by The global solar simulator market has witnessed significant growth in recent times owing to the growing adoption of solar simulators for photovoltaic (PV) module testing. Solar simulators are testing equipment used to simulate the spectral distribution and intensity of natural sunlight for determining the effectiveness of solar panels and photovoltaic cells. They help simulate various atmospheric conditions indoors for carrying efficiency testing of solar technologies under controlled conditions. This provides significant time and cost advantages over outdoor testing.
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 growing adoption of solar simulators in PV module testing has been a key trend propelling growth of the global solar simulator market. Solar simulators are indispensable tools for carrying out controlled testing of solar PV modules and systems. They help mimic natural sunlight and simulate various weather conditions to determine performance parameters of PV technologies accurately and quickly without being dependent on natural weather variations. This provides significant advantages over conventional outdoor testing methods. With the rapid installation of solar PV projects worldwide, the demand for high quality PV modules has increased tremendously. This has augmented the demand for solar simulators from PV manufacturers for carrying out extensive reliability testing of their modules prior to supply in order to meet stringent quality standards.
SWOT Analysis
Strength: The global solar simulator market has high growth potential due to increasing awareness about renewable energy sources and growing investment in the solar energy sector.
Weakness: High initial setup and installation costs for solar simulators can restrain the market growth to some extent. Lack of standardized testing and screening protocols also acts as a challenge.
Opportunity: Rising focus of governments worldwide on enhancing solar power generation through various incentive schemes and subsidies can create new growth avenues. Growing deployment of solar simulators for quality inspection in manufacturing facilities also presents opportunities.
Threats: Volatility in raw material prices and availability issues can threaten the steady supply chain and business continuity. Strong competition from other renewable energy sources is another threat to the market.
Key Takeaways
Global Solar Simulator Market Size is expected to witness high growth over the forecast period of 2023 to 2030 on account of extensive deployment across various applications such as research and development, industrial production, quality & performance assessment, and photovoltaic cell calibration among others. 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.
Regional analysis indicates that Asia Pacific dominates the global market and is expected to maintain its lead position during the forecast years. This can be attributed to rapid expansion of manufacturing facilities for solar panels and cells in major Asia Pacific economies like China, Japan, India and South Korea. Growing government initiatives in this region to boost solar energy segment will further drive the regional market.
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. These companies are focusing on new product launches, mergers, acquisitions and partnerships to strengthen their market position. For instance, recent facility expansions by some companies in Asia Pacific is a strategic move to tap the growth opportunities in this high potential regional market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
