Solar Simulator Market to grow at a CAGR of 6.5% by 2022: MarketsandMarkets

MarketsandMarkets also expects the solar simulator market for xenon arc lamp to grow at the highest rate between 2017 and 2022

MarketsandMarkets in its new report forecasts the solar simulator market to be valued at USD 8.44 Billion by 2022, growing at a CAGR of 6.5% between 2017 and 2022. Some of the key factors driving this market growth are the growing demand for photovoltaics (PV) and the increasing demand from renewable energy industries.

A solar simulator is a device that provides illumination approximating natural sunlight. The simulator is widely used to provide a controllable indoor test facility under laboratory conditions for the testing of solar cells.

Solar simulators are used in the development and manufacturing of PV, cosmetics, paints and coatings, UV protective fabrics and textiles, and others. While solar simulators have been deployed for many years in testing and measurement environments, OEMs are looking for next-generation solar simulators with advanced sources of light and control systems that would offer versatility, high performance, and cost reduction to optimize product yields and minimize operating costs said MarketsandMarkets in its report. High-volume applications such as PV rely heavily on solar simulators for research and development (R&D), test, and manufacturing. PV cell/module and material testing application are expected to hold the major size of the solar simulator market and is expected to grow at the highest rate between 2017 and 2022. The growing PV requirements from utility, residential, and nonresidential applications are directly expected to drive the solar simulator market growth.

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. The research firm expects Class AAA to hold the largest size of the solar simulator market by 2022 and to grow at a higher rate during the forecast period. 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 simulator, because of its popularity in the testing of PV cells and modules in the solar industry.

MarketsandMarkets also expects the solar simulator market for xenon arc lamp 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 the sample being tested. Mostly, xenon arc lamps are used in the solar industry for testing PV cells and modules. The growing PV market is expected to drive the market for xenon arc lamp during the forecast period.

According to the research firm APAC will hold the largest share of the solar simulator market in 2017 and will grow at the highest rate between 2017 and 2022. The increasing demand for solar simulators in APAC region 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.

However, the high cost of solar simulators acts as a major restraint for the market. Evolving solar industry and decreasing costs of solar systems and energy storage devices act as an opportunity for the solar simulator market notes the firm.

Newport Corporation (US), Meyer Burger technology AG (Switzerland), Gsolar Power Co., Ltd. (China), Spire Solar (Netherlands), and Solar Light Company (US) are the leading companies in the solar simulator market said MarketsandMarkets in its report. Companies in the market are strengthening their product portfolios by investing mainly in R&D. The key players in this market are also undertaking partnerships and collaborations to develop new technologies.