The global solar simulator market is poised to grow remarkably from 2023 to 2033. According to the research report published by Future Market Insights, the global market is projected to surpass a valuation of USD 8.4 billion in 2023. It is predicted to hit a valuation of USD 14.6 billion by 2033. The market is foreseen to thrive at a CAGR of 5.6% from 2023 to 2033.
The development of the solar energy sector, increasing research & development activities, demands of quality control, an urgent requirement for more training and education, and technological advances in the industry are expected to be the key factors contributing to the global solar simulator market growth.
| Attributes | Details |
|---|---|
| Solar Simulator Market Share (2022) | USD 7.9 billion |
| Solar Simulator Market Share (2023) | USD 8.4 billion |
| Solar Simulator Market Share (2033) | USD 14.6 billion |
| Solar Simulator Market Share (2023 to 2033) | 5.6% |
Other Factors Fueling the Demand for Solar Simulators:
Challenges for the Industry Players:
Opportunities for the Industry Players:
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The global sensor hub industry size developed at a CAGR of 6.5% from 2018 to 2022. In 2018, the global market size stood at USD 6.2 billion. The market witnessed significant growth in the following years, accounting for USD 7.9 billion in 2022.
It has been observed in recent years that governments all across the globe are implementing favorable regulations and incentives to encourage the use of solar power. The strategies include objectives for renewable energy as well as tax incentives, subsidies, and feed-in tariffs.
The demand for solar simulators is subsequently fueled by the government's encouragement of solar development investments and the favorable environment it fosters for the expansion of the solar energy sector. For instance, the Indian government launched the ‘One Sun, One World, One Grid’ initiative in August 2022 to introduce a transnational electricity grid that supplies power globally.
Solar technology costs have drastically fallen over time, especially for photovoltaic modules. The main forces behind this cost reduction are the economy of scale, technical breakthroughs, and improved production efficiency. The demand for solar simulators is predicted to swell as solar energy becomes cheaper and cost-competitive with traditional energy sources, ensuring the performance and quality of the rising solar installations.
| Historical CAGR (2018 to 2022) | 6.5% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 5.6% |
According to the segmentation based on dimension, the Class AAA segment is predicted to lead the market growth during the forecast period. As per FMI, the Class AAA segment is anticipated to thrive at a CAGR of 5.4% from 2023 to 2033.
Class AAA solar simulators comply with widely known standards like the International Electrotechnical Commission (IEC) 60904-9 and ASTM E927-05. Particularly demanding requirements include Class AAA, which defines the performance specifications for solar simulators. Class AAA simulators are the ideal choice for numerous use cases because they adhere to these criteria, which are necessary for conducting reliable and consistent testing.
Class AAA solar simulators are now widely accepted and recognized in the solar energy sector. They are the gold standard for accurate solar modeling and testing. Class AAA simulators are preferred by many research organizations, testing facilities, and manufacturers due to their strict performance standards and guarantee of reliable findings.
According to the segmentation based on application, the PV cell/module and the material testing segment are anticipated to witness enormous growth during the forecast period. As per FMI, the PV cell/module and material testing segment is projected to exhibit a CAGR of 5.3% from 2023 to 2033.
Testing PV cells/modules and materials is essential for determining how well solar cells and modules function. With the use of solar simulators, it is possible to evaluate important factors, including efficiency, output power, current-voltage characteristics, spectrum response, and temperature coefficients under controlled and regulated settings.
To optimize designs, find flaws, and boost overall efficiency, manufacturers and researchers need accurate testing to understand the performance and dependability of solar cells and modules. The rise of next-generation n-type solar PV cells is likely to create lucrative growth opportunities for the market.
Principal Consultant
According to FMI, the Asia Pacific region is anticipated to dominate the global market. In Asia Pacific, China, and South Korea are expected to substantially influence the region's market growth.
China is predicted to showcase a CAGR of 7.1% from 2023 to 2033 while creating an absolute dollar growth worth USD 1.9 billion. On the other hand, South Korea is anticipated to exhibit a CAGR of 6.1% from 2023 to 2033.
To boost the proportion of renewable energy in its energy mix, China has set lofty goals. Solar simulators are in demand to test and assess solar panels in light of the nation's goal of having 1,200 GW of solar generating capacity by 2030. Solar simulator makers may benefit from the widespread use of solar energy projects.
A Green New Deal scheme has been initiated in South Korea to advance renewable energy and other sustainable and low-carbon businesses. The Green New Deal comprises investment strategies for smart grids, energy storage, and infrastructure for renewable energy. This program hastens the expansion of the solar energy industry and, as a result, the need for solar simulators.
According to FMI, the United States market for solar simulators is expected to thrive at a considerable CAGR of 4.5% from 2023 to 2033.
The consumption of solar energy has significantly increased in the United States. Solar energy is being embraced by both consumers and businesses alike as a clean and sustainable energy source. The demand for solar simulators to assure the performance and quality of solar panels and systems grows as the solar industry matures.
In order to encourage renewable energy, particularly solar energy, the United States government has also developed several types of incentives and programs. Solar system installation is eligible for a tax credit under the Federal Investment Tax Credit (ITC). Numerous states also provide incentives, including rebates, tax credits, and net metering programs. Solar installations are encouraged by these incentives, which also increase demand for solar simulators.
Recently Launched Projects and Developments in the United States include:
| Country | United States |
|---|---|
| Forecasted CAGR (2023 to 2033) | 4.5% |
| Country | United Kingdom |
|---|---|
| Forecasted CAGR (2023 to 2033) | 4.1% |
| Country | China |
|---|---|
| Forecasted CAGR (2023 to 2033) | 7.1% |
| Country | Japan |
|---|---|
| Forecasted CAGR (2023 to 2033) | 5.9% |
| Country | South Korea |
|---|---|
| Forecasted CAGR (2023 to 2033) | 6.1% |
With numerous key rivals fighting for market dominance, the global market for solar simulators has a competitive environment. Manufacturers of solar simulators, suppliers of testing gear, and businesses engaged in solar energy research and development constitute a few of these players. Despite the industry's diversity and dynamic nature, market participants often employ the same growth tactics. These strategies include product launches, product research and development, product customization and personalized solutions, mergers and acquisitions, and others.
Recent Developments Observed by FMI:
Key Players in the Global Market:
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| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Dimension, Design, Application, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The United States, Japan, and China dominate the global market.
The market is forecast to register a CAGR of 5.6% through 2033.
From 2018 to 2022, the market grew at a CAGR of 6.5%.
Technological advancement is the current market trends.
The global market size is to reach USD 14.6 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Dimension 5.1. Class AAA 5.2. Class ABA 5.3. Class ABB 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Design 6.1. Xenon Arc Lamp 6.2. Metal Halide Arc Lamp 6.3. LED Lamp 6.4. UV Lamp 6.5. QTH Lamp 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. PV Cell/module and Material Testing 7.2. UV Testing of Materials and Products 7.2.1. Plastics, Paints, and Coatings 7.2.2. Textile/fabric 7.2.3. Dermatological Products 7.2.4. Others 7.3. Automotive Testing 7.4. Biomass Study 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Abet Technologies, Inc 16.2. Asahi Spectra Co., Ltd. 16.3. Endeas OY 16.4. Gsolar Power Co., Ltd. 16.5. Iwasaki Electric Co., Ltd. 16.6. Meyer Burger Technology AG 16.7. Newport Corporation 16.8. Nisshinbo Mechatronics, Inc. 16.9. OAI 16.10. Sciencetech, Inc. 16.11. Solar Light Company 16.12. Spectrolab Inc. 16.13. Wacom Electric Co., Ltd. 17. Assumptions & Acronyms Used 18. Research Methodology
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Solar Simulator Market
