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.
Is something restraining your company’s growth in the Canopy Market? Ask for the report brochure here
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.
Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Canopy Market here
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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.