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 heat collection elements that absorb solar radiation and convert it into thermal energy. They are used in solar thermal collection systems to harness solar energy for applications such as space heating, domestic hot water, pool heating, industrial process heating. Advantages of solar collector tubes include cleaner energy production with no pollutants emissions, reducing carbon footprint, and lower operating costs compared to conventional energy sources.
Market key trends:
One of the key trends driving the growth of the market is the rising adoption of evacuated tube collector systems. Evacuated tube collectors are more efficient than flat plate collectors as they can harness direct as well as diffuse solar radiation. They maintain high temperatures even in cloudy conditions or winter months. This makes evacuated tube collectors suitable for applications requiring high temperature heated water throughout the year.
Here is the segment analysis and key takeaways for the given Solar Collector Tube Market:
Segment Analysis
The global solar collector tube market is segmented by tube type, end use, and region. Based on tube type, the evacuated tube collector segment held the largest market share in 2022 and is expected to remain dominant over the forecast period. Evacuated tube collectors are more efficient than flat plate collectors as they can absorb direct and diffuse sunlight from any angle and have minimal heat loss. Their higher efficiency and ability to generate more energy makes them a preferred choice for both commercial and residential applications.
Key Takeaways
The global solar collector tube market is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period, due to increasing demand for renewable energy sources.
The market size for solar collector tubes was valued at US$ 4.56 Bn in 2023. Asia Pacific currently dominates the market owing to rapid growth in solar power installations in China, India, and Japan. China is the largest producer as well as consumer of solar collector tubes due to supportive government policies and growing emphasis on renewable energy.
Europe is expected to be the fastest growing regional market between 2023-2030 on account of stringent emission norms and rising focus on achieving energy independence. Countries such as Germany, Italy, and UK are major markets in the region.
Key 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. The industry is moving towards consolidation as major players are acquiring smaller manufacturers to strengthen their product portfolio and geographical footprint.
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