They help replicate the sun's optical spectrum and offer adjustable light intensity to effectively test solar cell performance under different conditions. With a growing global focus on renewable energy and a significant rise in solar panel installations, the demand for reliable testing equipment has increased substantially.
The global Solar Simulator Market is estimated to be valued at US$ 470.48 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of solar energy across both residential and commercial sectors has been a key factor driving the growth of the solar simulator market. According to the International Energy Agency, globally installed solar PV capacity increased by over 152 GW in 2020 alone, surpassing the total global installed solar PV capacity in 2019. Rapid expansion of the solar industry has necessitated strict quality assurance during manufacturing to ensure optimal performance and safety. As a result, solar module manufacturers are increasingly investing in advanced solar simulator systems with high power and accuracy to test novel solar cell designs. Technological upgrades leading to compact sizes, portability, and user-friendly interfaces have further boosted the demand for solar simulators.
Segment Analysis
The Global Solar Simulator Market Size is segmented by light source, dimension, application, and geography. The light source segment of the market is dominated by LED light source sub-segment. LED has gained popularity as it is more power efficient, compact, and provides precise control of light intensity compared to xenon and metal halide lamps.
Key Takeaways
The global solar simulator market is expected to witness high growth over the forecast period. The global Solar Simulator Market is estimated to be valued at US$ 470.48 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Regional analysis shows that Asia Pacific region is currently the fastest growing as well as the dominating region in the global solar simulator market. This is majorly due to the growing solar energy adoption and government support for renewable energy projects in countries like China and India.
The key players operating in the solar simulator market are ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group. The global solar simulator market provides several growth opportunities for existing as well as new market players. Focus on developing cost-effective and high-performance solar simulators can help companies gain more revenues.
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