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Global Solar Simulator Market to Hit $707.2 million by 2031 Globally, at a CAGR of 7.2% says Coherent Market Insights

Burlingame, April 05, 2024 (GLOBE NEWSWIRE) — The global solar simulator Market size is valued at US$ 433.5 Mn in 2024 and is expected to reach US$ 707.2 Mn by 2031, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031, as per the recent study by Coherent Market Insights. Solar simulators are test instruments that replicate solar irradiance and illuminate solar panels and solar cells to test their performance and efficiency under reproducible conditions. They are used for testing PV modules, solar cells as well as other photovoltaic devices during manufacturing.

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The growth of the global solar simulator market can be attributed to the increasing demand for renewable energy sources, such as solar power. The rising awareness about the environmental impact of traditional energy sources has led to a shift towards cleaner and sustainable alternatives. Additionally, government initiatives and incentives to promote the adoption of solar energy are driving the market growth.

Furthermore, technological advancements in solar simulator devices, such as improved accuracy and efficiency, are also contributing to the market expansion. These devices play a crucial role in testing and calibrating solar panels, thus ensuring their optimal performance.

Global Solar Simulator Market Report Coverage

Report Coverage Details
Market Revenue in 2023 $433.5 million
Estimated Value by 2031 $707.2 million
Growth Rate Poised to grow at a CAGR of 7.2%
Historical Data 2019–2023
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Light Source, By Dimension, By Application, By End-use Industry
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers • Growing solar PV installations

• Use in material testing and weathering studies

• Automotive industry applications

• Investments in R&D

Restraints & Challenges • High equipment and operating costs

• Lack of standardization

• Competition from used/rental equipment

Market Trends:

Two key trends in the global solar simulator market include the increasing adoption of multi-sun solar simulators and the growing focus on developing advanced spectral matching capabilities. Multi-sun solar simulators allow for accelerated testing of solar panels under various environmental conditions, thereby saving time and costs. On the other hand, advanced spectral matching capabilities enable precise simulation of sunlight, ensuring accurate testing results. These trends are expected to drive innovation and growth in the market.

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The global solar simulator market is witnessing significant growth due to the increasing demand for renewable energy sources. With the rise in environmental concerns and the depletion of traditional energy sources, there is a growing emphasis on adopting solar energy as a clean and sustainable alternative. This has led to a surge in investments in solar power generation projects, driving the demand for solar simulators for testing and evaluating solar panels and modules.

Technological advancements in solar simulation have revolutionized the way solar panels are tested and evaluated. The development of advanced light sources such as LED lamps and UV lamps has enhanced the accuracy and efficiency of solar simulators. These innovations have enabled manufacturers to conduct rigorous testing to ensure the performance and reliability of solar panels, thus driving the demand for solar simulators in the market.

Recent Developments:

In March 2022, in order to test triple junction solar cells, Newport Corporation introduced the Model 66921, an 1800W triple output solar simulator with a Class ABB light intensity distribution.

In September 2020, the SCI-150 150W solar simulator was introduced by Scienetech Inc., to test and measure solar cells.

Key Market Takeaways:

Global Solar Simulator Market is anticipated to witness a CAGR of 7.2% during the forecast period 2024-2031, owing to the increasing demand for renewable energy sources and technological advancements in solar simulation.

On the basis of light source, Xenon Arc Lamps segment is expected to hold a dominant position, owing to its high light intensity and spectral match to natural sunlight. By dimension, Class AAA segment is expected to lead the market, due to its high precision and accuracy in testing solar panels.

In terms of application, PV Cell/Module Testing segment is dominating, driven by the growing adoption of solar energy. In the end-use industry, the solar segment is expected to dominate the market, supported by the increasing deployment of solar power projects.

Asia Pacific is expected to hold a dominant position in the global solar simulator market, due to the favorable government initiatives and investments in solar energy projects. Key players operating in the market include ABET TECHNOLOGIES, INC, Meyer Burger, TS-Space Systems LTD, G2V Optics Inc., and others, who are focusing on product innovations and strategic partnerships to gain a competitive edge in the market.

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In conclusion, the global solar simulator market is poised for significant growth opportunities driven by the increasing demand for renewable energy sources and technological advancements in solar simulation. With the rise in environmental consciousness and the shift towards sustainable energy solutions, the market is expected to witness a steady growth trajectory in the coming years. Key players in the market are leveraging on innovation and collaboration to capitalize on the growing market potential and establish their presence in the competitive landscape. As the adoption of solar energy continues to expand globally, the demand for solar simulators is expected to surge, offering lucrative opportunities for market players to capitalize on the evolving market dynamics.

Detailed Segmentation

By Light Source:

  • Xenon Arc Lamps
  • Metal Halide Arc Lamps
  • LED Lamp
  • UV Lamp
  • Others

By Dimension:

  • Class AAA
  • Class ABA
  • Class ABB
  • Others

By Application:

  • PV Cell/Module Testing
  • UV Testing of Materials and Products
  • Automotive Testing
  • Others

By End Use Industry:

  • Solar
  • Automotive
  • Materials Testing
  • Photonics
  • Optical
  • Others

By Region:

  • North America
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa

Browse through Coherent Market Insights Semiconductors Research Reports.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights

Phone:
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Email: [email protected]
Website: https://www.coherentmarketinsights.com

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Originally published at https://www.einpresswire.com/article/701382661/global-solar-simulator-market-to-hit-707-2-million-by-2031-globally-at-a-cagr-of-7-2-says-coherent-market-insights

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