Global Solar Simulator Market Estimated To Witness High Growth Owing To Rapidly Growing Solar Power Industry
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 Overview:
A solar simulator is a device that simulates the solar irradiation in laboratory conditions. It is used for testing the efficiency and reliability of solar cells and photovoltaic modules under controlled conditions. Solar simulators use lamps that closely mimic the spectral distribution of sunlight for testing solar cell and module performance. They find applications in research institutes and manufacturing facilities to study the effect of various parameters like temperature, irradiance level, and spectrum on solar cells under development.
Market Dynamics:
The rapidly growing solar power industry is the key driver for growth of the global solar simulator market. Solar power capacity addition has been growing exponentially over the past few years owing to supportive government policies and initiatives aimed at promotion of renewable energy sources. Solar simulators help solar cell and module manufacturers to optimize their product designs to maximize efficiencies. They facilitate accelerated testing that can evaluate product performance under real-world weather conditions in a short timeframe. This helps in speeding up product development cycles. Moreover, ongoing technological advancements in solar cell materials and designs have stimulated continuous research and development activities, thereby driving demand for advanced testing equipment such as solar simulators.
SWOT Analysis
Strength: The Global Solar Simulator Market has strengths such as standardized classification of solar simulators, increasing awareness on renewable energy sources, and technological advancements facilitating compact designs.
Weakness: High initial investments and maintenance costs of solar simulators act as weaknesses. Accuracy in simulating solar irradiation also remains a challenge.
Opportunity: Growth opportunities exist in expanding applications acrossphotovoltaic cell/module testing and research & development. Investments by governments worldwide in solar energy also opens up new markets.
Threats: Threats include fluctuation in prices of raw materials and components used in manufacturing simulators. Likelihood of new technologies disrupting existing product lines also looms large.
Key Takeaways
The Global Solar Simulator Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing investments by governments worldwide in the development of solar energy resources. The US government aims to install 60 gigawatts of solar panels by 2025 to meet emission targets under the Paris Agreement.
Regional analysis shows that the Asia Pacific region dominates the global solar simulator market, accounting for more than 35% share in 2023. China, India, Japan, and South Korea are major countries driving demand as manufacturers seek to test newer solar panel designs. Europe is another fast growing regional market propelled by solar rooftop programs and initiatives across Germany, Italy, France and the UK.
Key players operating in the 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. Industry leaders are focusing on product innovations to simulate varied light spectra and intensities for myriad testing requirements.
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