June 19, 2024
Solar Collector Tube Market

Solar Collector Tube Market is Expected to be Flourished by High Demand for Renewable Energy Sources

Solar collector tubes, also known as evacuated tube solar collectors, are a type of solar thermal collector designed to absorb as much of the sun’s radiation as possible. They consist of a special glass tube enclosed in an outer protective glass tube to form a vacuum between the two layers. This design minimizes heat loss and maximizes heat gain from sunlight. Solar collector tubes are widely used in solar water heating systems for homes, businesses and industries. They are also utilized in various solar thermal applications such as solar power plants, solar distillation and cooling systems.

The global Solar Collector Tube Market is estimated to be valued at US$ 5.26 Mn  in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

High Demand for Renewable Energy Sources: Continued focus on reduction of greenhouse gas emissions and rising energy costs have boosted the demand for renewable energy sources globally. Solar energy is considered one of the most promising renewable technologies due to its non-polluting and inexhaustible nature. This has resulted in significant investments in solar power projects, which in turn is driving the growth of the global solar collector tube market.

Growing Awareness about Energy Efficiency: Stringent regulations imposed by governments across the world pertaining to energy efficiency standards have increased awareness among end-users about utilizing clean and energy efficient technologies. Solar collector tubes are highly efficient and are capable of converting over 80% of solar radiation into usable heat. Therefore, their growing popularity as a means for clean heating solutions is supporting the expansion of the solar collector tube market.

Segment Analysis

The solar collector tube market is dominated by the evacuated tube sub-segment which holds around 60% market share. Evacuated tube collectors are more efficient than flat plate collectors as they can generate hot water even in cloudy weather or winter. The vacuum between the two glass tubes in an evacuated tube collector helps in reducing conduction and convection loses, ensuring high heat retention.

PEST Analysis

Political: Growing support from various governments in the form of subsidies and tax rebates for solar water heating systems is driving the adoption of solar collector tubes. Many countries have formulated policies that promote the use of renewable sources of energy.
Economic: Reduction in cost of setting up solar water heating systems and payback periods of 1-3 years have made solar collector tubes an economically viable option. Decreasing prices of collectors and other system components is further fueling the market growth.
Social: Increasing awareness about benefits of renewable energy and need to reduce carbon footprint is positively impacting the solar collector tube market. Customers are willing to invest in solar water heaters to save on energy bills and contribute to a sustainable future.
Technological: Advancements in materials and designs have enhanced the performance and lifetime of solar collector tubes. New coating technologies and vacuum levels have improved efficiency and thermal loss properties of evacuated tube collectors.

Key Takeaways

Global Solar Collector Tube Market Size is expected to witness high growth. The global Solar Collector Tube Market is estimated to be valued at US$ 5.26 Mn  in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 to 2031.

North America dominates the market currently due to presence of major manufacturers and growing installations of solar water heating systems across residential and commercial applications. The USA leads globally in terms solar collector tube installations, followed by key markets like Canada and Mexico.

Key players operating in the solar collector tube market include Church & Dwight Co., Inc., Swiss Precision Diagnostics GmbH, Procter & Gamble Co., and Abbott Laboratories. Church & Dwight Co., Inc. is one of the leading manufacturers of solar hot water products worldwide. The company offers a wide range of evacuated tube and flat plate collectors for residential and commercial use.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it