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| Global Solar Simulator Market Size |
A solar simulator is an instrument used to simulate the solar irradiance
spectrum, intensity and distribution that reaches the Earth's surface. It is
used to test the performance of solar cells, photovoltaic panels, and other
devices before they are installed outdoors. Growing emphasis on renewable
energy and increasing demand for solar panels from various industries such as
residential, commercial and utilities is expected to drive the demand for solar
simulators.
The global
solar simulator market is estimated to be valued at US$ 408.4 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
Rapid Infrastructure Development
The market opportunity lies in the rapid infrastructure development around the
world. Various governments are heavily investing in expanding their
infrastructure such as rail networks, roads, ports, airports etc. to facilitate
rapid urbanization and economic growth. A large portion of these infrastructure
projects utilize solar energy to meet their power needs. For example, solar
panels are increasingly installed in railway stations, highways, airports to
provide electricity. This wide adoption is augmenting the demand for solar
simulators to test the performance and durability of solar panels before they
are deployed in mega infrastructure projects. As infrastructure development
continues to accelerate globally, particularly in developing economies, it will
drive robust growth of the solar simulator market over the forthcoming years.
Porter's Analysis
Threat of new entrants: The global solar simulator market faces moderate threat
from new entrants given the significant capital required for R&D and
presence of established brands. However, the growing focus on renewable energy
provides opportunities for new companies to establish.
Bargaining power of buyers: The bargaining power of buyers is high due to
availability of alternative technologies and products in the market. Buyers can
negotiate on price and demand customized products based on their requirements.
Bargaining power of suppliers: Few players dominate the supply market of
components used in solar simulators like LEDs and solar cells. This gives them
moderate bargaining power over manufacturers.
Threat of new substitutes: Alternative products like natural solar testing and
other lab devices pose low-moderate threat due to cost advantages of solar
simulators for indoor testing.
Competitive rivalry: Intense due to presence of major players globally and
focus on new technologies, customized products and after-sales support.
SWOT Analysis
Strength: Rapid technological advancement in LEDs and solar cells enhance
product capabilities. Established distribution network and brand reputation.
Weakness: High R&D costs and dependence on few component suppliers.
Vulnerable to price fluctuations of raw materials.
Opportunity: Increasing global solar energy installations and policies driving
demand. Growing lab testing requirements across industries offers scope.
Threats: Competition from alternative testing methods. Currency fluctuations
and trade barriers affect global operations and pricing.
Key Takeaways
Global
Solar Simulator Market Size is expected to witness high growth over the
forecast period supported by growing focus on renewable energy and policies
promoting solar power. The global Solar Simulator Market is estimated to be
valued at US$ 408.4 Mn in 2023 and
is expected to exhibit a CAGR of 8.0% over
the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the global market backed by rapidly
increasing solar installations in China, India and Japan. Government
initiatives in these countries are boosting demand for solar simulators
required for R&D and manufacturing.
Key players operating in the global solar simulator market are Abbott
Laboratories, Amway (Nutrilite), DuPont, NBTY Inc., Royal DSM N.V., Glanbia
Plc., Bayer AG, GlaxoSmithKline PLC., Herbalife International, and BASF SE.
Major players are actively investing in expanding their production capacities
and customization options through new technologies to gain market share.
Get More Insights On This Topic: https://www.newsanalyticspro.com/global-solar-simulator-market-scope/