At 4.8% CAGR, the South & Central America Pyranometer Market is Projected to be Worth US$ 4.95 million by 2030, Says Business Market Insights

According to Business Market Insights' research, the South & Central America pyranometer market was valued at US$ 3.41 in 2022 and is expected to reach US$ 4.95 million by 2030, registering a CAGR of 4.8% from 2022 to 2030. Government initiatives to build new solar energy plants and growing focus on technological advancements are among the critical factors attributed to the South & Central America pyranometer market expansion.

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. 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.

On the contrary, lack of knowledge regarding pyranometers hamper the growth South & Central America pyranometer market.

Based on type, the South & Central America pyranometer market is bifurcated into photovoltaic pyranometers and thermopile pyranometers. The thermopile pyranometers segment held 54.9% share of the South & Central America pyranometer market in 2022, amassing US$ 1.87 million. It is projected to garner US$ 2.63 million by 2030 to expand at 4.3% CAGR during 2022-2030.

Based on application, the South & Central America pyranometer market is segmented into photovoltaic systems, meteorology, and climate stations. The photovoltaic systems segment held 52.5% share of South & Central America pyranometer market in 2022, amassing US$ 1.79 million. It is projected to garner US$ 2.64 million by 2030 to expand at 5.0% CAGR during 2022-2030.

Based on country, the South & Central America pyranometer market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil held 54.2% share of South & Central America pyranometer market in 2022, amassing US$ 1.85 million. It is projected to garner US$ 2.69 million by 2030 to expand at 4.8% CAGR during 2022-2030.

Key players operating in the South & Central America pyranometer market are Apogee Instruments Inc, Campbell Scientific Inc, Delta OHM SRL, Delta-T Devices 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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