- Rise in spending on home remodeling and retrofitting activities and requirement for beautification of the building drive the growth of the global solar shading systems market
PORTLAND, Ore., April 19, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Shading Systems Market by Product Type (Blinds, Shades, Louvers, and Textiles), Geometry (Horizontal, Vertical, and Egg-Crate), Mechanism (Fixed, Manual, and Motorized), and Material (Metal, Glass, Wood, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global solar shading systems industry generated $17.55 billion in 2019, and is expected to garner $21.34 billion by 2027, witnessing a CAGR of 3.9% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in spending on home remodeling and retrofitting activities, expansion of living space and protection from sun, and requirement for beautification of the building drive the growth of the global solar shading systems market. However, unreliability about harsh weather conditions, expensive nature of pricing and installation of motorized solar shading system, and design restrictions for parts hinder the market growth. On the other hand, technological innovations in its mechanism and developments in fabric material present new opportunities in the coming years.
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 accounted for the highest share in 2019, contributing to more than two-fifths of the global solar shading systems market, and is projected to maintain its leadership status 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 2019, 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 4.6% from 2020 to 2027. 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 2027
Based on region, North America accounted for the highest market share in 2019, contributing to more than two-fifths of the global solar shading systems market, and will maintain its leadership status by 2027. 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 4.9% during the forecast period, owing to rise in demand from the real estate and commercial sectors in emerging economies such as India and China.
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