Pyranometer Market Research Insights with Upcoming Trends Segmentation, Opportunities and Forecast to 2030

According to the new research report on "Pyranometer Market Forecast to 2030 - Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the pyranometer market size is expected to reach US$ 183.42 million by 2030 and register a CAGR of 8.3% from 2022 to 2030.

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In the pyranometer market, at a working solar plant, a pyranometer measures the solar energy entering the system, while a power meter measures the value of electrical power production. The knowledge of these two values in all instances makes the calculation of a solar plant's performance ratio (PR) easy. PR is a significant parameter that might indicate if the solar plant is operating well or if there are problems such as shading, soiling, short circuits, or module degradation. Pyranometers are used in large-scale projects rather than smaller installations to determine the panels' productivity. According to the International Energy Association (IEA), electricity from solar PV and wind is expected to double in the next five years, providing approximately 20% of global power generation by 2027. In addition, renewables are anticipated to be the major source of global electricity production by 2025, outstanding coal. Their share of the power mix is estimated to rise by 10%, reaching 38% by 2027. Pyranometers are used widely across the solar energy sector to provide high-quality data for feasibility studies and monitoring the photovoltaic performance of solar projects. Hence, the demand for pyranometers for large-scale solar projects is projected to increase in the pyranometer market size during the forecast period.

Pyranometers are being used in a wide range of applications in the agriculture industry in the pyranometer market. Pyranometers are used in agriculture to measure solar radiation levels for crop growth and yield prediction. Pyranometers are often used in agriculture to determine the amount of solar radiation absorbed by crops and soil. The information is critical because it allows farmers to calculate the energy available for photosynthesis (it is the process through which plants turn sunlight into energy, allowing them to grow and thrive). Pyranometers can assist farmers in identifying agricultural problems before they become severe. For example, a pyranometer reading can determine if a crop is not receiving appropriate solar radiation, encouraging the farmer to take action to improve the situation. This can make the pyranometer market grow positively.

Similarly, if a crop receives excessive solar radiation, the farmer can take action to minimize the amount of radiation received. Such features of the pyranometer assist farmers in optimizing crop growth and increasing crop output and quality. Pyranometers are great tools for increasing crop yield and quality. They also assist farmers in optimizing fertilizer use and water use, which helps to reduce harmful environmental effects. Thus, the rising application of pyranometers in agriculture is driving the growth of the pyranometer market.

In the pyranometer market, pyranometers have been used primarily for climatological study and weather monitoring, but increasing global interest in solar energy has also raised interest in pyranometers. Additionally, governments of various countries are taking several initiatives to create new solar energy production facilities to create green energy, which is projected to directly impact pyranometer sales. For instance, in 2021, Togo launched the largest solar plant in West Africa, approximately 250 km north of the capital city-Lomé, which was built by AMEA Togo Solar, a subsidiary of Dubai-based AMEA Power. The 50-megawatt facility will power over 158,000 households and reduce more than one million metric ton of CO2 emissions. In November 2021, TotalEnergies launched its largest photovoltaic solar power plant in France, with a capacity of 55 megawatts (MW). The solar farm, located at the northeast of Gien (Loiret), comprises 126,000 photovoltaic panels spread over 75 hectares. Additionally, the efficiency of a PV power plant can be determined by comparing the actual power output of the PV power plant to the expected output based on pyranometer readings. Any significant drop in efficiency might indicate that the PV plant requires maintenance. Thus, government initiatives to build new solar energy production facilities are likely to create new opportunities for the pyranometer market players in the coming years.

The pyranometer market is experiencing robust growth in the US. As the US is an economically strong country, it invests in the solar power plant industry. Also, solar power installation is becoming more popular in the country as people become more aware of the benefits of renewable energy. Several existing and upcoming solar power plants in the US are increasing. For instance, a project named 7V Solar Ranch Solar Power Plant 300 MW has a budget of US$ 282 million. This project involves the construction of a 300 MW 7V Solar Ranch power plant in Texas. The construction work started in Q2 2022 and is anticipated to be completed in Q4 2023. This project aims to power homes in the country, and it is expected to create 200 jobs. Many other projects are also emerging in the US. Projects include Fayette County Solar Farm 240 MW, Twin Falls Solar Power Plant 120 MW, Gaskell West 2 & 3 Solar Plant, C&I Solar Plant 34 MW. Therefore, as the number of solar power plants increases in the US, the demand for pyranometers also grows. This factor boosts the pyranometer market growth in the US.

Key Findings of Study: Pyranometer Market
Asia Pacific (APAC) is experiencing a remarkable surge in the solar energy sector owing to the establishment of new photovoltaic power plants in Mongolia, China, India, and other countries. Increasing awareness regarding the importance of clean energy in developing nations has fueled the development of solar panels, thereby boosting the adoption of pyranometers as they are crucial for accurately measuring solar radiation and optimizing solar energy generation. Which boosts the pyranometer market growth.

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For instance, in September 2023, the Mongolian government, in collaboration with the Asian Development Bank, inaugurated a 10 MW photovoltaic power plant in Mongolia. This plant is expected to produce 20 million kW-hours of energy annually. To achieve this goal, pyranometers are likely to be employed to provide precise readings of solar radiation, ensuring maximum energy output from the solar panels. Moreover, in the pyranometer market, in June 2023, China's Kela photovoltaic (PV) power station stood as a testament to the region's commitment to clean energy. This high-altitude facility, combining solar and hydropower, highlights the growing importance of reliable solar energy production. Pyranometers play a pivotal role in aiding in the efficient generation of clean energy as they help measure solar irradiance. Therefore, owing to the above parameters the pyranometer market is seeing growth in coming years.

The pyranometer market is categorized on the basis of type, application, and geography. By type, the pyranometer market is divided into silicon pyranometers and thermopile pyranometers. Based on application, the pyranometer market is segmented into photovoltaic systems, meteorology, and climate stations. Based on geography, the pyranometer market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

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