According to a new study of Future Market Insights (FMI), the global solar shading system market is projected to record a steady 3% CAGR through 2027. The solar shading system market was valued at US$ 3,672.6 Mn in 2017 and is expected to reach US$ 3,931.3 Mn by 2027-end. Resurgent growth in construction and infrastructure development activities worldwide, along with the rise in smart city projects, has been driving the adoption of solar shading systems in the recent past.
The solar shading system market has been segmented on the basis of the application area, component type, technology, and region. Based on the application area, the solar shading systems market is segmented into residential, commercial, and industrial areas. Gains from the residential sector are expected to increase at a relatively faster rate through 2027. Sales in the residential sector will be driven by the installation of solar shading systems and devices in new construction, and growing home renovation activities.
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Based on the component type, the solar shading system market is segmented into aluminum-based, fabric-based, and other types. Aluminum-based solar shading systems continue to witness robust adoption in the residential and industrial sectors, owing to their attributes such as rigidity and durability, and shield-protection from solar radiation. On the other hand, fabric-based solar shading systems are expected to register a relatively higher CAGR through 2027, in light of their innovative and economic nature.
On the basis of region, the solar shading system market is segmented into North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East & Africa (MEA). The solar shading systems market in Latin America is expected to witness a relatively faster growth through 2027. The fact that the region occupies a large span of tropical and sub-tropical regions contributes to its relative supremacy in the solar shading systems market.
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. However, North America and Asia-Pacific excluding Japan (APEJ) continue to remain the most lucrative markets for solar shading systems.
According to the study, business partners are entering into long-term contracts for revenue generation and product innovation strategies, which in turn has been paving lucrative growth opportunities for the solar shading systems market. Key players operating in the global solar shading system market include Solar Shading Systems, Inc., Construction Specialties, Coltinfo.co.uk, SWFcontract., Norsk Hydro ASA, Duco Ventilation & Sun Control, LINAK, Draper, Inc, Glazing GmbH, Roda Licht -und Lufttechnik Gmb Comhan, InSync Solar, WAREMA Nederland B.V., Glasscon GmbH, Thermosash , Alumet, and Insolroll.
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These companies are eyeing to roll out a high number of quality solar shading systems. Gunnebo Group has a wide and diversified product portfolio of solar shading system, while Sand is continuously expanding its presence in various regions around the world. Dormakaba, Inc., a major supplier, and manufacturer of solar shading systems are banking on the product diversification strategy to boost its sales and revenues.