Canopy Market To Grow Enormously with Size Worth $2.1 Billion By 2025 |Grand View Research, Inc.



The global canopy market size is expected to reach USD 2.1 billion by 2025, accelerating at a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Provision for expanded outdoor space for seating and recreational purposes owing to the installation of canopies in nearby residential and non-residential buildings is expected to drive the product demand over the forecast period.
Increasing penetration of the product in commercial and residential sectors is anticipated to complement the growth of the market over the forecast period. This can be attributed to the rising installation of canopies in residential areas and above various commercial buildings for protection from heat, wind, and precipitation. PTFE canopies are widely used on account of their superior weather-resistant characteristics, thermal stability, and high durability.
Major players in the market compete on the basis of product innovation through the usage of different materials and designs. Eide Industries, Inc., Advanced Design Awnings & Signs, Shade Structures, Inc., and Sunair Awnings are some of the key players engaged in the production and supply of canopying solutions to several end-user industries.
Browse Research Report On canopy Market:
https://www.grandviewresearch.com/industry-analysis/canopy-market

Major players in the industry offer a wide range of products along with most suitable designs and innovative technology, which aid market players in gaining an edge over their competitors. Most of the players compete on the basis of providing customized designed to suit the exact requirements of end users. A variety of materials including PTFE, ETFE, PVC, glass, wood, and various metals can be used to design a product that is a perfect fit for the area of installation.
Further key findings from the report suggest:
·         PTFE material segment accounted for 42.0% of the global revenue share in 2018
·         Non-residential segment is projected to grow at a CAGR of 3.9%, in terms of revenue, from 2019 to 2025, owing to extended space along with architectural aesthetics offered by the installation of the products
·         The canopy market in North America is estimated to witness a growth rate of 4.2%, in terms of revenue, from 2019 to 2025 due to increased adoption of canopy as shades in the residential sector for protection and enhanced aesthetics
·         China accounted for over 33.1% of the Asia Pacific market revenue share in 2018 owing to increasing penetration of the product.
Rapid growth of the residential sector in the North American and European economies and increasing popularity of inside-outside living are likely to augment the demand for canopies in the regions over the forecast period. Furthermore, rising trend for expanded living space and beautification offered by canopies is likely to propel the market growth.
The canopy market in the U.S. is expected to witness growth owing to increasing adoption of canopies as shades in residential buildings. Furthermore, rising installation of car canopies for recreational shade protection and outdoor car storage to maximize housing storage capacity is anticipated to propel the demand for the product in the country over the forecast period. Canopies are available as shade canopies, event or large canopies, garden canopies, and portable garage canopies. Furthermore, a canopy can be designed and manufactured using different materials including a range of fabrics, metals, glass, and wood. The applications of the product vary depending on the end-use purposes and the materials used.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-canopy-market
Grand View Research has segmented the global canopy market on the basis of material, application, end-use:
Material Outlook (Revenue, USD Million, 2014 - 2025)
·         PTFE
·         ETFE
·         PVC
·         Polyester Cloth
·         Others
Application Outlook (Revenue, USD Million, 2014 - 2025)
·         Shade Canopy
·         Event or Large Canopy
·         Others
End-Use Outlook (Revenue, USD Million, 2014 - 2025)
·         Residential
·         Non-residential
Canopies are majorly used in commercial buildings in Asia Pacific market. Non-residential was the dominant end-use segment in APAC market with a share of 92.5% in 2018. Increased penetration of the product can be attributed to the installation of canopies for expanded outside areas where various recreational activities are organized including commercial event promotions and exhibitions.
Manufacturers compete in the market by offering the most suitable and reliable products catering to various end-user applications. Furthermore, they are engaged in implementing advanced technologies to develop innovative products offering additional benefits such as rainwater harvesting, thereby complementing the demand for canopies.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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