The solar simulator market is projected to grow at a CAGR of 7.64% to reach US$10.338 billion by 2026, from US$6.175 billion in 2019
Solar simulators are devices that simulate natural sunshine for the evaluation of photonic characteristics and solve the problem of providing a controlled indoor test facility for solar cell testing under laboratory settings. The solar simulator is made up of light sources, power supplies, and filters that change the beam's output to suit classification criteria. Due to a growing need for green energy, solar simulators are increasingly being used in applications such as household hot water, manufacturing space, heating, and cooling, among others. With increased investment in the research and development of solar cells, ultraviolet resistant cosmetics and paints, medical treatments, and many other fields, the solar simulator market will grow, as Solar Simulators provide a more cost-effective alternative to traditional testing and research methods. Solar simulators are used in the research and development of PV, cosmetics, paints and coatings, UV protection fabrics and textiles, and other products. While solar simulators have been used in testing and measurement environments for many years, OEMs are looking for next-generation solar simulators with advanced light sources and control systems that offer versatility, high performance, and cost savings in order to improve product yields and lower operating costs. Solar simulators are used extensively in high-volume applications such as PV for R&D, testing, and production. Solar simulator market growth is projected to be driven by rising PV needs from utility, residential, and non-residential sectors.
Due to increased demand for solar power in countries like India, China, and Indonesia, and government laws on green energy across the area, the Asia Pacific is projected to lead the most significant market in terms of demand for solar simulators. Following Asia-Pacific, North America and Europe have enacted strict laws to reduce emissions and are focusing more on renewable energy projects and energy-efficient sectors; the expansion of commercial and industrial development has led to an increase in power demand and government support for the development and commercialization of solar applications across the major countries, enhancing the market landscape of solar simulator positively. Latin America has emerged as a powerhouse of solar capacity due to good circumstances for energy production utilizing solar applications. Growing demand, technological advancements, and government legislation are propelling the solar simulator and solar power industry in the area to new heights. Solar projects and investment in renewable energy infrastructure, as well as the replacement of electricity infrastructure, are projected to be major drivers for the solar simulator market in the Middle East and Africa.
One of the major reasons for the growth of the solar simulator market is the surging demand for green energy and the evolving solar sector.
A major restraint in the growth of the solar simulator market is the higher cost associated with solar capacitors.
In addition, there have been supply chain disruptions and delays in the operations of enterprises. Trade barriers have restrained the stock. The COVID-19 impact on the solar simulator market has been negative owing to the production halt by industries due to the temporary lockdown implemented by several governments to break the cycle of the virus. The unfavorable conditions risen due to the COVID-19 virus have had a negative impact on the solar simulator market. However, in the post COVID scenario, the solar simulator market is expected to bloom with the surging demand in various industry sectors in the forecast period.
|Market size value in 2019||US$6.175 billion|
|Market size value in 2026||US$10.338 billion|
|Growth Rate||CAGR of 7.64% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Light Source, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Abet Technologies, Display Device Consultants LLC, G2V Optics, Solar Light, TS- Space System, Sciencetech Inc.|
|Customization scope||Free report customization with purchase|
The Solar Simulator market has been analyzed through the following segments:
Frequently Asked Questions (FAQs)
Q1. What will be the solar simulator market size by 2026?
A1. The solar simulator market is projected to reach a market size of US$10.338 billion by 2026.
Q2. What is the size of the global solar simulator market?
A2. Solar Simulator Market was valued at US$6.175 billion in 2019.
Q3. What are the growth prospects for the solar simulator market?
A3. The global solar simulator market is projected to grow at a CAGR of 7.64% over the forecast period.
Q4. What factors are anticipated to drive the solar simulator market growth?
A4. One of the major reasons for the growth of the solar simulator market is the surging demand for green energy and the evolving solar sector.
Q5. Which region holds the largest market share in the solar simulator market?
A5. The Asia Pacific is expected to dominate the solar simulator market due to increased demand for solar power in countries like India, China, and Indonesia, and government laws on green energy across the area.
Display Device Consultants LLC
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