Solar Simulator Market : Market Analysis by Knowledge Sourcing Intelligence
The solar simulator market is projected to grow at a CAGR of 7.22% to reach US$8.891 billion by 2023, from US$5.851 billion in 2017. Solar simulator mimics the natural sun and is also known as artificial sun. It is used for testing the efficiency of solar cells before being utilized for various applications. Thus, it is an indispensable instrument for the studying of solar cells. The growing advancements in solar technology will emanate the market growth of the solar simulators during the forecast period.
In addition, the growing photovoltaic industry and rapid urbanization are further contributing to the growth of the global solar simulator market. Furthermore, growing research investments and government initiatives for the use of solar energy and a growing demand for sustainable energy use will provide an opportunity for market growth during the forecast period and beyond. We are providing market research for solar simulator with complete information.
Simultaneously, the rising investments in medical research, more specifically, in SPF testing during the development of skin product manufacturing is further anticipated to supplement the growth of the market. However, a lack of technological know-how may impede market growth during the forecast period. Geographically, Asia Pacific is expected to hold a significant market share while the market in North America is projected to grow at a stead pace during the course of the forecast period.
Sample view of solar simulator market share by region
SOLAR SIMULATOR MARKET SHARE, BY GEOGRAPHY
By geography, the solar simulator market is segmented as North America, South America, Europe, Middle East and Africa, Asia Pacific. The solar simulator market in Asia Pacific is estimated to hold a significant share at the global level as the region account for a major share in the solar equipment production. Simultaneously, the focus on improving domestic manufacturing by the government of the United States and a rich research culture in general is expected to supplement the demand for solar simulator in North America while the Europe solar simulator market is anticipated to grow steadily during the forecast period.
SOLAR SIMULATOR MARKET SHARE, BY APPLICATION
By Application, the solar simulator market is segmented as medical research, solar cell testing and research, artificial environment testing, and others. The medical research segment is projected to witness good growth during the forecast period owing to an increase in the demand for skin protection goods in the coming years. The solar cell testing and research segment hold a substantial share of the market due to the high investment and research going on in the field of solar energy. The artificial environment testing pertains to the testing of paints, materials and more, testing its longevity and performance and would see good growth in the coming years.
Moreover, the domestic module production increased by 16% in the first three quarters of 2018 as compared to the same time period in 2017 (source: National Solar Jobs Census 2018). The anticipated increase in domestic module and cell manufacturing is projected to drive the solar simulator market as it provides reliable testing condition during the manufacturing phase that ensures effective performance. In fact, Connecticut based Abet Technologies, Inc. recently introduced the SunLite Solar Simulators which offers a flexible design and can be adapted to various needs.
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