Report ID: UCMIG15F2070 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: Figures:Cool Roof Market
Report ID: SQSG15F2019 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 90 | Figures: 76
Global Canopy Market size was valued at USD 1.83 billion in 2021 and is poised to grow from USD 1.91 billion in 2022 to USD 2.84 billion by 2030, growing at a CAGR of 4.5% in the forecast period (2023-2030).
Increasing canopy penetration in a variety of residential and non-residential structures would fuel canopy demand. There are various types of canopies, including portable garage canopies, event or large canopies, garden canopies, and shade canopies. Additionally, a canopy can be created and built utilising a variety of materials, such as a variety of fabrics, metals, glass, and wood. The product's uses vary depending on the intended end uses and the materials employed. The global canopy market is anticipated to see a steady compound annual growth rate due to the use of canopies in both residential and non-residential buildings. Living indoors as if outside is becoming more and more common, which contributes to penetration. This market is expanding as a result of a growing trend where open space is expanded using canopies. Canopies are utilised in some structures to beautify the area and advance the market. So it should be highlighted that the global canopy market is expanding dramatically as the construction industry makes great gains. The main justification for them is that they serve as both weather protection and, as was already mentioned, an attractive addition. Tourism also plays a role in the growth story of this market. As more people throng hotels, beaches, cafes and outdoor structures, more canopies would be in demand.
US Canopy Market is poised to grow at a sustainable CAGR for the next forecast year.
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Canopy Market is segmented into material, application, and region. By material, Canopy Market can be classified as PVC (Polyvinyl Chloride), PTFE (Polytetrafluoroethylene), Polyester Cloth, ETFE (Ethylene Tetrafluoroethylene), and others. By application, Canopy Market can be classified as large or event canopy, shade canopy, and others. By end use, the Canopy Market is segmented into residential and non-residential. By region, the Canopy Market is segmented into North America, Asia Pacific, Europe, and MEA.
Canopy Market Analysis by Material
Polytetrafluoroethylene (PTFE) segment dominated the global market. Due to its great strength and longevity, canopies with PTFE fibreglass membranes are appropriate for areas 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. Canopies made of ETFE have self-cleaning qualities because of their non-sticky surface. Due to the material's capacity to stretch, the size of the canopy might vary. Due to qualities like water resistance and durability, polyester is one of the materials that is most frequently utilised in immediate canopy designs. Furthermore, due to the architectural aesthetics provided by the product, PVC and metal canopy designs are used in a variety of residential and non-residential applications.
Canopy Market Analysis by Application
Shade canopies are frequently used for protection and to improve the aesthetic value in both residential and commercial applications. Due to its simplicity of construction and offer for additional outside area, event or large canopy designs are frequently employed for commercial applications. For many different business events, including product launches and exhibits, these canopies are employed extensively.
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North America dominates the global canopy market due to rising residential demand. The product is mostly used in backyards of residential buildings as a stand-alone structure for patio furniture and extra space. The market is expected to grow as a result of factors such as increased living space and building beautification provided by the product. Furthermore, the growing popularity of indoor-outdoor living and the availability of a diverse range of canopy designs are expected to boost demand for the product in North America. Rapid expansion and capacity addition by various recreational activities and increased use in the residential sector, coupled with the growing number of commercial buildings in the U.S., will boost demand.
The Asia Pacific is expected to see high gains as a result of the increasing use of the product in the non-residential sector. The market has grown because of the growing use in commercial launches and events. Emerging economies have focused on the penetration of the product in restaurants and hotels. Indonesia, Vietnam, Singapore, China, South Korea, Thailand, and India are essential aspects likely to drive market development confidently.
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Canopy Market Driver
Canopy Market Restraint
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The canopy market exhibits both large- and small-scale manufacturers globally, which leads to a moderate level of concentration. Due to the high demand for dependable and cutting-edge products, there is fierce canopy market competition. Most manufacturers work hard to produce long-lasting items by utilising cutting-edge technologies and the best designs. Market leaders compete on the basis of product innovation by utilising a variety of materials and designs. Some of the major firms active in the creation and distribution of canopying solutions for various end-user sectors include Eide Industries, Inc., Advanced Design Awnings & Signs, Shade Structures, Inc., and Sunair Awnings.
Top Players in the Global Canopy Market
Canopy Market Recent Developments
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, modern technology has produced materials with an interlocking design that makes installation easier. Industry participants also introduced solar canopies and rain collection systems, both of which are commonly approved for DIY End-uses. The market participants offer bespoke designs while maintaining textural parity. The market for the product is predicted to increase in a variety of consumer applications, including retail stores, hotels, restaurants, and cafés due to the availability of extended dining areas and for a variety of other leisure activities. By gaining more customers, canopy manufacturers hope to improve their competitive standing. These producers also concentrate on distribution, the introduction of new products, and expansion to gauge current and potential demand trends from developing industries.
|Market size value in 2021||USD 1.83 billion|
|Market size value in 2030||USD 1.91 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Canopy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Canopy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15F2019