April 16, 2024
Global Solar Simulator Market

The global Solar Simulator Market Growth Accelerated by Rapid Adoption of Solar Energy

Solar simulators are used to test and evaluate solar cells, modules, and systems under controlled conditions. They mimic the sun’s optical spectrum and help accelerate product development and optimization. With rising fossil fuel prices and environmental concerns, governments across regions are encouraging use of renewable energy sources like solar power. This, in turn, is driving demand for advanced solar cells and modules, propelling the 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 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rapid adoption of solar energy globally has been a major driver of growth in the solar simulator market over the past few years. To meet renewable energy targets, many countries are extensively promoting roof-top solar installations and large-scale solar power projects. This has increased the demand for high quality, more efficient, and longer lasting solar panels. Solar simulators that can accurately replicate outdoor solar conditions are playing a vital role in product testing and development activities of solar cell manufacturers. The ability of advanced simulators to test modules and systems under customized light spectra and varying intensity levels is helping optimize performance and reduce downtime. Their growing use in research centers is also supporting innovation.

Segment Analysis:
The global solar simulator market has been segmented by product type, light source type, application and region. By product type, solar simulator market is divided into class AAA, class ABA, class ABB and others. The class AAA segment dominates the market as they provide highest classification of spectral match and intensity uniformity simulation for PV device performance evaluation. By light source type, the market is bifurcated into xenon arc lamps and LED sources. Xenon arc lamps have been historically popular due to their ability to closely simulate the solar spectrum. However, LED sources are witnessing higher growth as they provide stability, longer lifespan and require less maintenance.

Key Takeaways:

Global Solar Simulator Market Size is estimated to be valued at US$ 408.4 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030.

The global solar simulator market is expected to witness high growth during the forecast period. Europe dominated the global market in 2023. However, Asia Pacific is expected to be the fastest growing as well as largest regional market due to increasing adoption of solar panels in countries like China and India. In 2023, Europe accounted for the largest share in the global solar simulator market, followed by Asia Pacific and North America. The growing concerns regarding carbon emission and emphasis on use of renewable resources have accelerated the solar power installation in European countries like Germany, Italy and U.K. Additionally, presence of major solar simulator manufacturers in Europe has consolidated its dominance. However, Asia Pacific is projected to grow at the highest CAGR during the forecast period. Countries like China and India offer huge growth potential to the market due to massive investments in solar power projects, supporting government policies and presence of leading manufacturers.

Key players:
Key players operating in the global solar simulator market are Abbott Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE. Abbott Laboratories and Amway (Nutrilite) hold major shares of the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it