by The global Solar Collector Tube Market is estimated to be valued at US$ 4.56 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solar collector tubes are tubular devices used in solar thermal energy systems for heating gases or liquids using sunlight. They provide an efficient way to capture solar heat and transfer it to water or other liquids/gases running through the tube. This helps in various applications like generating hot water, space heating, industrial process heating etc.
Market key trends:
One of the key trends in the solar collector tube market is increasing adoption of evacuated tube collectors. Evacuated tube collectors are more efficient than flat plate collectors as they can collect direct and diffuse sunlight from multiple directions. They maintain high temperatures even in cold weather conditions and are suitable for both domestic and commercial applications. The presence of vacuum prevents convection and conduction losses, thereby allowing evacuated tube collectors to achieve high thermal efficiency rates of 70–80%.
Market key trends:
Some key trends in the global solar collector tube market include increasing adoption of solar power and rising concerns about climate change. As nations work towards reducing carbon emissions and transitioning to renewable energy sources, the demand for solar collector tubes which are a crucial component of solar thermal systems is growing significantly. Moreover, advancements in materials and manufacturing technologies have made solar collector tubes more durable and efficient at absorbing sunlight thereby boosting their uptake in both residential and commercial solar installations.
SWOT Analysis
Strengths: Solar collector tubes provide a sustainable and cost-effective source of energy. They have very low maintenance requirements and operate without any noise or emissions.
Weaknesses: High initial setup costs. Dependence on weather conditions – solar collectors do not generate power on cloudy or rainy days.
Opportunities: Growing policy support for solar energy in many countries through incentivessuch as tax credits and net metering. Rising miniaturization of solar collectors enabling off-grid applications.
Threats: Fluctuations in costs of raw materials can impact the economics of solar installations. Competition from other renewable technologies such as wind and hydro.
Key Takeaways
The global solar collector tube market size was valued at USD 4.56 Billion in 2023 and is expected to reach over USD 8 Billion by 2030, expanding at a CAGR of 8.5% during the forecast period. The increasing demand for renewable energy sources to reduce carbon emissions is a key factor driving the adoption of solar collectors across the globe.
By region, Asia Pacific dominated the global market in 2023 and is likely to continue its lead, growing at a CAGR of around 10% till 2030. Countries such as China, India, and Japan are witnessing massive investments in solar projects which is propelling the demand for solar collector tubes in the region.
Some of the prominent players operating in the solar collector tube market are Schott AG, Yulong Dingtajian, Apex Solar, Sinosun Energy, Neo Solar Power Corporation, Solimpeks Solar Energy, Sunrain, Hubei Fullhonor Solar Energy, and others. These companies are focusing on developing advanced solar collector tubes with new materials and coatings to improve efficiency.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
