Solar simulators are devices that replicates the light and spectrum of the sun to test the performance of solar cells and photovoltaic modules. They help analyse the efficiency, reliability and stability of solar cells under controlled conditions. With rising global warming concerns and efforts to reduce carbon footprint, adoption of renewable energy sources like solar has increased manifold. Solar energy is emerging as one of the most viable and abundant sources of energy to power the future. Rapid installation of both utility-scale and rooftop solar power systems have driven the demand for solar simulators to test solar cell efficiency prior to deployment.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing renewable energy adoption is expected to be the key trend fueling demand for solar simulators over the forecast period. Many countries worldwide have outlined targets to increase the share of renewable energy including solar in their energy mix to reduce reliance on fossil fuels. This has spurred investments into both utility-scale and rooftop solar power generation. Rising deployment of solar farms and installations of rooftop panels require extensive testing and performance evaluation of solar cells and modules before they are deployed commercially. Solar simulators play a critical role in testing under standardized and controlled conditions. Their growing requirement for testing across various stages of solar cell and module manufacturing is projected to drive the solar simulator market during the forecast period.
SWOT Analysis:
Strength: Global Solar Simulator Market Size has strong growth potential due to increasing focus on renewable energy sources and supportive government policies and initiatives towards solar energy adoption.
Weakness: High initial investment cost for setting up manufacturing units can restrain the market growth. Dependency on climate/weather conditions can also impact the market.
Opportunity: Increasing solar power installations across different regions and growing emphasis on development of efficient and eco-friendly solar simulator systems provide opportunities for market expansion.
Threats: availability of substitutes like wind energy and preference given to utility-scale projects over rooftop installations by market players can threaten the growth of global solar simulator market.
Key Takeaways:
The global Solar Simulator market is expected to witness high growth over the forecast period of 2024 to 2031. 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 2024-2031.
Regional analysis: Asia Pacific region currently dominates the solar simulator market and is expected to maintain its leading position during the forecast period as well. Countries like China, Japan, India are major solar power producers and adopters which drives the demand for solar simulators in this region. Rapid growth of renewable energy sector and conducive government policies favours the regional market growth.
Key players: Key players operating in the global Solar Simulator market are ExxonMobil, BASF, Dow, Huntsman, Eastman, INEOS, SABIC, Magna International, Newell Rubbermaid, Beckton Dickinson, and IAC group. The leading manufacturers are focused on development of more efficient and cost effective solar simulators through investments in research & development and new product launches. Strategic collaborations and partnerships allow companies to expand their geographic footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
