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 spectral distribution and irradiance characteristics of natural sunlight for photovoltaic cell, solar thermal collector and materials testing under controlled indoor conditions. It provides capabilities to test solar modules and other devices to measure their performance under different environment mimicking sunlight.
Market key trends:
Researchers have found ways to incorporate AI and machine learning capabilities to solar simulators. This enables advanced capabilities like predictive failure analysis of solar panels, optimizing performance under varied weather conditions etc. Developers are making solar simulators more intelligent by using AI to analyze historical performance data and build predictive models. This helps reduce downtime and maximize energy output over the lifecycle of solar installations. AI integrated simulators are finding increasing application in renewable energy research as it facilitates data-driven innovation.
Segment Analysis
The Global Solar Simulator Market Size is dominated by the LED light source segment. LED light sources offer advantages such as longer lifespan, consistent light output, better color rendering index, and ability to simulate sunlight more accurately compared to other light sources like xenon arc lamps. Therefore, research organizations, solar cell manufacturers, and universities prefer LED-based solar simulators over other types for testing solar cells and characterizing new solar cell technologies.
Key Takeaways
The global solar simulator market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing adoption of renewable energy sources like solar energy globally.
Regional analysis:
The Asia Pacific region dominated the global solar simulator market in 2022, accounting for around 35% of the total share. This is attributed to strong presence of solar cell manufacturers in countries like China, Taiwan, and presence of research institutes focusing on developing new solar cell technologies. Europe is expected to grow at the fastest rate during the forecast period, exhibiting a CAGR of around 8%, due to supportive government policies and schemes for adoption of renewable energy in countries like Germany, Italy, France.
Key players analysis:
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 Asahi Spectra dominate the LED solar simulator market with their wide product portfolio and global presence.
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