Solar Simulator Market to Reach $364.6 Mn, Globally, by 2031

According to a neww report published by Allied Market Research, the global solar simulator industry was estimated at $203.6 million in 2021 and is expected to hit $364.6 million by 2031, registering a CAGR of 5.8% from 2022 to 2031.

Surge in demand for UV protection testing devices such as solar simulators from industries including healthcare, pharmaceutical, environmental science, and others propel the growth of the global solar simulator market.

On the other hand, high cost and certain disadvantages associated with solar simulators restrain the growth to some extent. However, increased government support for R&D aimed at enhancing the efficiency of solar energy products for consumers are anticipated to create lucrative opportunities for the frontrunners in the industry.

Based on light source, the xenon arc lamp segment held the highest share in 2021, generating nearly one-third of the global solar simulator industry. Rise in demand for xenon arc lamp-based solar simulators owing to its ability to produce stable spectral equal to the sunlight without filtering from various applications including testing of PV cell or module applications drives the segment growth. The LED lamp segment, however, would cite the fastest CAGR of 6.1% from 2022 to 2031, due to increase in adoption of LED-based solar simulators in PV testing, automotive testing, and other applications.