At 9.1% CAGR, the Europe Pyranometer Market is Projected to be Worth US$ 54.29 million by 2030, Says Business Market Insights

According to Business Market Insights research, the Europe pyranometer market was valued at US$ 27.14 in 2022 and is expected to reach US$ 54.29 million by 2030, registering a CAGR of 9.1% from 2022 to 2030. Government initiatives to build new solar energy plants and increasing application of pyranometers in photovoltaic systems, climatology, and meteorology are among the critical factors attributed to the Europe 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. 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. The plant will produce ~64 GWh per year, equivalent to the annual electricity consumption of 38,000 people, and keep over 550,000 metric tons of CO2 out of the atmosphere during its lifetime. 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.

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

Based on type, the Europe pyranometer market is bifurcated into photovoltaic pyranometers and thermopile pyranometers. The thermopile pyranometers segment held 53.5% share of the Europe pyranometer market in 2022, amassing US$ 14.52 million. It is projected to garner US$ 27.57 million by 2030 to expand at 8.3% CAGR during 2022-2030.

Based on application, the Europe pyranometer market is segmented into photovoltaic systems, meteorology, and climate stations. The photovoltaic systems segment held 49.6% share of Europe pyranometer market in 2022, amassing US$ 13.45 million. It is projected to garner US$ 27.16 million by 2030 to expand at 9.2% CAGR during 2022-2030.

Based on country, the Europe pyranometer market is categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany held 31.0% share of Europe pyranometer market in 2022, amassing US$ 8.42 million. It is projected to garner US$ 18.27 million by 2030 to expand at 10.2% CAGR during 2022-2030.

Key players operating in the Europe pyranometer market are Apogee Instruments Inc, Campbell Scientific Inc, Delta OHM SRL, Delta-T Devices Ltd, EKO Instruments Co Ltd, Hukseflux Thermal Sensors BV, Lambrecht meteo GmbH, 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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