Solar Simulator Market Shines Bright: Anticipates Remarkable Growth to Reach US$ 14.6 Billion by 2033, Fueled by a 5.6% CAGR

Solar Simulator Market

The global solar simulator market is expected to surpass US$ 8.4 billion in value by 2023 and is projected to reach US$ 14.6 billion by 2033. This market is anticipated to grow at a steady annual rate of 5.6% from 2023 to 2033.

The demand for solar energy is growing as the world continues to put more emphasis on sustainable energy sources. Tests and evaluations of the performance of solar systems and panels rely heavily on solar simulators. The market for solar simulators is anticipated to rise as solar energy utilization in the residential, commercial, and industrial sectors increases.

The solar energy industry is expanding quickly in emerging economies like India, China, Brazil, and other Southeast Asia and African nations. These regions have an enormous scope of unrealized solar energy-producing potential. The demand for solar simulators to satisfy testing and quality assurance standards is going to rise as the solar industry develops in these regions.

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China is predicted to dominate the global market during the forecast period. Solar panels and their components are widely manufactured in China. The nation has thriving solar sector fuels the demand for solar simulators. The market for solar simulators is growing because manufacturers need credible testing tools to guarantee the performance and quality of their solar goods.

South Korea is predicted to follow China in terms of growth. South Korea is renowned for its technological and innovative advances. The nation has been actively engaged in research and development operations to increase solar energy efficiency and create cutting-edge solar technologies. Researchers and manufacturers rely heavily on solar simulators to test and improve novel materials, cell designs, and manufacturing processes.

Key Takeaways from Solar Simulator Market Report:

  • 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 US$ 6.2 billion.
  • The global market size stood at US$ 7.9 billion in 2022.
  • The Class AAA segment is anticipated to thrive at a CAGR of 5.4% from 2023 to 2033.
  • The PV Cell/Module and Material Testing segment is projected to exhibit a CAGR of 5.3% from 2023 to 2033.
  • China is predicted to showcase a CAGR of 7.1% from 2023 to 2033.
  • South Korea is anticipated to exhibit a CAGR of 6.1% from 2023 to 2033.
  • The United States market for solar simulators is expected to thrive at a CAGR of 4.5% from 2023 to 2033.

Recent Developments Observed by FMI:

  • In January 2022, Abet Technologies, Inc. unveiled a new range of Sunlite solar simulators. With a screwdriver, these devices may be readily adjusted to a horizontal or upward-pointing beam configuration. The basic system supply consists of one 100-watt Xenon arc light, an AM1.5G air mass filter, a height-adjustable stand, and cooling air that has been HEPA filtered. The firm has strengthened its product offering in this market through this launch.

Leading Key Players:

  • Abet Technologies Inc.
  • Gsolar Power Co. Ltd.
  • Endeas
  • Iwasaki Electric Co. Ltd.
  • Schneider Electric
  • Spectrolab
  • Asahi Spectra Co. Ltd.
  • Solar Light Company LLC
  • Sciencetech Inc.
  • ABB Ltd.
  • Others

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Solar Simulator Market Segmentation:

By Dimension:

  • Class AAA
  • Class ABA
  • Class ABB

By Design:

  • Xenon Arc Lamp
  • Metal Halide Arc Lamp
  • LED Lamp
  • UV Lamp
  • QTH Lamp

By Application:

  • PV Cell/Module and Material Testing
  • UV Testing of Materials and Products
    • Plastics, Paints, and Coatings
    • Textile/Fabric
    • Dermatological Products
    • Others
  • Automotive Testing
  • Biomass Study
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa (MEA)

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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