The global market for solar shading systems is expected to be worth US$5.72 billion by 2032, with sales increasing at a 3% CAGR between 2022 and 2032. The market, which is expected to be worth US$3.9 billion in 2022, is being driven by the constantly expanding construction and infrastructure industries.
The rapid expansion of real estate into suburban areas, as well as increased building and infrastructure development activities, will benefit solar shading system market participants.
Solar shading systems provide both strong architectural elements and solutions for intense solar radiation and shading. This factor promotes their increased use in various construction activities, which benefits the market.
In recent years, solar shading systems have gained immense traction owing to their attribute of energy storage and use while eliminating the permeation of heat radiations into residential and commercial spaces. These systems come equipped with adjustable heat-reflecting louvers which promote the adoption of solar shading systems as they protect buildings against overheating.
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These are innovative and efficient approaches to shading spaces that augment the global sales of the market. Airports, railway stations, shopping malls, and tourist places are all increasingly adopting solar shading systems. Moreover, prevailing concerns regarding global warming are prompting consumers including consumer space owners to install solar shading systems.
An upsurge in the number of smart city projects all over the world and encouraging prospects of the service industry will create greater demand for solar shading systems. The increasing carbon footprint of the industrial sector and the high demand for power that pressurizes energy grids are considerations that induce commercial spaces to increase investment in solar shading systems and relevant smart devices. The growing construction of smart homes and demand for smart architecture also aid the growth of the solar shading system market.
New-age city infrastructure demands smart buildings and the popularity of smart homes also favors the solar shading system market as they generate demand for different types of fabric and aluminum-based devices. Moreover, commercial buildings based on the smart home concept include the use of solar shading systems as a critical part of the infrastructure. All of these considerations will spearhead the growth of the solar shading systems market during the projection period.
Key Takeaways:
- Increasing spending on home aesthetics will drive the sales of the global solar shading systems market in the upcoming years.
- Smart home and smart architecture concepts will strengthen the prospects of the solar shading system market.
- From 2018 to 2027, North America will hold about 30.6% of the global solar shading system market share.
- Asia Pacific will emerge as a lucrative market due to rising smart city projects in countries like India and China.
- The commercial application segment will generate high demand for the overall solar shading system market.
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Competitive Landscape :
WAREMA Nederland B.V., Glasscon GmbH, Thermosash, Alumet, InSync Solar, LINAK, Insolroll Controller, Alliance Shadin, SWFcontract, and Glazing GmbH, among others, are some of the significant players in the solar shading systems market profiled in the full version of the report.
In a competitive market, prominent market players are keen on offering automated systems in collaboration with integrated service providers. A few of these participants are including installation services coupled with the provision of aftersales services such as maintenance and repair activities. Product development and improving product quality are certain other tactics employed by these businesses to gain a competitive advantage.
More Insights into Solar Shading Systems Market
In its latest report, FMI offers an unbiased analysis of the global solar shading systems market, providing historical data from 2018 to 2021 and forecast statistics for 2022 to 2032. The market delivers an in-depth breakdown of drivers, restraints, trends, opportunities, and segmentation of the market. To understand the global market potential, growth, and scope, the market is segmented on the basis of application, component type, technology, and region.
As per FMI estimates, the commercial and residential application segments will witness rapid growth and contribute substantially to the overall market growth. In terms of technology, the smart power source category will gain rapid popularity during the forecast period. Based on region, Asia Pacific will likely emerge as a highly remunerative pocket for the solar shading system market.
The popularity of the smart city and smart home concepts across the region will drive the growth of the solar shading systems market in Asia Pacific. Thus, protection for buildings from global warming and the growing popularity of smart architecture as well as contributions from Asia Pacific will drive the growth of the solar shading system market during the projection period.
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Solar Shading System Market: Key Segments
By Application Area:
- Residential
- Commercial
- Industrial
By Component Type:
- Aluminum-based
- Fabric-based
- Others
By Technology:
- Battery Powered
- Manual
- Smart Power Source
Key Regions Covered:
- North America
- Latin America
- Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa
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