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
Global Solar Testing and Characterization Market, by Application