SEATTLE (Recycling Monster): According to a new market research report published by Allied Market Research (AMR), the global solar panel recycling market is predicted to witness impressive growth during the period from 2021 to 2030.

The anticipated rise in demand for solar photovoltaic panels from residential, commercial, and industrial applications will drive the demand growth. The rapid growth of the solar panel sector is also cited as another major driver of demand growth. The initiatives by various governments towards adoption of solar energy will fuel the solar panel recycling growth during the current decade.

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The report noted that the solar panel recycling industry is still in its early stages. The recycling market in Europe is more advanced than in other regions of the world, especially due to favourable regulatory actions and policies.

The main methods of solar panel recycling are thermal, mechanical and laser. The thermal segment, which accounted for almost 69% market share in 2020, is expected to remain dominant in the forecast period. By region, Europe is expected to maintain its dominance, owing to strong presence of key players and widely expanding consumer base in the region, AMR study report said.

The key factors that restrain the growth of the market across the globe include shortage of solar panel recycling infrastructure and issued associated with recycling.