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.
Analyst Perspective:
Rising awareness about the benefits of using pyranometers; increasing application of pyranometers in photovoltaic systems, climatology, and meteorology; and growing application of pyranometers in the 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.
Overview:
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.
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Pyranometer Market: Strategic Insights
Market Size Value in US$ 97.20 million in 2022 Market Size Value by US$ 183.42 million by 2030 Growth rate CAGR of 8.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Pyranometer Market: Strategic Insights
| Market Size Value in | US$ 97.20 million in 2022 |
| Market Size Value by | US$ 183.42 million by 2030 |
| Growth rate | CAGR of 8.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Driver:
Rising Awareness About Benefits of Using Pyranometer
A pyranometer is a solar irradiance sensor that measures global irradiance. A global irradiance comprises direct sunlight and diffused sunlight, which can vary depending on the Sun's distance and meteorological and environmental factors such as clouds, aerosols, smog, fog, precipitation, etc. Typically, the value for the global horizontal irradiance is range from 0 to 1,400 W/m². In a few cases, it can be larger due to reflections from buildings, snow, or if the device is placed at the center of a solar concentrator. Solar irradiation is one of the main factors affecting the Earth's weather patterns, making it a significant aspect of weather and climate research. Pyranometers are mostly used in such research to measure the Global Horizontal Irradiance (GHI) and determine the irradiance incident on the Earth's surface. Pyranometers are used in the solar energy industry to monitor the operation of photovoltaic (PV) generating plants. The efficiency of a PV power plant can be assessed by comparing the actual power production from the PV power plant to the projected output based on a pyranometer reading. Therefore, all these benefits of pyranometers for renewable energy usage increase the demand for pyranometers, which fuels the pyranometer market growth.
Pyranometer Market Report Segmentation and Scope:
The pyranometer market is segmented on the basis of type, application, and geography. Based on type, the pyranometer market is bifurcated into silicon pyranometers and thermopile pyranometers. Based on application, the pyranometer market is segmented into photovoltaic systems, meteorology, and climate stations. The pyranometer market, based on geography, is categorized into North America, the Middle East & Africa, Europe, Asia Pacific, and South America.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Pyranometer Market Segmental Analysis:
Based on application, the pyranometer market is segmented into:
- Photovoltaic Systems
- Meteorology
- Climate Stations
A pyranometer is a radiometer designed to measure the irradiance (in W/m2) resulting from radiant fluxes on a plane surface from the hemisphere above and integrated over a wavelength range of at least 300 to 3,000 nm. Photovoltaic pyranometers are applied in solar simulators and photovoltaic systems to measure photovoltaic module effective power and system performance. It can also be utilized for preliminary findings of malfunction in photovoltaic systems, as a photovoltaic pyranometer's response is the same as that of a photovoltaic module. Moreover, solar radiation is a great source of zero-emission renewable energy. High-quality, reliable radiation data is crucial in implementing all solar energy sector projects in photovoltaic (PV) and concentrating solar power (CSP) thermal systems.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Pyranometer Market Regional Analysis:
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 the market growth.
Pyranometer Market Key Player Analysis:
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 are among the key pyranometer market players operating in the report.
Pyranometer Market Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the pyranometer market. A few recent key market developments are listed below:
- In June 2023, Delta OHM S.r.l launched a new PYRAsense, i.e., a new family of pyranometers that brings solar radiation measurements to a higher level. Depending on the model and according to ISO 9060:2018 and WMO recommendations, they are classified as PYRAsense10–Spectrally Flat Class A, PYRAsense02–Spectrally Flat Class B, and PYRAsense03–Spectrally Flat Class C.
- In January 2023, EKO Instruments' MS-80SH Pyranometer secured top honors in the Balance of System (BOS) category at PV Magazine's 2022 Awards. Its advanced features, including a highly efficient dome heating system and 5-year calibration interval, highlight the evolving pyranometer market's emphasis on precision and sustainability.
- In Aug 2022, EKO Instruments introduced the MS-80SH, the latest addition to its MS-80 series of Class A pyranometers. This innovative pyranometer features an integrated dome heating system designed to resist dew and frost, enhancing its performance in photovoltaic system monitoring and scientific research. The device boasts industry-leading efficiency, with a low power consumption of under 1.4W. EKO Instruments continues to improve the accuracy and overall value of PV systems with this advanced sensor.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The Americas pyranometer market was US$ 97.20 million in the year 2022 and is expected to grow at a CAGR of 8.3%, during 2022 - 2030.
Rising Awareness About Benefits of Using Pyranometer can a driver for the pyranometer market.
The growing focus on technological advancement related to pyranometers is expected to fuel the market growth.
India is anticipated to grow with the highest CAGR.
The US held the largest market share in 2022, followed by Germany.
The key players, holding majority shares, in the pyranometer market includes Apogee Instruments, Inc., Campbell Scientific, Inc., Delta OHM (GHM Group), Hoskin Scientific Ltd. and LI-COR, Inc.
The List of Companies - Pyranometer Market
- 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
- Hoskin Scientific Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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