Canopy Market

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.

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.

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.