Increasing support of the government toward sustainable development and growing adoption of solar power as a renewable source of energy are the major factors driving the growth of the market.
New York, NY -- (SBWIRE) -- 08/17/2018 -- Solar panels are the systems that provide solar energy-based electricity for different residential and commercial applications. The average life expectancy of solar panels is 30 years. The key raw materials required to manufacture solar panels include raw polysilicon, silicon wafers, ingots and bricks, solar backsheets, junction boxes, PV cells, silver paste, aluminum paste, and solar material solutions. Silicon is obtained from quartz in the solid form and melted at a very high temperature to form ingots. These ingots are then sliced into thin disks, known as wafers, which are then treated, with the addition of metal conductors. Finally, solar cells are put together and a glass is added on the front side to form a panel or module.
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The global solar panel recycling market has gained momentum in the last few and it is projected to grow at a soaring rate for the next few years. Increasing adoption of solar power as a source of energy and favorable government regulations supporting sustainable development are the key factors driving the market growth.
Considering the widening demand–supply gap, which, in turn, is leading to uncertainty in the supply of most of the raw materials, companies have begun forward and backward integration in the value chain. Therefore, the companies, which initially supplied raw materials, are now manufacturing solar panels as well, in order to reduce costs and increase their presence across the value chain.
Silcontel Ltd., a major raw material supplier, has forward integrated its operations to bring down manufacturing costs and achieve economies of scale. The company has entered into the fields of manufacturing and recycling solar panels, thereby increasing its scope of operations. The logistics and supply chain for the product can also be improved with forward integration.
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With the installation cost for solar panels going down to a large extent, there is a growing trend toward providing better quality goods to retain customer loyalty. The solar panel recycling market players are, therefore, actively involved in the R&D of new product launches in addition to technological developments to increase their market share.
The global sustainability concerns regarding the use of renewable energy coupled with energy crisis are expected to create new opportunities for the players in the market. Considering such environmental concerns, new players are expected to introduce more efficient recycling services to establish their footprints among existing global players such as Yingli Green Energy Holding Company Limited, First Solar Inc., Canadian Solar Inc., Silcontel Ltd., and Reclaim PV Recycling Pty Ltd. Pricing strategies are highly dependent on the top players in the solar panel recycling market.
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