At 10.2% CAGR, the Asia Pacific Pyranometer Market is Projected to be Worth US$ 54.66 million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific pyranometer market was valued at US$ 25.08 in 2022 and is expected to reach US$ 54.66 million by 2030, registering a CAGR of 10.2% from 2022 to 2030. Increasing application of pyranometers in photovoltaic systems, climatology, and meteorology and rising awareness about benefits of using pyranometer are among the critical factors attributed to the Asia Pacific pyranometer market expansion.

Solar energy is the use of sunlight to generate electricity or heat, and pyranometers are used to measure the amount of available solar energy. In photovoltaic systems, pyranometers are used to measure the solar irradiance that hits the solar panels. This calculated value is used to measure the panels' power output and ensure that they are operating at their maximum efficiency. Additionally, the pyranometer used in the solar energy industry monitors the performance of PV power plants. On the basis of a pyranometer reading, the efficiency of the PV power plant can be determined by comparing the actual power output from the PV power plant to the expected output. Several companies such as Apogee Instruments and Soluzione Solare S.r.l offer pyranometers, which are applied in PV systems. In climatology, pyranometers measure the amount of solar radiation that reaches the Earth's surface. This information is used to study climate change and develop Earth's atmosphere models. Climatology is the study of climate, and pyranometers are used in climatology to measure solar irradiance over long periods. Therefore, the increasing application of pyranometers in photovoltaic systems, climatology, and meteorology is driving the pyranometer market growth.

On the contrary, lack of knowledge regarding pyranometers hamper the growth Asia Pacific pyranometer market.

Based on type, the Asia Pacific pyranometer market is bifurcated into photovoltaic pyranometers and thermopile pyranometers. The thermopile pyranometers segment held 51.9% share of the Asia Pacific pyranometer market in 2022, amassing US$ 13.02 million. It is projected to garner US$ 27.23 million by 2030 to expand at 9.7% CAGR during 2022-2030.

Based on application, the Asia Pacific pyranometer market is segmented into photovoltaic systems, meteorology, and climate stations. The photovoltaic systems segment held 50.9% share of Asia Pacific pyranometer market in 2022, amassing US$ 12.76 million. It is projected to garner US$ 28.01 million by 2030 to expand at 10.3% CAGR during 2022-2030.

Based on country, the Asia Pacific pyranometer market is categorized into China, South Korea, Japan, Australia, India, and the Rest of Asia Pacific. China held 33.4% share of Asia Pacific pyranometer market in 2022, amassing US$ 8.37 million. It is projected to garner US$ 20.39 million by 2030 to expand at 11.8% CAGR during 2022-2030.

Key players operating in the Asia Pacific pyranometer market are Apogee Instruments Inc, Campbell Scientific Inc, Delta OHM SRL, Delta-T Devices Ltd, EKO Instruments Co Ltd, Hukseflux Thermal Sensors BV, LI-COR Inc, and OTT HydroMet Corp, among others.

- In June, 2023; Delta OHM S.r.l has launched a new PYRAsense is 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.
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