March 2, 2024
Solar Collector Tube Market

Solar Collector Tube Market Driven by Growing Interest in Renewable Energy Resources

Solar collector tubes, also known as evacuated tube collectors, are widely used in solar water heating and space heating systems. They contain a glass tube with a vacuum between an inner and outer glass tube to minimize heat loss. The vacuum allows solar energy to pass through the glass and be absorbed by a heat pipe that transfers thermal energy to a fluid located at the absorber end of the tube. This concentrated heat from sunlight can then effectively be used for domestic and industrial heating purposes. With increasing concerns about carbon emissions and volatile energy prices, more individuals and organizations are investing in renewable energy sources like solar power. The global solar collector tube market is driven by favorable government subsidies and initiatives promoting the adoption of clean energy technologies.

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 key trends:
One of the key trends in the solar collector tube market is the introduction of advanced coatings that help boost absorption of sunlight and reduce heat loss. Manufacturers are developing vacuum tubes coated with selective surface coatings made of materials like copper oxide and nickel that can absorb up to 95% of solar radiation. These high performing coatings allow collectors to retain more heat for hot water and space heating needs. Another emerging trend is the increasing demand for evacuated tube collectors in solar thermal power generation facilities. Compared to flat plate collectors, evacuated tube designs have a 12-15% higher efficiency in converting sunlight into usable heat energy. This makes them a preferred choice for utility-scale concentrated solar power plants.

Porter’s Analysis
Threat of new entrants: The solar collector tube market has moderate threat of new entrants as high capital requirement acts as a barrier to entry. However, presence of large number of players in related markets can pose competition.
Bargaining power of buyers: The bargaining power of buyers is moderate as product differentiation and switching cost makes buyers dependent on few major players. However, price transparency increases buyers power.
Bargaining power of suppliers: Since raw materials such as silicon and aluminum are commoditized, the bargaining power of suppliers remains moderate. However, strong distribution network of few suppliers increases their bargaining power.
Threat of new substitutes: There exists low threat from substitutes as solar collector tubes have limited substitutes and are essential for solar thermal systems. However, PV solar panels can act as substitute in some applications.
Competitive rivalry: The market exhibits high competitive rivalry owing to presence of many global as well as domestic players. Intense focus on R&D and new product launches intensifies competition.

Key Takeaways
The 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.

Regional analysis comprised Asia Pacific dominates the global solar collector tube market and is estimated to grow at the fastest rate during the forecast period. Key factors such as increasing investments in solar power generation, supportive government policies, and presence of emerging economies driving rapid installations of solar thermal systems will contribute to the market growth in the region.

Key players operating in the global solar collector tube market are Church & Dwight Co., Inc., Swiss Precision Diagnostics GmbH, Procter & Gamble Co., and Abbott Laboratories. The global solar collector tube market is dominated by a handful of globally operating as well as regionally strong players. These major players are investing in increasing their production capacities and strengthening their distribution networks across international markets. For instance, in 2021, Procter & Gamble Co. announced doubling of its solar thermal capacity in India.

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