Global Residential Solar Shading System Market Report 2023: Increasing Spending on Home Remodeling and Retrofitting Activities Drives Growth
Dublin, May 02, 2023 (GLOBE NEWSWIRE) -- The "Residential Solar Shading System Market By Product Type, By Material, By Mechanism: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to the report titled the residential solar shading system market 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.
Key Market Players
Lutron Electronics Co., Inc
WAREMA Nederland B.V.
Hunter Douglas N.V.
Arconic Corporation (Kawneer Benelux)
Springs Window Fashions, LLC
Duco Ventilation & Sun Control
Insolroll Window Shading Systems
Skyco Shading Systems, Inc.
Unicel Architechtural Corp.
A residential solar shading system is a specific type of system that uses elements to regulate the heat and light that enter a building from the sun.
Natural light and heat from the sun minimize the need for artificial lighting and heating, but excessive sun exposure could lead to overheating, which would require the use of cooling air conditioning. Here, solar shading solutions can lower the expense and energy requirements of this environmental control.
Key factors driving the growth of the residential solar shading system market include increase in spending on home remodeling and retrofitting activities, growing demand for motorized solar shading systems in developing countries, Expansion of living space and protection from sun, and Developments in fabric material.
In order to plan, design, and supervise the interiors of their residential construction projects, homeowners and proprietors from all over the world who require shading systems consult interior designers. They have focused on remodeling their residences in accordance with their personal aesthetic preferences, practical requirements, and financial capabilities.
In addition, a rise in consumer spending on home activities globally has driven the market growth in recent years. Furthermore, the most recent American Housing Survey from the U.S. Census Bureau shows that between 2019 and 2021, American homeowners undertook approximately 135 million projects for house remodeling, spending an estimated $624 billion.
Spending on home improvements has risen by about $100 billion over the last few years. Hence, the increased investment in interior design and retrofitting activities, majorly in North America and Europe, is expected to drive the growth of the market.
Continuous technological advancements in the global Solar Shading Systems Market are expected to provide ample growth opportunities for solar shade manufacturers and suppliers in the upcoming years.
Major players in the market are already shifting their focus toward innovation and technological advancements to maintain competitiveness and garner a major market share. Further, the introduction of a motorized solar shading system that can be retracted with the help of a switch, remote, and even smartphone has garnered attention across the residential sectors.
Furthermore, Inflector India Private limited which is a new player in this blinds & shades industry had launched an innovative product in August 2022, the product is based on the radiant heat barrier technology and named as solar shades & heat barrier blinds for windows product line that is unique, energy saving product that acts as a solar filtering, reflective thermal shade.
Moreover, Lutron Electronics Co., Inc. uses Hyperion solar-adaptive shading software, which mechanically adjusts Lutron Sivoia QS shades throughout the day in retort to the shifting position of the sun, thereby saving energy, and lowering heat gain and glare.
Key Benefits for Stakeholders
The report provides an Extensive analysis of the current and emerging global residential solar shading system market trends and dynamics.
An in-depth market global residential solar shading system market analysis is conducted by constructing market estimations for key market segments between 2021 and 2031.
An Extensive analysis of the 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.
A residential solar shading system market forecast analysis from 2022 to 2031 is included in the report.
Key Market Segments
By Product Type
For more information about this report visit https://www.researchandmarkets.com/r/llhrw1
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