Residential Solar Shading System Market to Grow at a CAGR of 3.6% and Expected to Reach $10 billion by 2031

Residential Solar Shading System Market by Product Type (Blinds, Shades, Louvers, and Textiles), Material (Metal, Glass, Wood, and Others), and Mechanism (Fixed, Manual, and Motorized): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global Residential Solar Shading System industry generated $6,941.83 million in 2021, and is projected to reach $9,982.50 million by 2031, registering a CAGR of 3.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities-
The residential solar shading system market is experiencing increased growth due to an increase in spending on home remodeling and retrofitting activities. Remodeling and retrofitting activities are vastly commenced in developed countries such as U.S., Canada, UK, Italy, Germany, and others. The homeowners have focused on remodeling their residences in accordance with their personal aesthetic preferences, practical requirements, and their financial capabilities. According to 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. This is a significant rise from $359 billion spent between 2009 and 2011. 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.

Moreover, technological innovations made in the mechanisms of residential solar shading system are expected to create lucrative opportunities in industry.

Covid-19 scenario-
The residential solar shading system market was severely hampered during the lockdown period owing to the outbreak of COVID-19. The construction sector was most affected. However, the market recovered by the end of 2021.
However, the global market for residential solar shading system has recovered slowly and steadily.

The blinds segment held a major share of the residential solar shading system market in 2021
Depending on product type, the market is segregated into blinds, shades, louvers, and textiles. In 2021, the blinds segment held the largest share of the residential solar shading system market. Moreover, the louvers segment is anticipated to exhibit the highest growth rate during the study period, by growing at a CAGR of 4.8%. The growth of the blinds segment is driven by the various advantages offered by solar blinds as compared to other solar shades, which include durability, wear resistance, and tear resistance. In addition, prominent vendors have introduced innovative and state-of-the-art solar blinds, which also positively affect the residential solar shading system market

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The metal was largest segment based on revenue in 2021
On the basis of material, the market is segregated into metal, glass, wood, and others. In 2021, the metal segment was the highest contributor, and is expected to grow at the highest CAGR of 4.3% from 2022 to 2031. The increase in the adoption of metal solar shading such as aluminum louvers is attributed to the rising demand for affordable as well as luxury residential buildings around the globe which in turn propel growth of the residential solar shading system market.

North America garnered the major share in 2021-
North America held the majority of the market share in 2021, whereas Asia-Pacific is expected to grow at the fastest rate during the forecast period. Significant increase in the demand for patios and outdoor solar shading systems in the residential buildings is expected to fuel their growth in the region. Further, the market in the region is witnessing demand for premium range solar shading systems, owing to the increase in purchasing power of end users.

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Leading Market Players-
Arconic Corporation, Hunter Douglas N.V., WAREMA Nederland B.V., Duco Ventilation & Sun Control, Glasscon GmbH, Insolroll Window Shading Systems, Lutron Electronics Co., Inc., Skyco Shading Systems, Inc., Springs Window Fashions, LLC, Unicel Architectural Corp.

The report analyzes these key players in the global residential solar shading system market. These players offer innovative products to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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