solar panels. In addition, numerous players have collaborated with various governmental organizations to find out effective ways to deal with solar waste. In this regard, it is imperative to mention that the timely innovation and research activities carried out by regional governments and private companies will push solar panel recycling industry outlook over the years ahead. Say for example, at the moment, the Californian government has implemented legislative norms to govern solar panel disposal, retaining focus on the future of waste disposal from solar panels.

The report titled “Solar Panel Recycling Management Market Size By Process, By Product, By Shelf Life, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” has been published in February 2017. To understand the industry better, request a sample of this report @ https://www.gminsights.com/request-sample/detail/1153

Presently, several recycling approaches are being harnessed by most of the biggies in solar panel recycling industry. Thin film and silicon-based methods among these are counted among the most prominent industrial processes used by several companies. With thin film-based solar cells, about 95% of the semiconductor product is reused. Indeed, thin film PV cells are now being used extensively pertaining to their excellent quality, long-lasting lifecycle, and affordable cost benefits. Estimates claim that thin film PV cells based solar panel recycling management industry will register a CAGR of 40% over 2016-2024.

Despite increasing requirement of solar panel recycling facilities, there are several challenges ahead for solar cells manufacturers. In order to efficiently recycle PV cells, product manufacturers are looking forward to using a single high-quality material instead different types of materials. This will eventually lead to minimizing material loss, which would help utilize the extra material to manufacture new panels. In addition, for minimizing the environmental impact of various recycling process, the usage of silicon is being curtailed in solar panels. This would in turn, increase the popularity of thermal processes for solar panel recycling. In fact, in 2015, solar panel recycling management industry from thermal process held a revenue of USD 2 million.

The dire need to constrain the growing number of panel waste has led to numerous regulatory agencies across the globe formulating highly stringent norms. As a consequence of the implementation of these regulations, the solar panel recycling market share is anticipated to expand at an exceptional pace over the ensuing years. In addition, for generating healthy energy solutions, product manufacturers, regulating bodies, consumers, and suppliers have been working collaboratively. This integrated approach is certainly poised to stimulate solar panel recycling market over the years ahead.