According to a new report published by Prudent Markets, titled, “Solar Shading Systems Market by Type, Mechanism, and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026,” global solar shading systems market size was $10.8billion in 2018, and is projected to reach $14.5billion by 2026, registering a CAGR of 3.6% from 2019 to 2026.The commercial segment garneredover 50.0% global solar shading systems market share in 2018 and is expected to witness significant growth during the forecast period.

Individuals have become more focused toward lowering energy consumption. Hence, they have started to install motorized or fixed solar shading systems to keep their houses cool in summer. These solar shading systems serve as a profitable solution to avert harmful UV rays from damaging artwork, furniture, and floor in the residential and commercial spaces. A rise in demand for solar shading system installation in the residential and commercial sectors to intensify the use of available outdoor spaces is catering to the growth of the global solar shading system market. However, the high installation cost and initial purchase of retractable are projected to hamperthe growth of the solar shading system industry.

According to Priyanka Khandelwal,Industry Analyst, Construction and Manufacturing at Prudent Markets, “The solar shading systems market has observed significant growth over the past decade, owing to the implementation of newer state-of-the-art technologies in the solar shading systems. In addition, upsurge in investments in the construction industry all over the globe are projected to positively influence the global solar shading systems market growth. Several players such as Hunter Douglas, Springs Window Fashions, and Lutron Electronics Co., Inc.are expanding their business worldwide owing to the augmented customer base, improved effective operations, expanded geographical reach, and developed product portfolios. This is predicted to lead to the development of the global solar shading systems industry.”

The development of the global solar shading system market is driven by advances in fabric material and the need for the beautification of commercial as well as residential buildings. In addition, solar shading systems can be used to surge the utilization of veranda, patio, and garden, whichis anticipated to boost the growth of the solar shading system market. Furthermore, technical advances that include motorized and manual retraction mechanisms have led to the development of the solar shading system market.

Nevertheless, unreliable harsh weather conditions hamper the development of the solar shading system industry, explicitly in areas that are susceptible to heavy rainfall and snowfall. On the contrary, technological developments such as the introduction of remote control, sensors, and others, are expected to offer remunerative opportunities to the key market players.Protection from sun, developments in fabric material, and expansion of the living space are expected to stimulate the growth of the solar shading system industry.

On the basis of type, the blinds segment is expected to account for the largest share in the global market during the forecast period, due to a surge in demand across Europe and North America. By application, the non-residential segment is anticipated to be the chief revenue contributor, increasing at a substantial CAGR during the study period. This is attributed to a rise in commercialization where solar shading systems are used to intensify the application and augment the visual appeal of windows, patios, & outdoor spaces.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging solar shading systemsmarket trends and dynamics. 

• Depending on application, the non-residential segment dominated the market in 2018, and residential segment is projected to grow at a significant CAGR during the forecast period.

• By type, the blinds segment held amajority of the solar shading systems market share in 2018.

• On the basis of mechanism, in 2018, motorized segment is anticipated to hold the largest share of the global solar shading systems market.

• Asia-Pacific is projected to register the highest growth rate during the study period.

• U.S. accounted for over 60% of the share of the North America market in 2018.

• Key market players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the solar shading systemsindustry.

• The report provides an extensive analysis of the solar shading systemsmarket trends and its emerging opportunities. 

• In-depthsolar shading systemsmarket analysis is conducted by constructing estimations for the key segments between 2018 and 2026.

• The global solar shading systemsmarket forecast analysis from 2019 to 2026 is included in the report.



The key players profiled in the report include Duco Ventilation & Sun Control, Glasscon GmbH, Hunter Douglas, Insolroll, Kawneer, Lutron Electronics Co., Inc., Skyco Shading Systems, Inc., Springs Window Fashions, Unicel Architectural, and WAREMA Nederland B.V.





 

Research Link: https://www.prudentmarkets.com/report/solar-shading-systems-market/536/