by The global Global Solar Simulator Market is estimated to be valued at US$ 408.4 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A solar simulator is a device that artificially replicates sunlight for photovoltaic cell and solar panel testing and characterization. Solar simulators use a variety of technologies including Xenon arc lamps, Metal Halide lamps and LEDs to generate a controllable intense light source that matches the solar spectrum on earth. With the increasing adoption of renewable energy sources primarily solar power, need of solar simulators has grown significantly to test the efficiency and performance of solar panels during manufacturing as well as R&D activities.
Market key trends:
One of the key trends in the global solar simulator market is the shift towards LED based solar simulators. LED based simulators offer advantages such as long operational life, low heat dissipation, less energy consumption and consistent light output and spectrum matching. Additionally, growing popularity of highly efficient perovskite solar cells is also driving the demand for more advanced solar simulators to characterize the performance of these new generation cells. Furthermore, large investments by governments and private players in solar projects especially in Asia pacific is expected to fuel the demand for solar simulators over the forecast period.
Porter’s Analysis
Threat of new entrants: Low startup costs and technology barriers allow new companies to enter the market easily. However, established brands have strong ties with clients and suppliers.
Bargaining power of buyers: Large buyers like research institutes and semiconductor manufacturers have significant influence over prices due to bulk purchasing. However, high quality standards limit options.
Bargaining power of suppliers: Specialized components and technologies require close relationships with few suppliers. Supplier bargaining power is moderate.
Threat of new substitutes: While technologies like pulsed or arc lamps pose threats, none fully substitute solar simulators due to limitations in mimicking sunlight.
Competitive rivalry: Major global players dominate. Price competition is intense as product differentiation is low.
Key Takeaways
The Global Solar Simulator Market Size is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing investments in solar energy industries.
The regional analysis indicates Asia Pacific will dominate the solar simulator market, growing at a CAGR of over 8% during the analysis period. This is attributed to presence of emerging solar markets like China, Japan, and India in the region.
Key players operating in the solar simulator market are ABET Technologies, Asahi Spectra, Iwasaki Electric, Meyer Burger Technology, Newport Corporation, Gsolar Power, OAI, Nisshinbo, Sciencetech, Endeas Oy, Solar Light Company, Spectrolab, Eternalsun Spire, WASAKI Electric, ETS Solutions Asia, Spire Solar, Caeleste, AESCO Telecom, Eternal Sun, Class One Equipment. ABET Technologies and Newport Corporation collectively hold over 35% of market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
