New York, NY -- (SBWIRE) -- 03/15/2021 -- 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.
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Leading Players Profiled in the Report 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.
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 remodeling 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 favorable. Stock market volatility and decreasing global growth are anticipated, which will affect the sale for canopies.
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)
PTFE
ETFE
PVC
Polyester Cloth
Others
Application Outlook (Revenue, USD Billion; 2017-2027)
Shade Canopy
Events or Large Canopy
Others
End-use Outlook (Revenue, USD Billion; 2017-2027)
Residential
Non-Residential
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Canopy Market Segmentation & Impact Analysis
4.1. Canopy Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing penetration of canopies in buildings
4.2.2.2. Rise in demands for car canopy
4.2.3. Market restraints analysis
4.2.3.1. High cost of certain canopies
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Continued….
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