Solar simulators are equipment used for testing solar cells and modules. They help manufacturers evaluate the performance of solar cells and modules in a variety of lighting and weather conditions without actual sunlight. Solar simulators provide accelerated lifetime testing and quality control checks for solar cells and modules. The global Solar Simulator Market is estimated to be valued at US$ 408.4 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the global solar simulator market is the increasing installations of solar panels globally. Solar power is one of the fastest growing sources of renewable energy due to support from various governments worldwide in the form of financial incentives and regulations. Rapid decline in the prices of solar modules and rising demand for renewable sources of energy are encouraging more commercial and residential use of solar panels. This is increasing the demand for reliable testing equipment like solar simulators from solar cell and module manufacturers. Moreover, continuous technological advancements to simulate varied weather conditions more accurately are helping the market gain traction. Ongoing research and development activities to produce more efficient solar cells that can harness maximum sunlight are further boosting demand for advanced solar simulators.
Segment Analysis
The global solar simulator market can be segmented by light source into LED and xenon. The xenon segment is expected to dominate the market during the forecast period. Xenon arc lamps are similar to natural sunlight and provide stable light intensity output along with uniform spectral distribution. They are extensively used for solar cell testing and calibration where exact simulation of the solar spectrum is required.
Key Takeaways
The global Solar Simulator market scope is expected to witness high growth during the forecast period.
Regional Analysis
Asia Pacific is expected to be the fastest growing as well as dominating regional market over the forecast period. Countries such as China, India, and Japan have been witnessing increasing solar power installations which is driving the demand for solar simulators in the region for module testing and research purposes. The region's dominance can also be attributed to the presence of numerous solar panel manufacturers.
Key Players
Key players operating in the global Solar Simulator market are ABET Technologies, Asahi Spectra, Iwasaki Electric, Meyer Burger Technology, Newport Corporation, Gsolar Power, OAI, Nisshinbo, Sciencetech, Endeas Oy, Solar Light Company, Spectrolab, Eternalsun Spire, WASAKI Electric, ETS Solutions Asia, Spire Solar, Caeleste, AESCO Telecom, Eternal Sun, Class One Equipment. ABET Technologies and Newport Corporation are among the leading players in the market.
Get more insights on this topic: https://www.newsstatix.com/solar-simulator-market-industry-insights-trendssolar-simulator-market-2023-2030/
