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. 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.
With the growing rise of industrial activities and increasing market expansion, the non-residential sector is dominating the market with its growing demand for canopies. For instance, in January 2021, Legoland Florida Resort’s Miniland USA announced on social media that it will be constructing new shade structures for the iconic display. In addition to this, due to the rising installation of canopies in residential areas for protection from heat, and precipitation, the residential sector is also gaining good momentum in terms of demands, and PTFE canopies are widely used in these projects on account of their superior weather-resistant characteristics, thermal stability, and high durability.
Canopies are also preferred owing to the aesthetic appeal they impart to space. The rapid growth of the residential sector in North American economies with the rising trend of beautification of expanded living spaces with canopies are likely to propel the market growth. Furthermore, the increasing popularity of inside-outside living and the availability of a wide range of product designs suitable for residential buildings are likely to augment the demand for the product.
Multiple R&D activities are also being carried out by several major market players which leads to a plethora of options such as PTFE, ETFE, PVC, glass, wood, and various metals when it comes to choosing the right type of canopies for usage. These activities are providing a major boost to the demands in the market.
Canopy Market Report Highlights
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On the basis of materials, the PTFE material segment accounted for 42.0% of the global revenue share in 2018
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On the basis of end-use, the Non-residential segment is projected to grow at a CAGR of 3.9%, in terms of revenue, over the forecast period, owing to extended space along with architectural aesthetics offered by the installation of the products
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On the basis of region, the canopy market in North America is estimated to witness a growth rate of 4.2%, in terms of revenue, over the forecast period due to increased adoption of the canopy as shades in the residential sector for protection and enhanced aesthetics
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China accounted for over 33.1% of the Asia Pacific market revenue share in 2018 owing to increasing penetration of the product
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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.
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Canopy Market Segmentation
Grand View Research has segmented the global canopy market on the basis of material, application, end-use, and region:
Material Outlook (Revenue, USD Million, 2014 – 2025)
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PTFE
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ETFE
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PVC
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Polyester Cloth
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Others
Application Outlook (Revenue, USD Million, 2014 – 2025)
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Shade Canopy
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Event or Large Canopy
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Others
End-Use Outlook (Revenue, USD Million, 2014 – 2025)
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Residential
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Non-residential
Regional Outlook (Revenue, USD Million, 2014 – 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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France
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Germany
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Italy
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Russia
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Spain
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U.K.
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Asia Pacific
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China
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India
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Japan
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South Korea
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Australia
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Central & South America
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Argentina
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Brazil
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Middle East & Africa
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South Africa
List of Key Players of Canopy Market
• Eide Industries, Inc.
• Advanced Design Awnings & Signs
• Shade Structures, Inc.
• Sunair Awnings
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