Canopy Market to Exceed Valuation of USD 2.23 Billion by 2027

 According to a new report by Reports and Data, the global canopy market is projected to reach USD 2.23 billion by 2027. The market growth is primarily driven by the increasing use of canopies in residential and non-residential settings, which provide additional outdoor space for seating and recreational activities. The installation of canopies in residential and commercial buildings to offer protection against wind, heat, and precipitation is also contributing to the market growth. Additionally, the growing residential sector in developed countries, coupled with the trend of enhancing urban areas with canopies, is expected to further fuel market expansion.

Canopies serve various purposes such as providing shelter, organizing events, enhancing gardens, and offering portable solutions like garage canopies. They can be constructed using a variety of materials such as fabrics, metals, glass, and wood, depending on the intended use and desired aesthetic outcomes. Companies are focusing on initiatives to raise awareness about the benefits of canopies in both residential and non-residential buildings, which is driving global demand. The aesthetic appeal of canopies is another factor contributing to their growing popularity.

The residential sector's rapid growth in Europe and North America is expected to be another significant driver of market growth. Additionally, the increasing trend of "inside-outside living," where people prefer to spend time outdoors during tours or picnics, is expected to boost demand for canopies.

However, the high cost of certain types of canopies and the expenses associated with their development pose challenges to the global market. These factors significantly impact the market from a cost-based perspective.

The COVID-19 pandemic has had a substantial impact on the manufacturing, construction, and recreational sectors worldwide. Restrictions on logistics and disruptions in the supply of raw materials have posed challenges for producers. Lockdown measures in many countries have affected remodeling and renovation activities, thereby impacting the demand for canopies. The pandemic's economic impact on companies and financial markets has also been unfavorable, leading to stock market volatility and a decrease in global growth, which in turn affects canopy sales.

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Key findings from the report include:

• The automotive sector has experienced market expansion due to the growing trend of car canopies, particularly in India and Thailand, where vehicle production is increasing. The APAC market is witnessing lucrative opportunities and is projected to grow at a CAGR of 4.0%.
• The United States is one of the leading countries in the market, driven by advanced processing capabilities, a highly skilled workforce, and strong R&D initiatives. Producers in the US are focusing on new technologies to expand the market.
• Canopies made with PTFE fiberglass membrane are ideal for regions with extreme temperature conditions due to their high strength and durability. The material's low-surface free energy allows for easy surface cleaning by rainwater, making it suitable for regions with harsh climates.
• The non-residential segment generated USD 1.05 billion in revenue in 2019 and is expected to experience modest growth in the coming years. Canopies in this segment provide sun protection and add architectural value to buildings.
• The market demand is limited, with large established players catering to clients worldwide, while smaller players mainly operate in regional markets.
• Key participants in the canopy market include KD Kanopy Inc., Impact Canopies, Lawrence Fabric & Metal Structures Inc., Canopies U.K. Ltd., ExpandaBrand Inc., Jay Jay Enterprise, Shade Structures Inc., Sunair Awnings, Advanced Designs Awnings & Signs, and Eide Industries Inc.

Canopy Market: Drive factors

The canopy market is driven by several factors that contribute to its growth and expansion. Some of the key drive factors include:

1.      Increasing Penetration in Residential and Non-Residential Activities: Canopies are increasingly being used in both residential and non-residential settings. They provide expanded outdoor space for seating, recreation, and protection against wind, heat, and precipitation. The growing adoption of canopies in various activities drives the market's growth.

2.      Expanded Urban Areas and Aesthetics: Canopies are used to embellish expanded urban areas, enhancing their visual appeal. Canopies not only offer weather protection but also contribute to the overall aesthetics of buildings and outdoor spaces. The aesthetic value associated with canopies is a significant driver for their adoption.

3.      Growing Residential Sector: The residential sector's rapid growth, particularly in developed nations, is driving the demand for canopies. As more residential buildings are constructed, there is an increasing trend to install canopies for various purposes, such as creating outdoor seating areas or protecting balconies and patios. The expansion of the residential sector boosts the canopy market.

It is important to note that the impact of the COVID-19 pandemic has also affected the canopy market, causing disruptions in manufacturing, construction, and recreational activities. The pandemic's economic impact, including stock market volatility and decreased global growth, has impacted canopy sales. However, the underlying drive factors mentioned above continue to contribute to the long-term growth prospects of the canopy market.

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