Solar Simulator Market to Reach $364.6 Mn, Globally, by 2031 at 5.8% CAGR: Allied Market Research
Surge in demand for UV protection testing devices such as solar simulators from industries including healthcare, pharmaceutical, environmental science, and others propel the growth of the global solar simulator market.
PORTLAND, Ore, July 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Simulator Market by Type (Steady State, Pulsed), by Light Source (Xenon Arc Lamp, Metal Halide Arc Lamp, UV Lamp, QTH Lamp, LED Lamp), by Application (PV Cell Module and Material Testing, UV Testing of Materials and Products, Automotive Testing, Biomass Study, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report published by Allied Market Research, the global solar simulator industry was estimated at $203.6 million in 2021 and is expected to hit $364.6 million by 2031, registering a CAGR of 5.8% from 2022 to 2031.
Drivers, restraints, and opportunities-
Surge in demand for UV protection testing devices such as solar simulators from industries including healthcare, pharmaceutical, environmental science, and others propel the growth of the global solar simulator market. On the other hand, high cost and certain disadvantages associated with solar simulators restrain the growth to some extent. However, increased government support for R&D aimed at enhancing the efficiency of solar energy products for consumers are anticipated to create lucrative opportunities for the frontrunners in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic gave way to decline in demand for solar simulators owing to halted research & development, solar panel installation & testing, and building & construction of commercial and industrial solar infrastructure activities across the globe, which impacted the global solar simulator market negatively.
- However, the market has already been restored to its previous pace.
The pulsed segment to dominate by 2031-
Based on type, the pulsed segment held the major share in 2021, generating nearly three-fifths of the global solar simulator market. The same segment is also projected to cite the fastest CAGR of 5.9% during the forecast period. Rise in demand for pulsed solar simulators from PV module testing and other applications propels the segment growth.
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The xenon arc lamp segment to retain the lion's share-
Based on light source, the xenon arc lamp segment held the highest share in 2021, generating nearly one-third of the global solar simulator industry. Rise in demand for xenon arc lamp-based solar simulators owing to its ability to produce stable spectral equal to the sunlight without filtering from various applications including testing of PV cell or module applications drives the segment growth. The LED lamp segment, however, would cite the fastest CAGR of 6.1% from 2022 to 2031, due to increase in adoption of LED-based solar simulators in PV testing, automotive testing, and other applications.
Europe held the major share in 2021-
Based on region, the market across Europe accounted for the major share in 2021, contributing to more than two-fifths of the global solar simulator market. The same region is also expected to cite the fastest CAGR of 6.1% throughout the forecast period. This is attributed to the presence of key players and huge consumer base across the region.
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Key players in the industry-
- ABET Technologies, Inc.
- Asahi Spectra Co., Ltd.
- Gsolar Power Co., Ltd.
- Spectrolab
- Iwasaki Electric Co., Ltd.
- Sciencetech, Inc.
- ABB, Ltd.
- Schneider Electric
- Solar Light Company, LLC.
- Endeas
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