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Solar energy is one of the leading forms of renewable energy and will escalate its energy demand in the coming years. As people are focussing on sustainability, which drives the need for solar energy, solar power must be sustainable to the eco-friendly atmosphere. Solar panels are made of different components and materials, and each part has its individual importance that can continue the recycling chain. Solar panels are broadly categorized into two different forms. The first is the silicon-based configuration, and the second is the thin-film-based configuration. Each part consists of a high-value that experts can recycle and reuse for other projects. Both configurations use aluminum glass metal and plastic material in different proportions. The trending recycling processes can separate and access the higher-quality materials inside silicon, copper, and silver. These materials are less abundant resources and primarily responsible for the growth of solar energy efficiency, so recycling them is essential. Hence, the recycling of solar components delivers full sustainability and renewability for solar energy.
The solar components recycling market is segmented into material, product, and process. The material segment is further segmented into glass, plastic, silicon, metal, and others. The silicon segment is projected to boost the market growth as it holds a large portion of solar components material. The product segment is further divided into the silicon-based PV, thin-film PV, and others. The silicon-based PV segment contributes to the largest market share in the global market owing to monocrystalline panels as it accounted for high efficiency, high heat tolerance, and longer shelf life. On the basis process segment, the market is categorized into thermal, mechanical, and laser. The mechanical segment is projected to dominate the market, owing to higher operation efficiency and no threat to the environment.
Increasing adoption of solar power as a source of energy, growing awareness for clean energy, increasing research & development, technological advancements, and favorable government regulations supporting sustainable development are the key factors driving the growth of solar components recycling market. However, the high initial investment for building recycling infrastructure for solar panels restraints the market growth.
Key Market Driver -
Increasing adoption of solar power as a source of energy
Key Market Restraint -
High initial investment for building recycling infrastructure for solar panels
Some of the leading players in solar components recycling include Yingli Energy Co. Ltd; First Solar; Canadian Solar Inc., Silcontel, Reclaim PV Recycling, Sharp Corporation, Sunpower Corporation, Envaris, JA Solar Co., Ltd, Renesola, Recycle Solar Technologies Limited, and Total Green Recycling.
The solar components recycling market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe is estimated to hold the largest market share in the global market, as a large number of the installed base of solar energy would lead to large quantities of end-of-life solar panels in the coming years. Therefore the presence of large quantities of end-of-life solar panels is anticipated to increase in solar components waste, which drives the market growth. North America is also projected to increase its market revenue in the coming years, as united states hold the major market in the region, growth is attributed to increasing PV installation rates. Asia Pacific is experiencing growth owing to increasing pollution, industrialization, and growing consumer awareness along with government-funded projects and other incentives, propels the recycling of solar components. The trending shift of manufacturing facilities from emerging countries, which includes China, Japan, and India, and expanding applications is projected to augment market demand.
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