According to a new research report by Transparency Market Research (TMR), a leading market research and intelligence firm, the global roller shutter market is reporting a significant increase in its valuation. The rising awareness regarding the benefits of roller shutters, such as insulation and additional security, among consumers is boosting the growth of this market. The increasing number of new households is fueling the demand for roller shutters across the world.
According to TMR, the global roller shutter market will proliferate at an impressive CAGR of 7.90% during the period from 2018 to 2026. The opportunity in this market is predicted to reach US$92.3 bn by the end of the forecast period. On the flip side, this market may witness a slowdown in growth over the coming years due to the high usage of colonial shutters. The advantages of colonial shutter, such as easy entry of bright light and reduced frequency of storms, limit the demand for roller shutters among consumers. Nonetheless, the increasing expenditure by several governments on improving infrastructure in emerging countries will balance the effects of these hindering factors in the long run.
Apart from this, the strengthening of economies is leading to increased spending on home renovation by owners, which is also expected to support the worldwide roller shutter market, states the research report.
Europe Continues to Lead Global Roller shutter Market
In terms of the geography, the worldwide roller shutter market reports its presence mainly across North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. In 2016, Europe led the global market with a share of 43%. Researchers predict this regional market to remain on the top throughout the forecast period, thanks to the rising number of nuclear families, resulting in increased number of households.
Among other regional roller shutter markets, Asia Pacific is expected to witness a considerable rise in their market spaces. Swift urbanization and industrialization will propel the Asia Pacific market in the near future. With the increasing population, the need to build new homes in urban and rural setting is rising as well. The rapid commercialization is also expected to boost the Asia Pacific roller shutter market, reports the study.
Leading Players to Focus on Integrating Advance Features in Products
The global roller shutter market is witnessing a high level of competition between leading players. The presence of a large pool of players has kept the business landscape fragmented while the continued entry of new participants is adding significantly to the increasing level of competition. AM Group, Novoferm Gmbh, Assa Abloy Group, Alulux GmbH, Bunka Shutter Co. Ltd., Heroal, Ferco Seating Systems, and Hormann Group are some of the prominent players in this market. These companies are focusing on incorporating advanced features, noise protection and power saving, in their product products to improve their presence in the global market.
Going forward, they are expected to shift their focus towards developing markets with untapped potential opportunities. They are also projected to engage more into strategic alliances with smaller players, boosting the market in the near future. Sanwa Holdings Corp., Stella Group, SKB Shutters, and Zurflüh-Feller are some other prominent players in this market.