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Solar Simulator Market Worth 8.44 Billion Usd By 2022 With A Growing Cagr Of 6.5%
According to the new market research report "Solar Simulator Market by Dimension (Class AAA, Class ABA, and Class ABB), Light Source (Xenon arc lamp, Metal halide arc lamp, UV lamp), Application (PV cell/module and materials testing, UV testing of materials & products) - Global Forecast to 2022", the solar simulator market is expected to be valued at USD 8.44 billion by 2022, growing at a CAGR of 6.5% between 2017 and 2022. The growth of this market is mainly driven by factors such as the growing market for photovoltaics and the increasing demand from renewable energy industries.
Class AAA solar simulator expected to lead the solar simulator market between 2017 and 2022
Class AAA is expected to hold the largest size of the solar simulator market by 2022 and is expected to grow at a higher rate during the forecast period. The reason for a high-market share for Class AAA solar simulators is that they provide the closest match to solar spectrums and maintain illumination uniformity over time. Many players are involved in the manufacturing of Class AAA solar simulators. Companies such as Newport Corporation (US), Abet Technologies Inc. (US), Solar Light Company (US) and Sciencetech Inc. (Canada) are involved in the manufacture of class AAA solar simulators, because of its popularity in the testing of PV cells/modules in the solar industry.
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Market for xenon arc lamp expected to grow at a significant rate between 2017 and 2022
The solar simulator market for xenon arc lamp is expected to grow at the highest rate between 2017 and 2022. The rapid growth of this segment is attributed to the proven technology, reliable output, and better spectrum, needed for illuminating samples that are tested. Mostly, xenon arc lamps are used in the solar industry for testing PV cells/modules. The growing PV market is expected to drive the market for xenon arc lamp during the forecast period.
The market for PV cell/module and materials testing expected to lead the solar simulator market between 2017 and 2022
The growing PV requirements from utility, residential and nonresidential applications are directly expected to drive the solar simulator market growth, as solar simulators are devices that are used to test the health and operability of PV cells/modules and PV materials used in the manufacturing of PV cells. Class AAA solar simulator is the most preferred solar simulator for PV cell/module testing among the manufacturers as it provides higher accuracy and efficiency over other types of solar simulators.
APAC expected to hold the largest market share during the forecast period
APAC is expected to hold the largest share of the solar simulator market in 2017 and is expected to grow at the highest rate between 2017 and 2022. The increasing demand for solar simulators in APAC is driven by the growing solar energy market, the implementation of stringent green energy regulations across major Asian countries, and the continuous government support for the development and commercialization of advanced PV technologies and the growing market for SPF and UV resistance products.
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Major players involved in the development of solar simulators are Newport Corporation (US), Meyer Burger technology AG (Switzerland), Gsolar Power Co., Ltd. (China), Spire Solar (Netherlands), Solar Light Company (US), Abet Technologies, Inc. (US), Sciencetech Inc. (Canada), Spectrolab Inc. (US), OAI (US), Asahi Spectra Co., Ltd. (Japan), Iwasaki Electric Co., Ltd. (Japan), Nisshinbo Mechatronics, Inc. (Japan), Endeas Oy (Finland), and Wacom Electric Co., Ltd. (Japan).
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