The pyranometer market is projected to expand from US$ 97.20 million in 2023 to US$ 183.42 million by 2030, reflecting a compound annual growth rate (CAGR) of 8.3% from 2022 to 2030.
A pyranometer is an instrument designed to measure solar irradiance across a hemispherical field of view that strikes a flat surface. The sun serves as the primary source of extraterrestrial energy for Earth, playing a crucial role in influencing climate and weather patterns, as well as being integral to energy generation through solar energy harvesting. Solar radiation is a dominant factor in shaping the Earth's weather systems, making it essential for climate and meteorological research. In these studies, pyranometers are typically utilized to gauge the Global Horizontal Irradiance (GHI), which helps in assessing the solar energy incident on the Earth's surface.
Within the solar energy sector, pyranometers are vital for evaluating the efficiency of photovoltaic (PV) power plants. By comparing the actual power output of a PV facility with the expected output derived from pyranometer data, the performance of the plant can be effectively analyzed. Additionally, pyranometers are instrumental in assessing potential sites for new PV installations by estimating their expected energy output. When positioned in the plane of array (POA) of solar panels, pyranometers provide critical data necessary for calculating performance ratios in photovoltaic systems.
Solar energy harnesses sunlight to produce electricity or heat, and pyranometers are essential for quantifying the available solar energy. In photovoltaic systems, these devices measure the solar irradiance impacting the solar panels, which is crucial for determining the panels' power output and ensuring optimal operational efficiency. Furthermore, pyranometers are employed to monitor the performance of PV power plants. By analyzing pyranometer readings, the efficiency of a PV installation can be evaluated by contrasting the actual output with the anticipated output. Companies like Apogee Instruments and Soluzione Solare S.r.l. manufacture pyranometers that are widely used in PV systems. In the field of climatology, pyranometers measure the solar radiation that reaches the Earth's surface, providing data essential for climate change research and atmospheric modeling. The long-term measurement of solar irradiance by pyranometers is vital for climatological studies, thus driving the growth of the pyranometer market across various applications including photovoltaics, climatology, and meteorology.
Effects of the COVID-19 Pandemic on the Pyranometer Market
- The COVID-19 pandemic adversely affected the pyranometer market in 2020, as the global economic downturn led to reduced investments in solar energy initiatives. Nevertheless, the market has been on a recovery path alongside the global economic rebound.
- Despite the challenges, the pyranometer market remains stable, with numerous countries initiating new solar power projects.
- The demand for solar energy is anticipated to rise in the coming years as governments and businesses worldwide strive to decrease their dependence on fossil fuels, which will likely enhance the need for pyranometers that measure solar irradiance.
- The global transition towards renewable energy sources is another significant trend expected to propel the pyranometer market during the forecast period. Solar energy is recognized as one of the leading renewable energy sources, and the demand for pyranometers is projected to increase with the proliferation of solar energy projects. Many nations are establishing solar plants post-pandemic, further stimulating the pyranometer market.
- For example, in June 2021, Togo inaugurated the largest solar power plant in West Africa, aimed at improving energy access and promoting renewable energy in the region. Pyranometers play a crucial role in evaluating the performance of photovoltaic power plants in the solar energy sector.
- The pyranometer market is on an upward trajectory and is expected to continue its growth in the forthcoming years, driven by the rising demand for solar and renewable energy. Additionally, advancements in technology, such as the development of silicon cell pyranometers and various material options, are likely to further enhance market growth.
The European pyranometer market is witnessing significant growth, fueled by the European Union's commitment to providing innovative solutions for global health, technology, and climate challenges. In November 2021, the European Council initiated a collaboration among EU Member States and industries to develop creative solutions addressing health, transportation, energy, digital technology, and metrology issues. Furthermore, ongoing research and innovation in product development are expected to bolster the pyranometer market in the region. Various metrological research and development organizations are focusing on pyranometer advancements to minimize soiling losses in PV systems. For instance, in November 2022, a research team led by Spain's DLR Institute of Solar Research introduced Radguard, a new system designed to quantify soiling losses in PV systems. Radguard utilizes a PV reference cell for approximately 45 minutes at night or a lamp to illuminate a pyranometer, with a collimator protecting the lamp from soiling, ensuring the device's proper functionality.
In the Asia Pacific region, there is a rapid surge in investments in solar energy, contributing to the expansion of the solar energy sector. For example, in May 2023, Metro Pacific Investments allocated US$ 427 million to SP New Energy, a solar energy firm in the Philippines, which is driving the demand for pyranometers in the market.
Governments in Saudi Arabia, the UAE, South Africa, Brazil, Argentina, and various countries in the MEA and SAM regions are actively promoting PV installations for renewable energy generation. For instance, in March 2023, Noria Energy, a California-based solar developer, launched a 1.5 MW floating solar power system at Colombia's Urr? Dam, marking the largest project of its kind in the SAM region. Consequently, the demand for pyranometers is increasing due to the rise in solar power plant installations, further propelling the growth of the pyranometer market in the MEA and SAM regions.
Key players in the pyranometer market include 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. These companies, along with several others, have been analyzed to provide a comprehensive overview of the pyranometer market and its ecosystem.