1. X=Y*2. The width of the render must be two times bigger than the height. Say, if you set the width to 2160, set the height to 1080. Otherwise, the equirectangular image will be stretched in a weird way.
2. 32-bit color. Save the render to a format which supports 32-bit color: .EXR or .HDR.
3. Camera. Don’t tilt the camera.
4. Resolution. For a crispy looking image, set the render resolution to at least 8000 pixels wide.
5. Color management. The color management options, exposure, gamma and so on, play no role in rendering the HDRI. It works only in the viewport.
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Go ahead and render some HDRI’s (I rendered my own from this scene by the way). It’s a lot of fun and the panoramic cameras are fun on their own too.