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 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).

Increasing canopy penetration in a variety of residential and non-residential structures would fuel canopy demand. There are various types of canopies, including portable garage canopies, event or large canopies, garden canopies, and shade canopies. Additionally, a canopy can be created and built utilising a variety of materials, such as a variety of fabrics, metals, glass, and wood. The product's uses vary depending on the intended end uses and the materials employed. The global canopy market is anticipated to see a steady compound annual growth rate due to the use of canopies in both residential and non-residential buildings. Living indoors as if outside is becoming more and more common, which contributes to penetration. This market is expanding as a result of a growing trend where open space is expanded using canopies. Canopies are utilised in some structures to beautify the area and advance the market. So it should be highlighted that the global canopy market is expanding dramatically as the construction industry makes great gains. The main justification for them is that they serve as both weather protection and, as was already mentioned, an attractive addition. 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.

US Canopy Market is poised to grow at a sustainable CAGR for the next forecast year.