Demand for Smart Shades Market to Grow 7.8X by 2030
Historically, the smart shades market snowballed at a conspicuous rate of 18.2% (2015 to 2019), owing to rising aspirational values of consumers and extensive adoption of smart devices, globally. Moreover, comprehensive offerings by manufacturers that bequeaths consumer comfort and luxury has been a key driver of market growth. Over the coming years, demand for smart shades is projected to surge radically on the back of increasing infrastructure spending and ravaging digitalization, globally. Furthermore, the need to bring down energy loss caused by indecorous window shading systems is also on a conspicuous rise. A myriad of options available for consumers in shading solutions, such as retrofitting and all together new integrated installations, are further poised to provide impetus to the market.
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In addition, manufacturers have further mobilized new thoroughgoing technologies such as deployment of ZigBee/Z-Wave in smart home automation to cushion the drawbacks of smart shades. Operation of smart shade motors has long been recognised as boisterous. However, manufactures have now come up with novel motors that are less noisy and can provide increased operational efficiency.
As per analysis, the global smart shades market is slated to boom at an exceptional CAGR of 30% from 2020 to 2030, led by North America, and later on by China.
Key Trends of Smart Shades Devices Market
- The global smart shades market is anticipated to add 7.8X value by 2030.
- Technology wise, ZigBee/Z-wave is expected to surge ahead at a thumping CAGR of more than 27% over the forecast period.
- North America is an absolute market with a value of US$ 99.4 Mn in 2020, and is subjected to distend at a sturdy CAGR of 18% through 2030.
- Residential end use of smart shades is poised to exhibit a sprightly growth rate of more than 24% CAGR, while the commercial sector is projected to add 6.1X value over the forecast period.
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- East Asia is set to unleash its ferociousness with a skyrocketing growth rate of close to 31% CAGR, owing to the manufacturing prowess of the region, widespread implementation of high-end technology, and ravaging digitalization within the region.
- By sales channel, online sales are poised to bequeath courteous opportunities for smart shade manufacturers, owing to increasing use of online channels for purchasing, as well as intensifying penetration of online sales platforms across regions.
- The market in the U.S. is set to witness an impressive CAGR of 19%, while that in the U.K. is projected at close to 26%, through 2030.
- Value of the market in China is expected to surge at a 36% CAGR, making it the largest market by the end of the forecast period.
- Due to the COVID-10 outbreak in 2020, the market witnessed a poor growth rate of 3.6%. However, 2021 promises to be better, at a growth rate of 16.5%.
Key Market Segments
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- Corporate Offices
- Hotels and Restaurants
- Educational Institutes
Radical Technological Implementation and Product Launches by Key Players
Key players such as Lutron Electronics Co. and Hunter Douglas NV are pivoting their focus on extensive high-end technological deployment and wide-scale product launches to overcome the hurdles of smart shades.
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