October 9, 2024

The Global Solar Simulator Market Is Driven By The Increasing Installation Of Solar PV Panels

The global solar simulator market encompasses devices used to simulate sun illumination conditions for testing solar cells and photovoltaic panels. Solar simulators are used in calibration labs to characterize solar cells and panels to measure their efficiency and performance under controlled conditions. The devices use a combination of controlled light sources with filters and mirrors to replicate real outdoor sunlight characteristics, in terms of spectrum, irradiance level, and angular distribution. Common light sources used in solar simulators include xenon arc lamps, metal halide lamps, and LEDs. They provide researchers and manufacturers a standardized tool to evaluate photovoltaic components without being affected by weather variability. The 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 key trends: One of the key trends in the global solar simulator market is the increasing use of LED light sources. LED solar simulators offer various advantages over traditional xenon arc lamp and metal halide lamp sources such as longer lifetime, better longevity, and higher electronic control capabilities. They provide stable irradiance levels, high light uniformity, and mimic natural sunlight spectra with high accuracy. Additionally, LED technology enables manufacturers to develop compact solar simulators with lower power consumption. This is boosting the adoption of LED simulators in research hubs as well as manufacturing facilities for cost-effective testing of solar products.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the global solar simulator market is moderate as significant capital investments are required for manufacturing solar simulators. Additionally, established players hold strong brand value and wide distribution networks making entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers in the global solar simulator market is high. Buyers have various product and technology options available from different manufacturers. This provides them leverage to negotiate on prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major components used in solar simulators such as lamps and filters have limited suppliers globally. However, switching costs are low.
Threat of new substitutes: The threat of substitutes is low. There are limited product substitutes for solar simulators used across various end-use industries such as research, electrical, telecommunication etc. for testing photovoltaic cells and solar panels.
Competitive rivalry: The global solar simulator market is fragmented in nature with presence of various international and domestic players.

Key Takeaways

The global Solar Simulator market is expected to witness high growth over the forecast period. The market in Asia Pacific region is expected to grow at fastest pace owing to expanding solar industry and presence of leading players in the region such as ABET Technologies and Meyer Burger Technology.

Regional analysis:
Asia Pacific region dominates the global solar simulator market growth and is expected to witness highest growth during the forecast period. This can be attributed to extensive usage of solar simulators by solar cell and module manufacturers located in countries such as China, Japan and Taiwan. Countries in this region are witnessing significant demand for solar simulators owing to rapid development of renewable energy resources.

Key players:
Key players operating in the solar simulator market include 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, and Eternal Sun, Class One Equipment. ABET Technologies and Meyer Burger Technology enjoy leading position globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

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