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The residential outdoor storage products market size is forecast to increase by USD 327.56 million at a CAGR of 3.82% between 2023 and 2028. The market is experiencing significant growth due to the rising trend of outdoor living among homeowners. This shift towards creating functional and aesthetically pleasing outdoor spaces has led to an increased demand for innovative and efficient storage solutions. Technical advancements in residential outdoor storage, such as weather-resistant materials and smart storage systems, are further driving market growth. However, the high cost and complexities associated with installation remain challenges for market growth. Homeowners seek affordable and easy-to-install options, creating opportunities for market players to offer cost-effective and user-friendly solutions. Overall, the market is expected to witness steady growth in the coming years as the demand for outdoor living continues to rise.
The market encompasses a wide range of illuminating devices used in various sectors, including marine transportation, aviation, and spacecraft. In the marine sector, outdoor storage products such as navigation lights play a crucial role in ensuring safety during nighttime vehicle operation and visual signaling. Harbormasters, yard crews, and bridge engineers rely on these lights to signal hazards and guide ships, boats, and watercraft in seaports. Incandescent filaments and high intensity discharge (HID) lamps have traditionally been used for marine navigation lights. However, the shift towards energy-efficient lighting solutions, such as light-emitting diodes (LEDs), is gaining momentum due to their longer lifespan and lower energy consumption.
Similarly, in the aviation industry, outdoor storage products like runway lights and visual aids are essential for passenger aircraft and cargo planes. Airports and seaports require a vast array of illuminating devices to ensure the safe and efficient operation of shipping vessels, cruise ships, and aircraft. LED technology is also revolutionizing the aviation industry with its energy efficiency and long lifespan. Red, green, and white lights are used for various purposes, including runway markings, taxiway guidance, and visual signaling. The shipbuilding industry and the aviation industry are expected to drive the growth of the market due to their significant demand for illuminating devices.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The sheds segment is estimated to witness significant growth during the forecast period. The market, specifically the sheds segment, has witnessed notable expansion in recent years. Sheds, constructed for housing various items and tools in external environments, have gained traction among homeowners. Sheds come in various materials, including wood, metal, and plastic, catering to the varying tastes and requirements of consumers. Wood sheds are renowned for their natural aesthetic appeal, while metal sheds provide durability and robustness. Plastic sheds offer lightweight and rot-resistant features. The growth of the sheds market is fueled by several factors, such as the expanding trend of utilizing outdoor spaces for activities like gardening, DIY projects, and outdoor socializing.
Additionally, the marine sector, aerospace, and transportation industries, including Aircraft manufacturing, Shipbuilding, Air passenger traffic, Cruise ship tourism, Fighter jets, Helicopter, Airline companies, and Low-cost airlines, contribute to the increasing demand for illuminating devices and visual signaling equipment. These industries require adequate lighting for nighttime vehicle operation and navigation, with applications ranging from harbormasters and yard crews to bridge engineers. The use of incandescent filaments, light-emitting diodes (LEDs), halogens, flashes, and strobes in marine and aerospace transportation necessitates the need for well-designed and functional outdoor storage solutions. Seaports and airports, as crucial hubs for marine and aerospace transportation, further the significance of having reliable and efficient outdoor storage systems.
In summary, the global market, particularly the sheds segment, is poised for continued growth due to the increasing need for outdoor storage solutions in various industries, including marine, aerospace, and transportation.
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The sheds segment was valued at USD 834.51 million in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth due to the region's emphasis on advanced technology, a skilled workforce, and an industrial base. Homeowners in North America are investing in creating functional and aesthetically pleasing outdoor living spaces, leading to an increasing demand for outdoor storage solutions. These storage options include sheds, decks, and boxes for storing various items such as gardening tools, sports equipment, and residential outdoor storage cushions. Outdoor lighting plays a crucial role in enhancing the functionality and safety of these spaces. Light-emitting diodes (LED), high-intensity discharge (HID), halogen lighting, lenses, control panels, flashers, steady-burning light bars, marine lights, and running lights are popular lighting solutions for marine docks, waterways routes, vessels, boats, and land-based structures.
Moreover, red, green, and white lights are essential for indicating hazards and ensuring safety on marine docks and waterways. Energy-efficient LED technology is gaining popularity due to its long lifespan and cost-effectiveness. The shipbuilding industry and aviation industry are significant consumers of these lighting solutions, and marine tourism is also driving the demand for residential outdoor storage products with integrated lighting. Offshore structures, collisions, and navigation are other key applications for these lighting solutions. Incandescent navigation lights, Xenon navigation lights, and Halogen navigation lights are commonly used in aircraft navigation lights, and they provide steady and reliable illumination. Overall, the market in North America is expected to continue its growth trajectory, driven by the increasing focus on outdoor living and the demand for energy-efficient lighting solutions.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in popularity of outdoor living among homeowners is the key driver of the market. The market has experienced significant growth due to the increasing trend of homeowners investing in outdoor living spaces. This shift towards spending more time in nature is driven by the recognized benefits for both physical and mental well-being. The marine sector, aerospace, and transportation industries have long recognized the importance of visual signaling for safety and efficiency, and homeowners are adopting similar practices for their outdoor spaces. Navigation lights for watercraft, aircraft, and spacecraft serve as essential safety features during nighttime operations, and homeowners seek illuminating devices for their outdoor living areas.
Moreover, key players in aircraft manufacturing and shipbuilding, such as Airline companies, low-cost aerospace carriers, and marine transportation firms, have incorporated advanced technologies like light-emitting diodes (LEDs), halogens, and incandescent filaments into their designs for high, medium, and low light intensity applications. Harbormasters, yard crews, bridge engineers, and other industry professionals have adopted these technologies for their professional use, inspiring homeowners to do the same for their outdoor living spaces. Cruise ships and cargo vessels, as well as passenger aircraft and fighter jets, have set the standard for visual signaling, and homeowners seek to replicate these features in their own outdoor environments. The market is poised for continued growth as homeowners strive to create functional and visually appealing outdoor spaces.
Technical advancement in residential outdoor storage is the upcoming trend in the market. The market experiences significant growth due to technological innovations in various sectors, including marine, aerospace, and transportation. In the marine sector, advancements in illuminating devices, such as navigation lights using light-emitting diodes (LEDs), halogens, and incandescent filaments, enhance nighttime vehicle operation and visual signaling for harbormasters, yard crews, and bridge engineers. The aerospace industry's aircraft manufacturing incorporates lightweight and durable materials like composites (wood-plastic and aluminum composite panels) for improved durability, sustainability, and aesthetic appeal in residential outdoor storage products. Air passenger traffic and cruise ship tourism's expansion fuel the demand for these products in the aviation sector.
Similarly, military aircraft, passenger planes, cargo planes, fighter jets, helicopters, and low-cost carriers require strong and efficient storage solutions. In the shipping industry, the development of low-light intensity, medium-light-intensity, and high-light-intensity illuminating devices caters to the needs of various shipping vessels. Seaports and airports also benefit from these advancements, ensuring efficient and effective operations.
High cost and complexities associated with installation a key challenges affecting the market growth. The global market for residential outdoor storage products has experienced hindered growth due to the escalating expenses and intricacies linked to procurement and installation. Homeowners contemplate various outdoor storage alternatives, including sheds, decks, and containers, which necessitate substantial investment in materials, labor, and installation costs. For instance, the price of a shed is contingent on factors such as size, materials, and additional attributes. A spacious shed constructed from premium materials can be rather costly, making it less viable for certain homeowners. Similarly, the aviation and maritime industries, including Aircraft, Watercraft, Spacecraft, and their respective manufacturing sectors, face comparable challenges. Navigation lights for nighttime vehicle operation in harbors and airports necessitate the utilization of illuminating devices, such as incandescent filaments, light-emitting diodes (LEDs), halogens, flashes, and strobes, which can incur considerable expenses.
However, bridge engineers, airline companies, low-cost carriers, and marine transportation firms grapple with the high costs and complexities of procuring and installing these visual signaling systems. The aerospace and marine industries, including passenger aircraft, cargo planes, military aircraft, ships, and cruise ships, require extensive lighting systems for low light intensity, medium-light intensity, and high light intensity applications. These industries' expansion is influenced by factors such as air passenger traffic, cruise ship tourism, fighter jets, helicopters, and shipping vessels.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Absco Sheds - The company offers residential outdoor storage products such as space saver storage unit, premier garden shed kit, and regent garden shed kit.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses a wide range of applications in both the maritime and aerospace industries. In the marine sector, illuminating devices such as navigation lights are essential for nighttime vehicle operation and visual signaling for harbormasters, yard crews, and bridge engineers. These lights come in various intensities, including low light intensity for small watercraft and high light intensity for large shipping vessels. In the aerospace industry, aircraft manufacturing for passenger aircraft, cargo planes, military aircraft, and even spacecraft require outdoor storage solutions for their lighting systems, including incandescent filaments, light-emitting diodes (LEDs), halogens, flashes, and strobes. Airline companies and low-cost carriers also rely on these products for airport operations. The growing air passenger traffic and cruise ship tourism sectors further boost the demand for outdoor storage products in the aerospace and marine transportation industries.
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Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.82% |
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Market growth 2024-2028 |
USD 327.56 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.4 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 31% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Absco Sheds, Backyard Products LLC, Backyard Storage Solutions, LLC, Barnyard Utility Buildings, Better Homes and Gardens, Cedarshed USA, Keter Home and Garden Products Ltd., Leisure Season Ltd., Lifetime Products Inc., Lowes Co. Inc., Newell Brands Inc., Palram Industries Ltd., SHARKCAGE Inc., ShelterLogic Group, Stilla Group, Suncast Corp., The Home Depot Inc., The Home Shoppe., Tuff Shed Inc., and Warner Bros Discovery Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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