by The solar collector tube market has seen rapid growth owing to increasing focus on renewable energy sources and need for energy efficiency. Solar collector tubes are an integral component of solar thermal systems, playing a vital role in absorbing sunlight and transferring the thermal energy to a fluid medium like water or air for various applications including water heating, space heating, and cooling. Advantages such as low maintenance, longevity, and being environment-friendly have further propelled their adoption.
The Global Solar Collector Tube Market is estimated to be valued at US$ 5.37 Billion in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Solar Collector Tube market are Church & Dwight Co., Inc., Swiss Precision Diagnostics GmbH, Procter & Gamble Co., and Abbott Laboratories. Key players in the solar collector tube market have been focusing on new product launches, partnerships, and capacity expansions to cater to the growing demand and strengthen their market position. For instance, in 2021, Procter & Gamble Co. expanded its production facility in Mexico to double its annual output of solar thermal tubes.
The Solar Collector Tube Market Demand has been witnessing steady growth owing to the rising focus on renewable sources of energy and need for energy efficiency. Government policies and initiatives promoting the use of solar energy have further propelled the market. Moreover, rising environmental consciousness and need to reduce carbon footprint is encouraging greater adoption of solar water heating systems using collector tubes.
The global solar collector tube market has been expanding, especially in the Asia Pacific region. Countries like India, China, and Japan have implemented supportive policies and schemes to boost solar power generation. This is attracting major players to set up manufacturing plants in these countries to take advantage of low costs and cater to the growing regional demand. For example, in 2023, Swiss Precision Diagnostics GmbH announced plans to establish three new production facilities in China and India over the next five years.
Market Key Trends
One of the major trends gaining traction in the solar collector tube market is the increasing preference for evacuated tube collectors. Compared to flat plate collectors, evacuated tube collectors offer higher efficiency across varied weather conditions as they prevent heat loss through convection and conduction. The tube within tube design creates a vacuum between the two tubes, reducing heat loss. This makes evacuated tube collectors suitable for both domestic and commercial heating applications. Leading players have been developing advanced evacuated tube collectors with anti-reflection coatings and thermal control features to improve efficiency and performance. This is expected to drive the demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and growing government support and legislation favoring renewable energy to drive new entrants.
Bargaining power of buyers: Increasing buyer awareness and demand for renewable energy sources increases buyer power.
Bargaining power of suppliers: Few large players dominate the raw material supply increasing supplier bargaining power.
Threat of new substitutes: Technological advances in other renewable sources like solar photovoltaics may limit substitution threats in long run.
Competitive rivalry: Intense competition between established players to gain market share through product innovation and expansion.
Geographical Regions
Asia Pacific accounts for the largest share of the Solar Collector Tube Market Companies in terms of value due to growing solar energy installations and supportive government policies in major countries like China and India.
The Middle East and Africa region is expected to grow at the fastest pace during the forecast period due to increasing renewable energy adoption and rising electrification efforts in rural areas of countries such as South Africa, Saudi Arabia and UAE.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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