Solar Simulator market is expected to grow at a CAGR of 9.1% from 2018-2027.

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According to Stratistics MRC, the Global Solar Simulator market is accounted for $6.84 billion in 2018 and is expected to reach $14.98 billion by 2027 growing at a CAGR of 9.1% during the forecast period. Some of the key factors propelling the market growth are rising demand for solar systems in residential applications and growing adoption of green energy and emergence of smart cities. However, high cost of these simulators and reducing subsidies are the restraining factors for the growth of the market.

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A solar simulator is a device which can provide an illumination similar to natural daylight. It is also known as artificial sun. Its purpose is to provide a controllable indoor test facility under laboratory conditions. It consists of three main components namely light source, related power supply optics, and filters. They are used for the testing of solar cells, sunscreen, plastics, and other devices. This technology can be used to accurately gauge the effects of the sun’s ultraviolet light over a number of years.

Opportunity: Decrease in the costs of solar systems and energy storage devices would provide ample opportunities for the market growth.

Budding solar business and decline in the costs of solar devices and energy storage technologies act as opportunities for the solar simulator market. The companies in the market are continuously occupied in extensive research activities in order to introduce a technically advanced and unique solar simulator to tap the solar simulator market and gain a competitive edge over others.

Driver: Supportive policies, initiatives, and regulatory compliance introduced by the governments of various countries across the globe.

Most of the governments across the world have realized the importance of solar industry and are providing support to ensure the growth of the industry in all possible ways. The steps from the government are in the form of financial support, industrial policies and so on. This would positively reflect on the market growth of solar simulators.

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By dimension, class AAA segment is expected to grow at a significant market share during the forecast period as it is the most preferred solar simulator among the manufacturers for the testing of photovoltaic cell/module. It is being preferred so owing to the higher accuracy as well as efficiency over other types of solar simulators.

By geography, the North America region is anticipated to hold considerable market share during the forecast period. Countries of the region are actively involved in adopting solar technologies and encouraging its use in the most productive manner. Moreover, the region has the presence of some of the key players of the market.

The Global Solar Simulator Market Leaders are Abet Technologies Inc, Asahi Spectra Co Ltd, Iwasaki Electric Co Ltd, Newport Corporation, OAI, Sciencetech Inc, Solar Light Company, Spectrolab Inc, Spire Solar LLC and Wacom Electric Co Ltd.

Asahi Spectra Co Ltd: In May 2018, Asahi Spectra Co Ltd launched the halogen light source 100W, the FHL-102. This source is equipped to emit from the visible to the infrared spectrum.

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It features light control by the variable slit with a compact design and better stability. It finds applications in the field of bioscience, spectrometry, and photoreaction.

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