The pyranometer market size is expected to grow from US$ 97.20 million in 2022 to US$ 183.42 million by 2030; it is estimated to record a CAGR of 8.3% from 2022 to 2030. The government initiatives to promote sustainable urban development are likely to remain key trends in the market.
Rising awareness about the benefits of using pyranometers and the growing application of pyranometers in photovoltaic systems, meteorology, climatology, and agriculture industry are driving the pyranometer market size. Further, government initiatives to build new solar energy plants are expected to provide lucrative growth opportunities for the market growth in the coming years. The growing focus on technological advancement is anticipated to be a trend in the pyranometer market during the forecast period.
A pyranometer is a solar irradiation measuring device generally used for climatological research or to monitor the performance of weather stations in meteorological networks and greenhouses, building automation, reflectance studies, weathering, etc. Pyranometers measure solar radiation, an important input for solar energy systems. The growing use of solar energy for power generation, heating, and cooling drives the demand for pyranometers. Additionally, pyranometers are used to acquire meteorological information by measuring solar radiation. Climate change, weather patterns, and other environmental issues are also studied using this data. Pyranometers are used to assess the solar exposure of buildings, which is important for designing energy-efficient buildings. The increasing focus on sustainable building design drives the demand for pyranometers. Further, pyranometers are also used in various other applications, such as environmental monitoring, research studies, and quality control.
A pyranometer is an irradiance sensor that is used for measuring solar radiation. Pyranometers are mostly used for solar energy production, meteorology, and agriculture. In solar energy production, pyranometers are used to monitor the amount of solar radiation received by solar panels, which is critical for PV system design and continuous operation of any solar power plant. Pyranometers support solar plant operators in quantifying plant performance ratio in real-time. In meteorology, pyranometers are commonly installed on meteorological stations to measure the amount of incoming solar radiation received at the Earth's surface. The solar radiation reflected from the ground is a critical parameter for understanding climate conditions and the global shortwave energy balance. Moreover, in agriculture, pyranometers monitor the quantity of sun radiation absorbed by crops, allowing farmers to maximize crop development and estimate production, assess crop disease conditions, and optimize irrigation. Therefore, all these benefits of pyranometers for numerous purposes increase the demand for pyranometers, which fuels the pyranometer market growth.
Pyranometers help researchers to investigate atmospheric variables including cloud cover, air pollution, and solar radiation, which can alter solar energy reaching the Earth's surface. It can gather data during the atmosphere investigation process. This data is further utilized in weather forecasting models to anticipate sun irradiance levels, which is useful for outdoor activities and energy planning. Rising pollution encourages the government to take significant initiatives that promote atmospheric research activities, which is expected to create opportunities for the market. For instance, according to National Centre for Atmospheric Science data of July 2023, Facility for Airborne Atmospheric Measurements (FAAM) Airborne Laboratory, in September 2023, the National Centre for Atmospheric Science hosted a Sustainable Airborne Research and Atmospheric Science Symposium at the Digital Aviation Research and Technology Centre. This program supports the aviation industry related to the benefits of airborne research and innovation. It contributes to the responsible resolution of environmental concerns such as climate change, hazardous weather, and air pollution. The growth of airborne research and innovation increases the demand for pyranometers for monitoring the atmosphere, creating growth opportunities for the market during the forecast period.
Key segments that contributed to the derivation of the pyranometer market analysis are type and application.
The geographic scope of the pyranometer market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America is experiencing significant growth in the pyranometer market. Pyranometers are utilized in the solar energy industry to measure solar radiation or monitor the operation of PV generation. The adoption of pyranometers is increasing due to the rapid growth of PV installation for renewable power generation. The efficiency of a PV power plant can be assessed by comparing the actual power production from a PV power plant to the projected output based on a pyranometer reading. According to the National Renewable Energy Laboratory, analysts project that annual installations in 2023 will surpass 300 GW, and it will record more than 400 GW by 2050. In 2022, PV represented approximately 46% of new electricity generation capacity in the US, compared to 4% in 2010. Solar represented only 9% of net summer capacity and 4.7% of annual generation in 2022. Additionally, in 2021, the State Climate Office in the University of Nebraska-Lincoln's School of Natural Resources began offering weather station sensor calibration services for research-grade equipment in other states. This can increase the demand for pyranometers, and the increase in the demand for pyranometers can eventually fuel market growth.
The regional trends and factors influencing the Pyranometer Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pyranometer Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 97.20 Million |
| Market Size by 2030 | US$ 183.42 Million |
| Global CAGR (2022 - 2030) | 8.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Pyranometer Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Pyranometer Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The pyranometer market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the pyranometer market are listed below:
The “Pyranometer Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Pyranometer Market
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The government initiatives to promote sustainable urban development to play a significant role in the global pyranometer market in the coming years.
The key players holding majority shares in the global pyranometer market are Hukseflux Thermal Sensors BV, Delta Ohm Srl, Li-Cor Inc, Eppley Laboratory Inc, OTT Hydromet Corp, Lambrecht Meteo Gmbh, Apogee Instruments Inc, Campbell Scientific Inc, Delta-T Devices Ltd, Eko Instruments Co Ltd, and Hoskin Scientific Ltd.
The global pyranometer market is estimated to register a CAGR of 8.3% during the forecast period 2022–2030.
The rising awareness about the benefits of using a pyranometer is the major factors that propel the global pyranometer market.