The global solar shading system market is projected to record a steady 3% CAGR through 2027, according to a recent study by Future Market Insights.
In a statement, the research firm noted that the solar shading system market was valued at $3,672.6 million in 2017 and is expected to reach $3,931.3 million by the end of 2027.
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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, according to the report.
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.
Based on the component type, the solar shading system market is segmented into aluminium-based, fabric-based, and other types. Alumin
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.
These insights are based on a report on Solar Shading Systems Market by Future Market Insights.