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Residential Solar Shading System Market Expected to Reach $10 Billion by 2031—Allied Market Research

 
2022
Residential Solar Shading System Market

Report Code : A16197

quote The residential solar shading systems market has observed significant growth over the past decade, owing to implementation of newer state-of-the-art technologies in the solar shading systems. In addition, upsurge in investments in the construction industry across the globe are projected to positively influence the global residential solar shading systems market growth. quote

Onkar Sumant - Manager
Construction and Manufacturing at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Residential Solar Shading System Market," The residential solar shading system market size was valued at $6.9 billion in 2021, and is estimated to reach $10 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031. The development of the global residential solar shading system market is driven by advances in fabric material and the need for the beautification of residential buildings. In addition, the capability of solar shading systems can be used to surge the utilization of veranda, patio, and garden, which is anticipated to boost the residential solar shading system market growth. Furthermore, technical advances that include motorized and manual retraction mechanisms have led to the development of the residential solar shading system market. 

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 spaces. A rise in demand for solar shading system installation in the residential 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 hamper the growth of the residential solar shading system industry. 

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 residential solar shading systems industry. The major players operating in the residential solar shading systems market have adopted key strategies such as business expansion to strengthen its market outreach and sustain the stiff competition in the solar shading systems market. For instance, in Aug 2021, WAREMA Nederland B.V., established a new production and logistics centre to fulfil the demands of the growth capacity.

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 residential solar shading systems market players. Protection from sun, developments in fabric material, and expansion of the living space are expected to stimulate the residential solar shading systems market growth. 

On the basis of mechanism, the motorized segment is expected to account for the largest share in the global residential solar shading systems market during the forecast period, due to surge in demand across Europe and North America. This is attributed to a rise because of increase in residential constructions, where solar shading systems are used to intensify the application and augment the visual appeal of windows, patios, & outdoor spaces. 

However, various businesses in the residential solar shading system market had to stop their business in countries such as India, China, Vietnam, Germany, and the U.S., during the pandemic lockdown. This break directly impacted the sales of solar shading system manufacturers. In addition, the lack of manpower and raw materials constricted the supply of raw materials for manufacturing various solar shading system; and negatively influenced the growth of the market. However, after two years of the COVID-19 outbreak and the introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly. Contrarily, emerging cases of COVID-19 especially in China can have a short-term negative impact on the market. 

The residential solar shading system market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. he market growth is driven by the various advantages offered by solar blinds as compared to solar shades, which include durability, wear resistance, and tear resistance. In addition, prominent vendors have introduced innovative and state-of-the-art solar blinds to the market. For instance, Ukraine-based SolarGaps have introduced a combination of solar panels and blinds called smart solar blinds in a variety of colors to suit any exterior and interior residential spaces. These smart solar blinds help to lower electricity bills by approximately 30% and assist in generating electricity by nearly 100W per hour. Such smart and advanced innovations by solar blinds manufacturers are being opportunistic for the market. 

Key Benefits for Stakeholders 

  • The report provides an extensive analysis of the current and emerging global residential solar shading system market trends and dynamics.   

  • In-depth market global residential solar shading system market analysis is conducted by constructing market estimations for key market segments between 2021 and 2031.   

  • Extensive analysis of residential solar shading system market is conducted by following key product positioning and monitoring of top competitors within the market framework.  

  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.  

  • Residential solar shading system market forecast analysis from 2022 to 2031 is included in the report.  

  • The key players within residential solar shading system market outlook are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of residential solar shading system industry. 

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quote Residential Solar Shading System Market by Product Type (Blinds, Shades, Louvers, Textiles), by Material (Metal, Glass, Wood, Others), by Mechanism (Fixed, Manual, Motorized): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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