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Global Solar Simulator Market is Estimated To Witness High Growth Owing To Growing Adoption of Solar Photovoltaics

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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 Overview:

A solar simulator is a lighting device used to mimic natural sunlight for testing solar cells, photovoltaic panels, and other solar-powered devices. It helps accurately evaluate the performance of solar cells and modules under controlled conditions. The key advantages of solar simulators include ability to test products anytime regardless of weather conditions, precisely control light intensity and spectral content, accelerate product testing by simulating years of sunlight exposure in a short time. These properties make solar simulators an integral part of product development and quality assurance processes in the solar energy industry.

Market key trends:

One of the major trends driving the growth of Global Solar Simulator Market Size is the rising adoption of solar photovoltaics across both utility-scale projects and rooftop installations. Solar energy is gaining widespread acceptance as a viable renewable substitute for conventional power sources owing to environmental benefits and declining cost of solar panels. Further, supportive government policies and subsidies promoting solar power adoption are creating significant opportunities for solar simulator manufacturers. Additionally, ongoing research and development activities to improve solar cell efficiencies are expected to fuel demand for more advanced testing equipment like solar simulators over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as solar simulator market requires high capital investment and established distribution channels. However, technological advancements and decreasing prices encourage new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. Large simulator manufacturers enjoy strong bargaining power due to their market dominance while small players have less bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key components such as lamps, filters, controllers are sourced from few specialized suppliers giving them some control over pricing.
Threat of new substitutes: The threat of new substitutes is low as solar simulators are integral to photovoltaic product testing and development with no close substitutes.
Competitive rivalry: High due to presence of multiple global and regional players offering differentiated products.

SWOT Analysis

Strength: Diverse product portfolio allowing customized solutions as per customer needs. Technological superiority through continuous R&D enabling high accuracy solar simulation.
Weakness: High initial investment and maintenance costs posing challenges for small players. Dependency on few suppliers for key components.
Opportunity: Growing solar energy adoption worldwide boosting demand for modules and cells testing. Increasing investments in research facilities globally presents business opportunities.
Threats: Price wars among established players. Stringent quality regulations requiring frequent upgrades.

Key Takeaways

The global Solar Simulator Market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing solar PV installation worldwide driven by supportive government policies and declining module prices. Asia Pacific dominates the market currently owing to presence of major solar cell and module manufacturers in China and Taiwan.

Regional analysis Asia Pacific accounts for the largest share in the global solar simulator market due to wide concentration of solar cell and module manufacturers in the region especially in China, Taiwan and Japan. China and Taiwan are among the leading countries for solar PV production and have significant presence of electronics and semiconductor companies involved in solar simulator testing. Europe and North America are other major regional markets stimulated by ongoing renewable energy projects and government initiatives for sustainable development.

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, and Class One Equipment. The players adopt new product development, expansion strategies to gain higher market share.

Read Our More Blogs : https://www.dailyprbulletin.com/solar-simulator-market-forecast-outlook-trend-2023-2030/

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