Storm Panel- Growing demand as material of choice against all time tropical Cyclones

25 May 2019

NEW YORK, May 23, 2019 (GLOBE NEWSWIRE) -- The demand for Storm Panel market is projected to reach 623.1 million USD by 2025, actuating at an estimated CAGR of 3.7% from 2019 to 2025. The impact of storms and losses has served as added measures to prevent, plan for, and opt for advance material in response to catastrophic events taking place across the globe. Exterior and interior storm panels have been a common choice for consumers. Recent developments in the material offer an opportunity to achieve other benefits including energy savings from these products. Owing to innovations in engineering, the storm panels with combination of different material are being used to address multiple situations occurs during the storms. This new generation of storm panels provides better thermal performance offering better safety and cost effective energy saving solution over traditional storm panels. These developments tend to create positive impact on the overall growth of storm panel market.

Key findings from the report:

• The global storm panels market is expected to reach 623.1 USD million by 2025 at a CAGR of 3.7%

• Based on Type:

  • Aluminium Panel is widest adopted storm panel, and is accounted to hold majority share of the market in 2018.

Based on End-Use:

  • Residential properties employ most storm panels and hold majority share of the market and is expected to continue its dominance over the forecast period

• Based on Region

  • North America held the majority of the share of the global market in 2018. Asia-Pacific is expected to exhibit high CAGR over the forecast period

• Some of the key companies operating in the market include- SABIC, Hurricane Shutters Forida, Midatlantic Storm Protection, Bajaj Storm Panels, Eurex Shutters, Storm Smart, Shutter-Tech, Alutech United., Ultratek Worldwide, rolling shield, Gallina USA, among others

Storm Panels- Small investment to save bigger

Every year countries such as U.S., China, Caribbean Islands, Central America among others suffers from tropical cyclones and storms causing high economical losses. Every country has their codes in order to keep their premises safe in event of disaster. Complying with these codes helps in insurance cover and is supported by the government. States such as Florida in U.S., offer entitlements to monthly premiums, if the codes and regulation related to storm panels are followed. Some states have passed laws requiring insurance carriers to offer discounts to homeowners who have approved storm panels, adding to resale value. With strong demand for these updated new generation storm panels products, opportunity lies for the manufacturers by adding these to their existing product line and capitalize on it.

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Regional Insight

North America is the largest storm panel market over the globe in 2018. Many states under storm prone zone drive the demand for storm panels in North America. Continuous innovation and R&D in field of smart material engineering, position North America above other region. Moreover, U.S being at the forefront in the innovation of new and better engineering materials strengthen its position in the global storm panel market. Asia-Pacific is expected to be the prominent region in the global storm panel market, registering highest CAGR over the forecast period. Countries such as China, Taiwan, Japan and Australia are under continuous threat of hurricane strikes and uses storm panels to reduce the damage thus, creating a significant market size for storm panels in the region.

The report segments global Storm Panel market on the basis of Type, Style, Installation, End-use and region.

Storm Panel Market, By Type

  • Steel Panel
  • Plastic Panel
  • Aluminium Panel
  • Polycarbonate
  • Fabric
  • Others

Storm Panel Market, By Style

  • Clear
  • White

Storm Panel Market, By Installation

  • Exterior
  • Interior

Storm Panel Market, By End-Use

  • Residential
  • Commercial
  • Resorts & hospitality
  • Municipal
  • Institutional
  • Commercial
  • condominiums

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