Governments of different countries around the world are focusing on sustainable development and are providing support for encouraging the adoption of solar power as a renewable source of energy. Fossil fuels are depleting at a rapid pace, while the demand for energy is rising swiftly due to the surging population across the globe. In order to cater to the rising demand for energy, governments are increasingly looking for alternative ways to generate energy. Attributed to these factors, the adoption of solar energy is rising rapidly, which is further resulting in the growing requirement for solar panel recycling.

Solar panel recycling refers to the processing of photovoltaic systems or panels for obtaining their constituent parts. These parts can be reused for manufacturing other products, as the average life expectancy of solar panels is 30 years. As per a report by P&S Intelligence, the global solar panel recycling market attained a value of $80.7 million in 2017 and is expected to generate a revenue of $269.8 million by 2023, advancing at a 22.0% CAGR during the forecast period (2018–2023). Solar panels are basically recycled because of normal loss or early loss. Most of the solar panels that were recycled in 2017 suffered early loss, owing to the fact that solar panels are often exposed to harsh weather conditions and lack routine maintenance.

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Different processes by which solar panels are recycled using laser, thermal, and mechanical processes. Out of these, the mechanical process was utilized the most in 2017 for recycling solar panels. This is because of the fact that the process is eco-friendly and is highly efficient. Thin film, monocrystalline, and polycrystalline are different types of solar panels. Among these, monocrystalline solar panels were recycled the most in 2017, which is ascribed to the fact that these solar panels are preferred the most because of their advantages. The fastest growth in demand for recycling process is expected to be created for thin-film PV modules.

When geographic scenario is taken into consideration, Europe accounted for the largest share of the solar panel recycling market in 2017, which is attributed to the increased adoption of photovoltaic modules in the region. The Asia-Pacific region is expected to register the fastest growth in demand for solar panel recycling during the forecast period. The major reason for this is the strict regulations of government regarding solar panel waste management and technological advancements in the region.

The surging adoption of solar panels in developing countries, such as South Korea, India, and China, which is predicted to open up wide opportunities for the companies operating in the solar panel recycling domain in the near future. The rising awareness regarding the benefits of solar power as a renewable source of energy and surging environmental concerns in these countries is resulting in the growing adoption of PV modules. This is further resulting in the growing need for solar panel recycling, as the companies are increasingly trying to penetrate untapped countries in order to expand their share in the market.