Canopy Market Revenue, Driving Factors, Key Players, Strategies, Trends, Forecast till 2027
The global Canopy market is forecast to reach USD 2.23 Billion by 2027, according to a new report by Reports and Data. The global canopy market is driven by the growing penetration of canopies in various residential and non-residential activities and by the provision of expanded outdoor space for seating and recreation. Increasing canopy installation in several residential and commercial buildings to protect against wind, heat, and precipitation would boost the global canopy market. Besides, the growing residential sector in developed nations combined with the increasing trend to embellish expanded urban areas offered by the canopies would further accelerate the expansion of the canopy market in the coming years.
Canopies are used for shelter, events, gardens, and portables ones for garages. Also, it can be built and fabricated using various materials such as a variety of fabrics, metals, glass, and wood. The product’s uses differ according to the end-use objectives and the outcomes used. Companies are focusing on multiple initiatives to raise understanding of the advantages of using canopies for both residential and non-residential buildings to increase global demand. This is bringing impressive growth to the worldwide market, as the building industry is taking giant strides. The main reason is that they are not only weather protection but also aesthetically pleasing.
Another factor expected to drive market growth is the rapid growth of the residential sector in the economies of Europe and North America. In the forecast period, the rising popularity of the trend, ‘inside-outside living,’ is also expected to boost demand for consumer inclination towards living outside while on a tour or picnic increases the market size.
However, to make certain types of canopies, high costs are required, and steep expenses might be necessary to carry out developmental activities for the same. From a cost-based perspective, these factors significantly hamper the global market.
The COVID-19 impact:
Covid-19’s spread has affected manufacturing, construction as well as recreational activities worldwide. Logistic limitations and reconsiderations of the raw material requirements are becoming a problem for producers. Lockdown measures in many countries to reduce the spread of the COVID-19 pandemic had had a significant impact on customers, including closed-down remodelling and renovation activities. The producers have relied on derived demand as an intermediate commodity to rationalize production. The pandemic’s economic impact on companies and financial markets is also not favourable. Stock market volatility and decreasing global growth are anticipated, which will affect the sale for canopies.
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Key participants include KD Kanopy Inc., Impact Canopies, Lawrence Fabric & Metal Structures Inc., Canopies U.K. Ltd., ExpandaBrand Inc., Jay Jay Enterprise, Shade Structures Inc., Sunair Awnings, Advanced Designs Awnings & Signs, and Eide Industries Inc., among others.
Further key findings from the report suggest
- The rising trend for car canopy has expanded the market in the automotive sector as well. The production of vehicles in India and Thailand is rising at a considerable pace, along with the increasing use of canopy per vehicle. This has given rise to lucrative opportunities on the APAC market and is growing with a CAGR of 4.0% in the region.
- Because of its highly developed Distribution Channel industries, advanced processing capabilities, combined with a highly skilled workforce and growing R&D initiatives, the U.S. is among the leading countries in the market. Developing applications and strong demand encourage producers to concentrate on new technologies to expand the market.
- Because of their high strength and durability, canopies with PTFE fiberglass membrane are ideal for regions with extreme temperature conditions. Additionally, low-surface free energy exhibited by the material offers simple surface cleaning by rainwater. These properties have increased the market worldwide, in regions with extreme climatic conditions.
- In 2019 the Non-residential segment generated a revenue of USD 1.05 billion and was projected to see modest market growth in the coming years. Because of its advantages like sun protection, and the added architectural value of the building provided by the canopy.
- The demand for the market is limited. Most of the large and existing market players sell and distribute widely to clients worldwide. Conversely, most of the smaller players are based on their regional markets.
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For the purpose of this report, Reports and Data have segmented into the global Canopy market on the basis of Material, Application, End-use, and region:
Material Outlook (Revenue, USD Billion; 2017-2027)
- Polyester Cloth
Application Outlook (Revenue, USD Billion; 2017-2027)
- Shade Canopy
- Events or Large Canopy
End-use Outlook (Revenue, USD Billion; 2017-2027)
The regional analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report offers clear insights into the regional bifurcation of the market with regards to the regions where the market has already established its prominence. Furthermore, it analyses the key regions for production and consumption ratio, import/export analysis, supply and demand dynamics, regional trends and demands, and the presence of prominent players in each region. The regional analysis segments also offer a country-wise analysis to offer a panoramic view of the market.
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The Canopy Market Report Offers:
- Deep insights into the Canopy market landscape
- Key details about the regional segmentation of the Canopy market
- Analysis of the crucial market trends with regards to both current and emerging trends
- Comprehensive impact analysis of COVID-19 pandemic on the Canopy industry
- Extensive overview of the key manufacturers and prominent players of the industry
- Comprehensive study of the market segmentation and recent developments
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