Solar Simulator Market to grow to 8.44 Billion USD by 2022

LONDON, May 15, 2017 /PRNewswire/ -- Highlights

•         Solar simulator market expected to grow at a CAGR of 6.5% between 2017 and 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 market growth can be attributed to the increasing adoption of green energy and emergence of smart cities, supportive government policies, initiatives, and the increasing demand for solar systems in residential applications.

•         The solar simulator market is in maturity phase; the companies in the solar simulator market are undergoing extensive research and development (R&D) to develop a technically advanced solar simulator with product differentiation to tap the solar simulator market and gain a competitive edge over others.

•         The Class AAA solar simulation according to the IEC 60904-9, ASTM E927, and JIS C8912 standards allows customers to perform tests with the highest precision.

•         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.

Solar simulator market expected to grow at a CAGR of 6.5% between 2017 and 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 market growth can be attributed to the increasing adoption of green energy and emergence of smart cities, supportive government policies, initiatives, and the increasing demand for solar systems in residential applications. 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. The solar simulator market is in maturity phase; the companies in the solar simulator market are undergoing extensive research and development (R&D) to develop a technically advanced solar simulator with product differentiation to tap the solar simulator market and gain a competitive edge over others.

Class AAA solar simulator expected to grow at a significant rate during the forecast period

The Class AAA solar simulation according to the IEC 60904-9, ASTM E927, and JIS C8912 standards allows customers to perform tests with the highest precision. A Class AAA solar simulator finds its major application in test laboratories, PV manufacturing industries, and in universities. Class AAA solar simulators are mostly used in photobiology, biomedical, solar cell testing, cosmetic testing, and paints and coatings analysis. The growing market for photovoltaics (PV) due to increasing energy requirement and increased government funding to promote solar energy generation is expected to drive the Class AAA solar simulator market during the forecast period.

Xenon arc lamp expected to hold the largest market during the forecast period

Xenon arc lamp is the most widely used light source in solar simulators, because of its closest spectral match to solar spectra available from any artificial source. Xenon arc lamps are mostly used in the solar industry for testing PV cells/modules and also for the UV testing of materials and products such as dermatological products; textile/fabric; plastics, paints, and coatings; paper products; and automotive components. The proven technology and better spectrum output make xenon arc lamp a popular light source for solar simulators.

Market in APAC is likely to grow at the highest rate 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 growing market for SPF and UV resistance products.

The major players profiled in this report are as follows:

 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)

 Wacom Electric Co., Ltd. (Japan)

Research Coverage

In this report, the solar simulator market has been segmented on the basis of dimension, light source, application, and geography. The market based on dimension has been segmented into Class AAA, Class ABA, and Class ABB. The solar simulator market based on light source has been segmented into xenon arc lamp, metal halide arc lamp, LED lamp, UV lamp, and QTH lamp. The solar simulator market based on application has been segmented into PV cell/module and materials testing, UV testing of materials and products, automotive testing, biomass study, and others. The study also covers the forecast of market sizes for 4 main regions: North America, Europe, APAC, and RoW.

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