The growing adoption of solar modules for harvesting solar energy across various end-use applications is anticipated to open up new avenues for the global solar simulator market. 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 replicates the spectral distribution and intensity of sunlight for testing and research applications. It uses a highly stable light source such as xenon lamps or LEDs to effectively mimic the solar spectrum reaching the earth’s surface. Solar simulators find widespread application in testing the performance of solar cells and photovoltaic modules during various stages of product development. They are also used for research activities related to improving solar cell efficiency.
Market Dynamics:
Solar energy is gaining rapid prominence as a viable renewable energy source driven by the increasing focus on curbing greenhouse gas emissions and accelerating climate change mitigation efforts worldwide. Government policies in the form of feed-in tariffs and renewable purchase obligations have provided a further push to solar installations. Furthermore, declining solar module prices combined with technological advancements are enabling the adoption of solar power across large commercial and industrial establishments. With the growing demand for solar modules, their testing requirements are also increasing which is fueling the demand for advanced solar simulators in research laboratories and manufacturing facilities. Additionally, solar simulators find increasing usage in universities and educational institutes for research and educational purposes, thus contributing to market revenues.
Segment Analysis
The Global Solar Simulator Market Size can be segmented based on light source, component, application, and geography. Based on light source, the xenon arc lamps segment dominated the market in 2022 and is expected to maintain its dominance over the forecast period. Xenon arc lamps closely match the solar spectrum and have powerful illumination capabilities, which has made them the most widely used light source in solar simulators.
PEST Analysis
Political: Government policies and regulations supporting renewable energy adoption, such as subsidies and tax credits, are driving the solar simulator market. For example, the U.S. government extended the investment tax credit for solar energy until 2023.
Economic: The declining cost of renewable energy technology and growing demand for solar energy are fueling market growth. Solar energy can help reduce dependence on expensive fossil fuels.
Social: Increasing public-private partnerships and awareness about climate change are propelling the transition to cleaner sources of energy like solar.
Technological: Advancements in solar cell technology, xenon arc lamps, and compact fixture designs are enhancing the performance of solar simulators. Products with improved simulation accuracy and higher power outputs are gaining traction.
Key Takeaways
The global Solar Simulator market is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period of 2023 to 2030, due to increasing investments in solar photovoltaic installations globally. The market size is projected to increase from US$ 408.4 Mn in 2023 to over US$ 700 Mn by 2030.
Regional analysis: Asia Pacific dominated the global market in 2022 and is projected to maintain its leading position during the forecast period. Countries such as China, India, and Japan are major markets driving regional growth. The large solar PV manufacturing base in China and government initiatives to achieve renewable energy targets in India are fueling demand.
Key players operating in the solar simulator market include 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, and Class One Equipment. Key players are focusing on new product launches with advanced features and expanding to high-growth regions. For instance, in 2023, Asahi Spectra introduced its SS-E40 series solar simulators with improved irradiance uniformity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
