Solar collector tubes are extensively used to absorb solar thermal energy and transfer it to a storage system or heating system. They offer cost-effective heating solutions, reduce energy bills, and contribute to the environmental protection goals of organizations.
Market key trends:
The increasing adoption of renewable energy sources across commercial and residential sectors to reduce carbon emissions has accelerated the demand for solar collector tubes in recent years. Governments and international organizations are promoting the use of solar energy through various subsidies and policies. This has encouraged manufacturing companies to invest heavily in the development of advanced solar collector tubes with high thermal efficiency and durability. The production of carbon-neutral solar collector tubes using recycled materials has also picked up pace to cater to the growing needs of sustainability-conscious consumers.
Segment Analysis
The global solar collector tube market is dominated by evacuated tube collectors sub segment. Around 65% of the total market share is held by evacuated tube collectors sub segment. Flat plate collectors currently hold around 30% market share but is expected to lose share to evacuated tube collectors. Evacuated tube collectors are dominating the market as they provide 20-50% higher efficiency compared to flat plate collectors. They are suitable for wide range of climatic conditions and water temperatures achieve with evacuated tube collector is high enough for various applications like space heating and industrial process heating.
Key Takeaways
Global Solar Collector Tube Market Size is expected to witness high growth over the forecast period of 2024 to 2031. 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:
Asia Pacific region dominated the global market in 2024 with a share of over 40% and is expected to continue its dominance during the forecast period. This is attributed to the massive investments by China, Japan and India to produce and install solar collectors for meeting increasing energy demand through renewable sources. Europe was the second largest regional market for solar collector tubes in 2024 owing to supportive government policies promoting solar energy adoption in countries like Germany, Italy and France.
Key players:
Key players operating in the solar collector tube market are Church & Dwight Co., Inc., Swiss Precision Diagnostics GmbH, Procter & Gamble Co., and Abbott Laboratories. Out of these, Church & Dwight Co., Inc. and Procter & Gamble Co. collectively held over 30% market share in 2024 owing to their wide product portfolio and strong distribution network in major solar markets across the globe. Swiss Precision Diagnostics GmbH and Abbott Laboratories are also expected to increase their market presence during the forecast period through new product launches and geographic expansion.
Get More Insights On This Topic: https://www.newsstatix.com/solar-collector-tube-market-is-expected-to-be-flourished-by-high-demand/
Comments
0 comment