Rising Need to Recover Efficiency of Solar Cells and PV Modules Boosts Solar Testing and Characterization Market
Devices and equipment in the global solar testing and characterization market are designed to allow users in understanding the factors that are affecting the performance of the PV solar cells. They are also useful in assessing the performance of various components and instruments in solar cell systems. Growing global demand for solar energy as a great source of sustainable and renewable energy is further motivating the growth of the global solar testing and characterization market. Other market drivers include rising need to assess and recover the efficiency of solar cells and PV modules and leaps in the technologies utilized for the effective solar power generation. Increasing focus of energy industry players on providing more efficient hybrid systems by integrating renewable (in this case, solar) energy storage in traditional systems. On the other hand, inconsistent regulations and guidelines, along with variations and fluctuations in standards in different parts of the world may hamper the growth of the global solar testing and characterization market in years to come.
Favourable government initiatives aimed at promoting the usage of renewable energy sources has propelled the demand for solar energy, which, in turn, has boosted the momentum in the global solar testing and characterization market. This trend has also promoted construction and development of the renewable energy infrastructure. These new renewable energy facilities are expected to draw increased demand in the global solar testing and characterization market in coming years.
Global Solar Testing and Characterization Market: Overview
Solar energy is a fast growing renewable source of power generation worldwide and is an innovative and dynamic market. The powerful rays of the sun are converted into electricity via solar energy systems and these systems can be installed for residential, industrial, and commercial use. Photovoltaic cells (PV) are the key components of a solar energy system. PV power plants need to be characterized and tested to meet design requirements at both system and component levels in order to ensure the desired long-term performance.
Based on type, the market can be broadly segmented into functional testing, durability testing, performance (efficiency) testing, and certification (safety and compliance) services. In term of application, the market can be classified into balance of systems components, PV modules, and PV systems. PV modules can be further sub-divided into concentrated PV modules and flat panel PV modules.
This report on the global solar testing and characterization market presents an inclusive analysis of drivers and restrictions and estimates the subsequent impact of each of those factors. The report has been prepared with the help of research methodologies such as SWOT Analysis and Porter’s five forces. Among the chief features of the report is the section on company profiles, wherein a number of key players have been considered for their product range, market share, revenue, and recent strategic developments. It also provides insight into the segments and regions of the market.
Global Solar Testing and Characterization Market: Trends and Prospects
High demand for solar power, innovative technologies for solar power generation, and increased need to improve efficiency of solar cells and PV modules are few of the factors driving the global solar testing and characterization market. As numerous companies worldwide are investing in the solar energy industry, to stay ahead of the curve, enterprises and organizations are constantly coming up with innovative ideas to enhance the efficiency of solar cells and restructure the standards for solar power systems.
In addition, due to the penetration of a large number of unauthorized players in the market, it has become more than necessary to check quality and standards, thereby supplementing the need for solar testing and characterization. On the contrary, the growth of the market can be cut short owing to the existence of inconsistent standards and regulations across different countries and regions.
Global Solar Testing and Characterization Market: Regional Analysis
Geographically, the global solar testing and characterization market can be segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Out of the mentioned regions, North America is known to hold a significant share in the market and is projected to lead during the forecast period as well. Early adoption, technological advancements, reduction in the usage of conventional energy sources, and government initiatives have driven the market growth in this region.
Asia Pacific is another promising region that is pegged to grow over the forecast period owing to a massive dependency on solar energy, high investments by major companies, and growing awareness regarding the use of depleting natural resources for energy.
Companies Mentioned in Report
TÜV RHEINLAND, SGS SA, TEKTRONIX, Inc., SolarEdge Technologies Inc., Newport Corporation, Keysight Technologies, National Instruments, Aescusoft GmbH Automation, and Jabil are some of the leading players operating in the global solar testing and characterization market.
The global solar testing and characterization market is segmented as follows:
Global Solar Testing and Characterization Market, by Type
- Functional Testing
- Performance (Efficiency) Testing
- Durability Testing
- Certification (Safety and Compliance) Services
Global Solar Testing and Characterization Market, by Application
- PV Modules
- Balance Of Systems Component
- PV Systems
- Flat Panel PV Modules
- Concentrated PV Modules.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.