SEATTLE (Recycling Monster): According to InsightAce Analytic Pvt. Ltd.'s most recent research report, the global market for recycled solar panels is expected to increase rapidly. The market is anticipated to increase at a CAGR of 19.6% throughout the forecast period, reaching $1.34 billion by 2031, according to the analysis.
The primary factor expected to propel market expansion will be the increasing global adoption of solar energy. The push to switch to renewable energy sources has led to a rise in solar panel installations. It is estimated that these panels will last 25 to 30 years. By 2031, a growing number of panels will probably have reached the end of their useful lives.
Lack of knowledge among consumers and individual solar panel owners on the availability of recycling options and the significance of recycling end-of-life panels is likely to provide a barrier to the market. This could result in used panels being disposed of improperly. The stakeholders must make a determined effort to inform the public about the advantages and necessity of recycling solar panels.
The analysis predicts that the European solar panel market would develop at the fastest rate. Also, because of rising adoption, the Asia-Pacific area is anticipated to hold a sizable portion of the market.
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