Canopy Market: Overview

Use of canopies in both residential and non-residential buildings is expected to drive the demand for Global Canopy Market, which is believed to grow at steady Compound Annual Growth Rate. The penetration is also owed to increasing popularity of living inside as if outside. Also, the trend where space is expanded using canopies in an open area is catching on, contributing to this market’s growth. In certain buildings, canopies are used to beautify the place, further propelling the market ahead.

So, it can be noted that as construction industry makes giant strides, it is bringing stellar growth to the global canopy market. Primary reason includes their being not just protection against weather but also, as stated earlier, an aesthetically pleasing addition. According to Global Construction Report 2030, it is expected that the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030.

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.

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Canopy Market: Notable Developments

2019: Lanmodo Car Umbrella is the latest innovation in the car canopy market. It is an open ended umbrella that can be used anywhere and not just a house’s yard like the traditional ones. That means it allows for perfect sunshade, temperature control whenever and wherever. It is automatic, so therefore very easy to operate, and it is built in a way that enhances air circulation. To sum it up, it has smoother wrinkles that were present in canopies that existed before, amping up the benchmark for other players.

The Global Canopy Market is highly fragmented with the presence of both large and small scale manufacturers operating across the world. The competition therefore is intense. To keep an edge, manufacturers regularly come up with better products and try to put technology to the best use. Some have gone as far as offering rain water harvesting and such utilities to boost sales. Key players in the market include Eide Industries, Inc., Advanced Design Awnings & Signs, Shade Structures, Inc., and Sunair Awnings.

Canopy Market: Key Trends and Drivers

  • Canopies are viewed as shades in residential buildings, which are rising at a great pace in North American and European Economies. The demand for canopies is further boosted by a demand for expanded living spaces in urban areas, which makes this a possibility.
  • Another major factor leading to growth in the global canopy market is rise in demand for car canopy as a recreational shade and outdoor car storage. Besides as housing space is decreasing significantly, it is important to provide shelter to the car with a canopy.

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Canopy Market: Geographical Analysis

Canopies form a major part of the commercial buildings in the Asia Pacific region, taking up a share of 92.5% in 2018. In the forecast period, more penetration is expected as it becomes an integral part of the outdoor space expansion and recreational landscape, mainly put to use by commercial event promotions and exhibitions. As mentioned above tourism will play a role in helping Europe to have edge. It will also help canopy market in Middle East, Africa and Latin America. Development of infrastructure in these areas will also help gain pace.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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