What is the global market size of Canopy Market?

Canopy Market size was valued at USD 1.83 billion in 2021 and is poised to grow from USD 1.91 billion in 2022 to USD 2.84 billion by 2030, growing at a CAGR of 4.5% in the forecast period (2023-2030).

Canopy Market Size, Share, Growth Analysis, By Material(PVC (Polyvinyl Chloride), PTFE (Polytetrafluoroethylene), Polyester Cloth, ETFE (Ethylene Tetrafluoroethylene)), By Application(Shade Canopies, Event Canopies), By End Use(Residential, Non-Residential), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15F2100 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 90 | Figures: 76

Canopy Market Regional Insights

North America dominates the global canopy market due to rising residential demand. The product is mostly used in backyards of residential buildings as a stand-alone structure for patio furniture and extra space. The market is expected to grow as a result of factors such as increased living space and building beautification provided by the product. Furthermore, the growing popularity of indoor-outdoor living and the availability of a diverse range of canopy designs are expected to boost demand for the product in North America. Rapid expansion and capacity addition by various recreational activities and increased use in the residential sector, coupled with the growing number of commercial buildings in the U.S., will boost demand.

The Asia Pacific is expected to see high gains as a result of the increasing use of the product in the non-residential sector. The market has grown because of the growing use in commercial launches and events. Emerging economies have focused on the penetration of the product in restaurants and hotels. Indonesia, Vietnam, Singapore, China, South Korea, Thailand, and India are essential aspects likely to drive market development confidently.

Canopy Market Report Snapshots

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Canopy Market size was valued at USD 1.83 billion in 2019 and is poised to grow from USD 1.91 billion in 2023 to USD 2.84 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

The canopy market exhibits both large- and small-scale manufacturers globally, which leads to a moderate level of concentration. Due to the high demand for dependable and cutting-edge products, there is fierce canopy market competition. Most manufacturers work hard to produce long-lasting items by utilising cutting-edge technologies and the best designs. Market leaders compete on the basis of product innovation by utilising a variety of materials and designs. Some of the major firms active in the creation and distribution of canopying solutions for various end-user sectors include Eide Industries, Inc., Advanced Design Awnings & Signs, Shade Structures, Inc., and Sunair Awnings. 'Shade Structures, Inc.', 'Rainier Industries Ltd.', 'ShadeFX Canopies', 'The Awning Company', 'B & C Awnings Inc.', 'KE Durasol Awnings, Inc.', 'Carroll Awning Co. Inc.', 'Ace Awnings Inc.', 'Sunair Awnings & Solar Screens', 'Advanced Awning Company', 'Canopies UK', 'Aristocrat Shade Products, Inc.', 'Capitol Awning Company', 'NuImage Awnings', 'Durasol Awnings, Inc.', 'Marygrove Awnings', 'Eide Industries, Inc.', 'SunSetter Products LP', 'Uni-Systems, LLC', 'FunderMax GmbH'

Over the projection period, the demand for canopies in the North American and European economies is anticipated to increase because of the rapid rise of the residential sector in these economies and the rising popularity of inside-outside living. Additionally, the market is projected to develop because to the growing desire for canopies' added living space and aesthetic value.

There are many different sorts of canopies, including garden canopies, large or event canopies, portable garage canopies, and shade canopies. A canopy can also be created in a factory using a range of materials, including different types of wood, metals, glass, and fabrics. Depending on the intended use of the product and the materials used for it, several uses can be made of it.

North America dominates the canopy market due to rising residential demand. The product is mostly used in backyards of residential buildings as a stand-alone structure for patio furniture and extra space. The market is expected to grow as a result of factors such as increased living space and building beautification provided by the product. Furthermore, the growing popularity of indoor-outdoor living and the availability of a diverse range of canopy designs are expected to boost demand for the product in North America. Rapid expansion and capacity addition by various recreational activities and increased use in the residential sector, coupled with the growing number of commercial buildings in the U.S., will boost demand.

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Canopy Market Size, Share, Growth Analysis, By Material(PVC (Polyvinyl Chloride), PTFE (Polytetrafluoroethylene), Polyester Cloth, ETFE (Ethylene Tetrafluoroethylene)), By Application(Shade Canopies, Event Canopies), By End Use(Residential, Non-Residential), By Region - Industry Forecast 2024-2031

Canopy Market Regional Insights

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