Global Canopy Market

Canopy Market Size, Share, Growth Analysis, By Material(PVC (Polyvinyl Chloride), PTFE (Polytetrafluoroethylene)), By Application(Shade Canopies, Event Canopies), By End Use(Residential, Non-Residential) - Industry Forecast 2024-2031


Report ID: SQMIG15F2100 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 90 | Figures: 76

Canopy Market Insights

Canopy Market size was valued at USD 1.83 billion in 2019 and is poised to grow from USD 1.91 billion in 2023 to USD 2.84 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

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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FAQs

Canopy Market size was valued at USD 1.83 billion in 2019 and is poised to grow from USD 1.91 billion in 2023 to USD 2.84 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

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. 'Shade Structures, Inc.', 'Rainier Industries Ltd.', 'ShadeFX Canopies', 'The Awning Company', 'B & C Awnings Inc.', 'KE Durasol Awnings, Inc.', 'Carroll Awning Co. Inc.', 'Ace Awnings Inc.', 'Sunair Awnings & Solar Screens', 'Advanced Awning Company', 'Canopies UK', 'Aristocrat Shade Products, Inc.', 'Capitol Awning Company', 'NuImage Awnings', 'Durasol Awnings, Inc.', 'Marygrove Awnings', 'Eide Industries, Inc.', 'SunSetter Products LP', 'Uni-Systems, LLC', 'FunderMax GmbH'

Over the projection period, the demand for canopies in the North American and European economies is anticipated to increase because of the rapid rise of the residential sector in these economies and the rising popularity of inside-outside living. Additionally, the market is projected to develop because to the growing desire for canopies' added living space and aesthetic value.

There are many different sorts of canopies, including garden canopies, large or event canopies, portable garage canopies, and shade canopies. A canopy can also be created in a factory using a range of materials, including different types of wood, metals, glass, and fabrics. Depending on the intended use of the product and the materials used for it, several uses can be made of it.

North America dominates the 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.

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Global Canopy Market

Product ID: SQMIG15F2100

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