Canopy Market
The Canopy Market is anticipated to expand at a remarkable CAGR during the forecast period (2020-2027).
The factors driving the growth of Canopy Market includes proliferation of canopies in residential and non-residential buildings, rising popularity of inside-outside living, increasing installation of canopies for recreational shade protection and maximizing housing storage capacity. According to the report published by Statista, the Real Estate Market in India was calculated around USD 120 billion in 2017 and is projected to reach USD 1 trillion by the end of 2030, which is expected to boost the Canopy Market share in the approaching years. Moreover, rising preference consumers towards beautifying expanded living spaces, rising awareness about the benefits of canopies and growing adoption of advanced technologies by manufacturers for developing innovative products, are some of the additional factors supplementing the Canopy Market size. In addition, the increasing investments by leading players on research and development, growing use of canopies in the automotive sector for trailers and commercial vehicles and rise in the number of cultural and public events around the world, are further contributing to the market growth.
However, the growth of Canopy Market is hindered due to high installation and maintenance costs of canopies.
The leading layers operating in the market are Advanced Design Awnings & Signs, Sunair Awnings, Vitabri Canopies UK Ltd, Eide Industries, Inc., Shade Structures, Inc., Lawrence Fabric & Metal Structures Inc., Impact Canopy, JAY JAY Enterprise, KD Kanopy and Shade Structures Inc., among others.
Material: Segment Analysis
Based on Material, the Polytetrafluoroethylene (PTFE) segment is predicted to grow at a robust CAGR during the forecast period because it offers high mechanical strength, thermal stability and can bear extreme weather conditions.
Application: Segment Analysis
Based on Application, the Shade Canopy segment held the highest market share in 2018. The shade canopies are increasingly used in the commercial areas because they are easy to install and offers extended space to the consumers, are the factors responsible for the segment’s growth.
End-Use: Segment Analysis
Based on End-Use, the Non-Residential segment is anticipated to capture the largest market share during the forecast period attributed to its increasing use in commercial areas such as restaurants, hotels, and retail shops.
Regional: Segment Analysis
Based on Region, the North American region is estimated to expand at a significant CAGR over the forecast period, Rise in the number of public events, increasing popularity of inside-outside living, growing population growth rates and high per capita incomes, are some of the important factors propelling the market growth in North America.
Market Segmentation
Global Canopy Market by Material
- Polytetrafluoroethylene (PTFE)
- Ethylene Tetrafluoroethylene (ETFE)
- Polyvinyl Chloride (PVC)
- Polyester Cloth
- Others
Global Canopy Market by Application
- Shade Canopy
- Event or Large Canopy
- Others
Global Canopy Market by End-Use
- Residential
- Non-Residential
Global Canopy Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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