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. The average life expectancy of solar panels is 30 years.

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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% 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.

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Solar power is a renewable, clean, noiseless, and freely available source of energy. In spite of the extensive costs associated with the R&D of solar energy systems, solar panel manufacturers have successfully managed to reduce design and overhead costs over the years. This drop in the solar energy prices can be attributed to the reduction in the hardware cost and increased focus on the minimization of pre- and post-construction expenses.

Some of the major players operating in the global solar panel recycling market are Silcontel Ltd., Rinovasol Group, Reiling GmbH & Co. KG, ENVARIS GmbH, ECS Refining LLC, Reclaim PV Recycling Pty. Ltd., Silrec Corporation, Canadian Solar Inc., Yingli Green Energy Holding Company Limited, and First Solar Inc.

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