Newark, NJ, Feb. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global solar shading systems market is expected to grow from USD 3.76 Billion in 2018 to USD 5.02 Billion by 2026 at a CAGR of 3.7% during the forecast period 2019-2026. Growth and development in construction & infrastructure development activities worldwide, increase in smart city projects and rise in global warming has motivated consumers and commercial space owners to install solar shading systems are the factors fuelling the solar shading systems market.
Solar shading systems are defined as a shading against solar heat gain which is the most readily applicable and flexible method of cooling and can be applied in all climate types in which the sun's influence is significant, and to almost all modern buildings irrespective of latitude. Shading devices act as an integral part of the envelope and influence thermal and daylighting performance. They may be located at the external or internal face of the facade, or within double- and triple- glazed window or curtain wall systems. In each case, solar radiation is prevented, wholly or partly, from entering the building.
Many smart city projects are coming up, which leads to the growth of solar shading system market. Rise in global warming has motivated consumers and commercial space owners to install solar shading systems. But high cost is associated with the installation of systems which is restraining the growth of solar shading systems. However, rising popularity of smart homes is expected to complement the growth of the solar shading systems market in coming years. Penetration of the real estate industry into suburban areas, along with the resurgent growth in the infrastructure and construction progress activities, indicate imminent opportunities for the players in the solar shading systems market. Other growth influencers of the solar shading systems market include as mentioned before, the rise in smart city projects worldwide and promising prospects of the service industry. The growing carbon footprint of the industrial sector and the growing burden of power demand on energy grids have been encouraging commercial spaces to make investments in solar shading systems and relevant smart devices.
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Key players operating in the global solar shading systems market include WAREMA Nederland B.V., Glasscon GmbH, Thermosash, Alumet, Insolroll controller, Alliance Shadin, Roda Licht- und Lufttechnik Gmbh, Comhan, InSync Solar, LINAK, Draper, Inc., Glazing GmbH, Solar Shading Systems, Inc., Construction Specialties, Coltinfo.co.uk, SWFcontract, Norsk Hydro ASA, and Duco Ventilation & Sun Control among others. To enhance their market position in the global Solar Shading Systems market market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in October 2019, Linak came up with the Actuator solution, which improve output from solar power plants. LINAK actuators for solar applications are properly tested to bear even very tough environments. Heavy rain, strong winds, high or low temperatures and heavy loads in general are taken into account when choosing materials and designs. Solutions with electric actuators does not have hoses, pumps or compressors and thus there will be no oil spills. This makes them clean and easier to install. Once installed, LINAK actuators take up less space than other solutions and hardly require any maintenance throughout their service life.
- These organizations are expected to offer a significant number of quality products, and highly influence the growth of the solar shading system market during the forecast period. Leading players in the solar shading systems market are also concentrating on the establishment of automated systems in collaboration with integrated service providers. Lucrative application areas for the solar shading systems, driving their adoption in recently, which include airports, shopping malls, railway stations and tourist places.
The residential segment is dominating the market with the highest share of 51.20% in 2018
The application segment is segmented into residential, commercial and industrial. The commercial segment is dominating the market in 2018. Increase in sales in the residential sector is caused by the installation of solar shading systems and devices in new construction, and growing home renovation activities.
Aluminium-based segment dominated the market and valued around USD 1.82 Billion in 2018
The type segment is segmented into fabric-based, aluminium-based and others. The aluminium-based segment is dominating the market with the highest share in 2018. Aluminium-based solar shading systems are highly preferred option adopted by manufacturers owing to their attributes such as rigidity and durability, and shield-protection from solar radiation.
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Regional Segment Analysis of the Solar Shading Systems Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global solar shading systems market with USD 1.50 Billion in 2018 where as the Asia Pacific region is growing rapidly in the market. North America is dominating the market due to the presence of key leaders in the market. The region is dominating due to larger sales volume accompanied by consumption value. Also, the region has more advanced equipment, strong R & D capability, the technical level is in a leading position. 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.
About the report:
The global solar shading systems market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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