Global Solar Simulator Market Booming at a CAGR of 7.01% to Estimated $ 5.75 Bil

Posted by swamiv on November 21st, 2019

Global Solar Simulator Market By Geography; Light Source (Xenon arc lamp, Metal halide arc lamp, LED lamp, UV lamp, QTH lamp); Dimension (Class AAA, Class ABA, Class ABB); Application (PV Cell/Module and Material Testing, UV Testing Of Materials and Products, Automotive Testing, Biomass Study)

Market Analysis: Global Solar Simulator Market

The Global Solar Simulator Market accounted for USD 5.75 billion in 2016 growing at a CAGR of 7.1% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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Market Definition: Global Solar Simulator Market

A solar simulator is the equipment used to simulate the solar irradiance and spectrum. Solar simulator is for the testing of solar cells, sun screen, plastics, and other devices. It has its wide application in pv cell/module and material testing, UV testing of materials and products, automotive testing, biomass study, and others. Growing demand for solar systems in residential applications may act as the major driver in the growth of solar simulator market. On the other side, high costing included in it may hinder the market. 

Major Market Drivers & Restraints:

•          Supportive government policies, initiatives, and regulatory compliance
•          Growing demand for solar systems in residential applications
•          Increasing adoption of green energy and emergence of smart cities
•          Falling subsidies, grants
•          High costing involved in solar simulators

Market Segmentation: Global Solar Simulator Market

The Global Solar Simulator Market is segmented on the basis of light source intoxenon arc lamp, metal halide arc lamp, LED lamp, UV lamp, QTH lamp, and others.

The global solar simulator market is also segmented on the basis of dimension class AAA, class ABA, class ABB, and others.

On the basis of application the global solar simulator market is further segmented into PV cell/module and material testing, UV testing of materials and products, automotive testing, biomass study, and others. UV testing of materials and products segment is further sub segmented into plastics, paints, and coating, textile/fabric, dermatological products and others.

On the basis of geography, global solar simulator market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market. 

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