The global solar shading systems market size is projected to hit around $21.80 billion by 2030 from $17.60 billion in 2020, growing at a CAGR of 4.5% from 2021 to 2030.
Solar shading systems eliminate the permeation of sun rays in the buildings. Besides, they seek substantial adoption to shield against the overheating of commercial and residential spaces. These systems provide robust architectural solutions and features for solar protection & shading.
Further, they entirely change the look of a refurbished or a new building by making a spectacular design influence while reducing energy costs by lessening solar heat gains. They are suitable for schools, offices, and other public and commercial buildings, both refurbished and new. In addition, solar shading can benefit to meet the energy conservation necessities of building regulations while lowering building running costs and growing comfort for occupants.
A rise in need of solar shading systems in residential and commercial construction activities, owing to features such as aesthetic look of building, availability in attractive shapes, and colors, fuels the growth of the solar shading systems market.
However, high cost required for installing solar shading is anticipated to restrain the growth of solar shading systems market. For instance, the typical range of an average-sized motorized solar shading system with installation for a residential project is $320-$650 per average window. Moreover, the price of a fixed or retractable solar shading system can cost more in case of a heavier metal blade and sheathing material. This may affect the market in regions where customers prefer less expensive options.
On the contrary, technological advancement such as motorized solar shading system, and sensor based solar shading systems, is anticipated to provide lucrative opportunities for growth of the solar shading systems market.
Manufacturing activities of solar shading systems have been restricted due to the shutdown of the facilities with lockdown imposed by governments of many countries. In addition, supply chain disruptions have occurred. The raw material shortage was another challenge faced by manufacturers.
The installation activities of solar shading systems were postponed due to lack of workforce and lockdown restrictions taken place in many countries.
The demand from commercial and residential construction sectors declined significantly due to the stoppage of daily activities. However, the demand would grow steadily during the post-lockdown.
The blinds segment to maintain its leadership status during the forecast period
Based on product type, the blinds segment held over 40.5% of the global solar shading systems market share in 2020 and is expected to witness significant growth during the forecast period. This is due to the launch of innovative and state-of-the-art solar blinds by prominent vendors. However, the louvers segment is projected to grow at the fastest CAGR of 4.6% from 2020 to 2027, owing to various advantages offered by louvers as compared to other solar shades such as greater comfort for occupants, minimizing energy costs, reduction in cooling loads, and enhancing the building's architectural appearance.
The motorized segment to continue its dominant share during the forecast period
Based on mechanism, the motorized segment accounted for the largest market share, holding around two-fifths of the global solar shading systems market in 2020, and will continue its dominant share in terms of revenue during the forecast period. Moreover, this segment is expected to maintain the highest CAGR of 4.9% from 2021 to 2030. This is attributed to rise in demand for motorized solar shading systems from the commercial sector along with increase in awareness for energy savings and automation among customers. The report offers a detailed analysis of segments including fixed and manual.
North America to maintain its leadership status by 2030
Based on region, North America accounted for the highest market share in 2020, contributing to more than two-fifths of the global solar shading systems market, and will maintain its leadership status by 2030. This is attributed to surge in preference of end-users toward energy savings and solar protection along with focus of prominent vendors on developing advanced solar shading systems. However, Asia-Pacific is projected to witness the highest CAGR of 5.3% during the forecast period, owing to rise in demand from the real estate and commercial sectors in emerging economies such as India and China.
The Middle East and Africa are also expected to gain significance as a fast-growing market for solar shading systems, owing to the high temperatures and intense solar radiations in the region.
The key market players profiled in the report of the global solar shading systems market include Duco Ventilation & Sun Control, Glasscon GmbH, Hunter Douglas, Insolroll, Kawneer, Lutron, Skyco Shading Systems, Inc., Springs Window Fashions, Unicel Architectural, and WAREMA Nederland B.V.
The main objective of this report is to define, describe, and forecast the global market by types, application, manufacturers, and regions. The report provides detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the global market. The report also attempts to forecast the market size of the 5 main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It strategically profiles the key market players and comprehensively analyzes their core competencies. It also tracks and analyzes the competitive developments, such as joint ventures, mergers and acquisitions, new developments, and Research and Development (R&D) activities, in market.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the research department explosive market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the research department explosive market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Research department explosive market.
Market Segments: This part of the report discusses about product, application and other segments of the research department explosive market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.