BURLINGAME, April 5, 2024 (Globe Newswire) — global solar simulator market According to a recent study by Coherent Market Insights, its size was valued at USD 433.5 million in 2024 and is expected to reach USD 707.2 million by 2031, increasing by 7.2% from 2024 to 2031. It will grow at a compound annual growth rate (CAGR) of A solar simulator is a test equipment that reproduces solar irradiance and irradiates solar panels and solar cells to test their performance and efficiency under reproducible conditions. These are used to test PV modules, solar cells, and 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. Increasing awareness of the environmental impact of traditional energy sources is driving a shift to cleaner, more sustainable energy alternatives. Additionally, government initiatives and incentives promoting the adoption of solar energy are driving the market growth.
Furthermore, technological advances in solar simulator equipment, such as improved accuracy and efficiency, are also contributing to market expansion. These devices play a key role in solar panel testing and calibration, ensuring optimal performance.
Scope of the Global Solar Simulator Market Report
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Report scope |
detail |
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Market revenue in 2023 |
$433.5 million |
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Estimates until 2031 |
$707.2 million |
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growth rate |
Expected to grow at a CAGR of 7.2% |
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historical data |
2019-2023 |
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Forecast period |
2024-2031 |
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prediction unit |
Value (USD million/USD billion) |
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Report scope |
Revenue forecast, competitive environment, growth factors, trends |
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Target segment |
By light source, by size, by application, by end-use industry |
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Target area |
North America, Europe, Asia Pacific, and other regions |
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The driving force behind growth |
• Expansion of solar power generation installations • Use in materials testing and weathering studies. • Automotive industry applications • Investment in research and development |
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Constraints and challenges |
• High equipment and operating costs • Lack of standardization • Competition with used/rental equipment |
Market trend:
Two key trends in the global solar simulator market are the increasing adoption of multi-sun solar simulators and the increased focus on developing advanced spectral matching capabilities. Multi-Sun Solar Simulator allows you to quickly test solar panels under different environmental conditions, saving you time and money. Meanwhile, advanced spectral matching capabilities enable accurate simulation of sunlight, ensuring accurate test results. These trends are expected to drive market innovation and growth.
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The global solar simulator market is witnessing significant growth due to the increasing demand for renewable energy sources. With increasing environmental concerns and the depletion of traditional energy sources, there is increasing emphasis on adopting solar energy as a clean and sustainable alternative energy source. This has led to a rapid increase in investment in solar power projects and increased demand for solar simulators for testing and evaluating solar panels and modules.
Advances in solar simulation technology have revolutionized the way solar panels are tested and evaluated. The development of advanced light sources such as LED and UV lamps has improved the accuracy and efficiency of solar simulators. These innovations have enabled manufacturers to conduct rigorous testing to ensure the performance and reliability of their solar panels, increasing the demand for solar simulators in the market.
recent trends:
In March 2022, Newport Corporation introduced an 1800W triple output solar simulator, model 66921, with a class ABB light intensity distribution to test triple junction solar cells.
In September 2020, the SCI-150 150W solar simulator was introduced by Scienetech Inc. for the purpose of testing and measuring solar cells.
Key points in the market:
The global solar simulator market is anticipated to witness a CAGR of 7.2% during the forecast period 2024-2031 due to increasing demand for renewable energy sources and technological advancements in solar simulation.
Based on the light source, the xenon arc lamp segment is expected to maintain its dominant position due to its high light intensity and spectral match with natural sunlight. Dimension-wise, the Class AAA segment is expected to lead the market due to high accuracy and precision in testing solar panels.
In terms of applications, the PV cell/module testing sector is dominating due to the increasing adoption of solar energy. In the end-use industry, the solar power segment is expected to dominate the market, supported by increasing deployment of solar power projects.
Asia Pacific is expected to occupy a dominant position in the global solar simulator market due to 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., etc., focusing on product innovation and strategic partnerships to gain a competitive edge in the market. doing.
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In conclusion, the global solar simulator market is poised for significant growth opportunities due to the rising demand for renewable energy sources and technological advancements in solar simulation. Owing to rising environmental awareness and shift towards sustainable energy solutions, the market is expected to exhibit a steady growth trajectory in the coming years. Leading players in the market are leveraging innovation and collaboration to take full advantage of the growing market potential and establish their presence in the competitive environment. As the adoption of solar energy continues to expand globally, the demand for solar simulators is expected to surge, providing lucrative opportunities for market players to take advantage of evolving market dynamics.
Detailed segmentation
By light source:
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xenon arc lamp
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metal halide arc lamp
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LED lamp
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UV lamp
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others
By dimension:
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Class AAA
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class ABA
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Class ABB
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others
By application:
By end-use industry:
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Sun
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car
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material testing
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photonics
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optics
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others
By region:
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North America
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latin america
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Brazil
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Mexico
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Rest of Latin America
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Europe
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Germany
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England
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Spain
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France
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Italy
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Russia
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rest of europe
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Asia Pacific
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China
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India
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Japan
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Australia
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South Korea
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Rest of Asia Pacific
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middle east and africa
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