Solar Panel Recycling Market Trends

Growth Drivers

• Increasing Environmental Concerns – After a projected 30-year lifespan, solar panels are predicted to produce a significant amount of garbage, which is predicted to increase environmental issues all over the world.It is projected that by 2050, 78 million tonnes of PV panel trash will have been generated worldwide.
• Government Initiatives – Several legislation and regulations, including the European Waste Electrical and Electronic Equipment (WEEE) Directive, have established practical methods for managing waste from solar panels. Such policies are proposed by the governing bodies of many nations to support ecologically beneficial initiatives and encourage green energy projects. Government support in the form of service provider tax breaks and subsidies is another important factor fueling the market.

 Challenges

• Expensive Recycling Process – Separating the materials such as glass, metals, and other rare elements from solar panels requires specialized equipment, which can be expensive to maintain. Besides this, the recycling process also requires skilled labor which is expensive to acquire.Although solar cells use clean energy and do not release any air pollution, certain toxic substances are used during the manufacturing process that affect the environment. Moreover, after the life cycle of solar cells they leave behind toxic residues which need to be recycled.
• Lack of Infrastructure
• Lack of Awareness