Solar Shading Systems Global Market Report 2024

The global solar shading systems market has grown steadily in recent years. It will grow from $15.14 billion in 2023 to $15.79 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The expansion witnessed during the historical period can be attributed to several factors, including government incentives, heightened awareness about energy efficiency, evolving architectural trends, growing environmental concerns, and initiatives aimed at cost reduction.

The global solar shading systems market is expected to see steady growth in the next few years. It will grow to $18.82 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. Anticipated growth in the forecast period is expected to result from advancements in smart technology, the implementation of stringent environmental regulations, escalating energy costs, urbanization trends emphasizing sustainable infrastructure, and ongoing innovation in materials. Key trends forecasted for this period include a heightened emphasis on aesthetics in solar shading systems, increased integration of automation and IoT connectivity, the establishment and adoption of energy efficiency certification standards, a growing demand for zero-energy buildings, and continuous technological innovations.

The solar shading systems market is poised for growth, driven by a resurgence in construction and infrastructure development activities. This upswing is attributed to factors such as population growth, urbanization, economic and social development, technological advancements, and the need for increased productivity. The rise in construction and infrastructure projects creates a demand for building systems and equipment, with solar shading systems playing a crucial role in controlling heat and light within structures. Notably, China stands out as the largest global construction market, projected to grow at a rate of 8.6% between 2022 and 2030. Simultaneously, India is expected to become the third-largest construction market globally by 2022, requiring substantial investments of $777.73 billion for sustainable development. Consequently, the robust growth in construction and infrastructure development activities is fueling demand for solar shading systems.

The solar shading market is further propelled by rapid urbanization, where an increasing population concentrates in urban areas, leading to higher building density and greater exposure to sunlight. This trend necessitates effective solar shading systems to control sunlight and maintain comfortable indoor temperatures. Globally, 4.46 billion people resided in urban areas in 2021, a number projected to rise to 6.68 billion by 2050, with an additional 2.22 billion people living in urban areas. The substantial growth in urbanization is anticipated to drive significant demand for solar shading systems as a crucial component in modern urban architecture.

A key trend shaping the solar shading systems market is technological innovation, with companies focusing on advancements to enhance user comfort and maintain a competitive edge. An illustrative example is MicroShade A/S, a Denmark-based manufacturer of solar shading systems, introducing the MicroShade Film in February 2021. This innovative product is a passive micro-structured transparent film designed to block sunlight while enabling natural daylight within buildings. Installed inside a glazing unit, the MicroShade Film has no limitations in size or shape, catering to both roofs and facades, effectively mitigating solar heat and offering an efficient and cost-effective solution for customers.

Prominent companies in the solar shading systems sector are strategically investing in technological advancements, notably in radiant heat barrier technology, to fortify their market standing. Radiant heat barrier technology involves the implementation of methods and materials designed to mitigate the transfer of radiant heat. A noteworthy example is the initiative by Inflector India Private Limited, an Indian startup at the forefront of radiant heat barrier technology. In August 2022, the company introduced a new product line encompassing solar shades and heat barrier blinds for windows. This innovative solution acts as both a solar filter and reflective thermal shade, effectively managing sunlight and minimizing the impact of solar heat. Its design prioritizes energy efficiency, making it a valuable addition to the solar shading market. By providing a barrier against solar radiation, the product contributes to creating a more comfortable indoor environment while reducing reliance on artificial cooling systems, aligning with sustainability objectives in building design. Inflector India's commitment to advancing energy-efficient practices underscores the significance of technological innovation in shaping the solar shading systems market.

In a development, Talrus Limited, a UK-based company affiliated with Rcapital Partners LLP, a private investor, acquired Levolux Limited from Alumasc Group in August 2022. This strategic acquisition adds another portfolio to Rcapital Partners' business and positions them to support the growth of Levolux Limited. Levolux Limited, based in the UK, specializes in offering solar shading systems, architectural solutions, and balconies. This move highlights the industry's focus on strategic partnerships and acquisitions to reinforce market presence and capitalize on evolving technologies in solar shading systems.

Major companies operating in the solar shading systems market report are Sanofi Pasteur SA, GlaxoSmithKline PLC, Merck & Co. Inc., Pfizer Inc., Johnson & Johnson Private Limited, AstraZeneca PLC, Takeda Pharmaceutical Company Limited, Sun Pharmaceutical Industries Ltd., Mallinckrodt Pharmaceuticals, Emergent Biosolutions Inc., PT Bio Farma, Bharat Biotech International Limited, Teva Pharmaceutical Industries Ltd., Novartis AG, Mylan NV, Serum Institute of India Pvt. Ltd., Biological E. Limited, Panacea Biotec Ltd., Shantha Biotechnics Pvt. Ltd., Cadila Healthcare Ltd., Merck Sharp & Dohme Corp., AstraZeneca Limited, Boryung Pharmaceutical Co., Bio-Med Pvt. Ltd., LG Chem is a South Korean chemical company, SK Chemicals Co. Ltd., Crucell Switzerland AG, Hualan Biological Engineering Inc., Indian Immunologicals Limited

North America was the largest region in the solar shading systems market share in 2023. The regions covered in the solar shading systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar shading systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key products within solar shading systems include blinds, shades, louvers, and textiles. Blinds serve to safeguard flooring, furniture, and interior decor from fading due to sun exposure while also contributing to a reduction in room temperature. These products utilize various materials such as metal, glass, wood, and others, integrated with technologies including battery-powered, manual operation, and smart power sources. Additionally, they employ fixed, manual, and motorized mechanisms suitable for application across residential, commercial, and industrial settings.

This report provides solar shading systems market statistics, including solar shading systems industry global market size, regional shares, competitors with solar shading systems market share, detailed solar shading systems market segments, market trends, and opportunities, and any further data you may need to thrive in the solar shading systems industry. This solar shading systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The solar shading system market consists of sales of solar shading systems that are used to limit solar radiation in buildings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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