Solar Simulator Market Projected to Garner Significant Revenues By 2031

The solar simulator market is anticipated to witness considerable growth during the forecast period, owing to factors such as rapid development in the solar energy sector, and a rise in demand for the solar simulator in automotive testing and biomass testing. However, the disadvantages associated with solar simulators is the key factor restraining the growth of the market in the upcoming years. On the contrary, government initiatives & investment toward R&D of solar power components create opportunities for the key players in the solar simulator market.

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The solar simulator also known as a sun simulator is a device capable of providing illumination nearly equal to natural sunlight. There are two different types of solar simulators such as steady-state and pulsed solar simulators. Pulsed solar simulators may be single-pulse or multi-pulse solar simulators. Steady-state solar simulators have 1,000 hours of continuous operation. While pulsed solar simulators have 40,000 to 1 million flashes. Solar simulators are used in the testing of solar cells, modules, solar materials & products, automotive testing, textile, biomass study, and other indoor testing facilities for R&D purposes.

Significant development of the end-use industries such as textile, automotive, paint & coatings, solar, pharmaceutical, chemicals, and healthcare has fueled the demand for solar simulators to check performance parameters of the products or materials from the above-mentioned industries, which in turn drives the growth of the solar simulator market during the forecast period. In addition, an increase in demand for solar products from developing economies such as India, China, and Japan fuels the growth of the market, globally. However, the high cost associated with solar simulators and disadvantages such as high-power consumption, high electronic drive costs, and short life cycles is the key factors that are expected to hamper the global solar simulator market growth in the upcoming years.

Depending on the type, the pulsed solar simulator segment held the highest market share of about 56.7% in 2021 and is expected to maintain its dominance during the solar simulator market forecast period. This is attributed to the rising demand for pulsed solar simulators from PV module testing and other applications.

In addition, an increase in demand for rapid & accurate measurement of electrical power output, characteristics of PV cells, modules, and solar panels for manufacturing of standard products is further expected to fuel the growth of the market in the coming years.

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On the basis of the light source, the xenon arc lamp segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the rising demand for xenon arc lamp-based solar simulators owing to their ability to produce stable spectral equal to the sunlight without filtering from various applications including testing of PV cell or module applications. In addition, the increase in the use of xenon arc lamp-based solar simulators owing to advantages associated with it such as good match to sunlight spectrum, stable spectrum, ability to produce high-intensity beams, and others fuel the growth of the xenon arc lamp-based solar simulator market in the coming years.

On the basis of application, the PV cell/module and material testing segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 5.9%. This is due to rapid growth in the solar energy industry over the last decade is projected to continue in the upcoming years and owing to increased investments in renewable energy across the globe. In addition, the rise in demand for solar panels to energize home appliances such as lights and pumps rises the demand for solar-based products, which in turn is expected to drive the growth of the solar simulator for the testing of modules and PV materials during the forecast period.

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2021 and is anticipated to maintain this dominance in solar simulator market trends during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region. In addition, the rapid expansion of the renewable energy sector, rise in investment toward building & construction of renewable energy infrastructure, and increase in research & development efforts in the region are further anticipated to fuel the growth of the market in the upcoming years.

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The global solar simulator market analysis covers in-depth information on the major solar simulator industry participants. The key players operating and profiled in the report include ABB, Ltd., ABET Technologies, Inc., Asahi Spectra Co., Ltd., Endeas, Gsolar Power Co., Ltd., Iwasaki Electric Co., Ltd., Sciencetech, Inc., Schneider Electric, Solar Light Company, LLC, and Spectrolab. Other players operating in the value chain of the global solar simulator market are OAI, Wacom Electric Co. Ltd., Nisshinbo Mechatronics, Inc., Spire Solar, and others.

KEY FINDINGS OF THE STUDY

• In 2021, the pulsed solar simulator type segment accounted for about 56.7% of the share in the global solar simulator market and is expected to maintain its dominance till the end of the forecast period.
• In 2021, the xenon arc lamp light source segment accounted for 31.4% solar simulator market share in the year 2021, and is anticipated to grow at a rate of 5.7% in terms of revenue, increasing its share in the global solar simulator market.
• LED lamp is the fastest-growing light source segment in the global solar simulator market and is expected to grow at a CAGR of 6.1% during 2022-2031.
• Automotive testing application segment is expected to grow at the fastest rate, registering a CAGR of 6.2%, throughout the forecast period.
• In 2021, the Asia-Pacific region dominated the global solar simulator market with more than 42.7% of the share, in terms of revenue.

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