Global awnings market is expected to witness noteworthy growth owing to the increasing use in residential and commercial sector. There is seen a growing demand from commercial spaces such as shops, and hotels and residential spaces. The reason is attributed to the durability and exclusive design which is expected to drive market growth over the next five years.
Awnings can provide several advantages in the both indoor and outdoor construction depending on the material used. These are manufactured from aluminum to canvas in both fixed and retractable variants. Awnings are used extensively to protect the wood doors, window frames, and door casings from impairment caused by rain and moisture and stops rain from leaking inside. Furthermore, the awnings help to reduce direct heat from the sun that comes through windows and thus reduces the energy costs in the summer, especially when using the retractable awnings. The aesthetic appeal associated with the awnings have further widened the scope in both residential and non-residential construction.
Global awnings market is expected to witness a CAGR of around 6.80%, to reach USD 12.3 Billion over the forecast period.
The global awnings have been segmented into regions of North America, Europe, Asia-pacific, and Rest of the world (RoW). Asia-Pacific accounted for the largest share in the overall awnings market in 2019. This is attributed to the increasing investments in R&D for advanced materials in these countries. The region has witnessed increasing number of installations of awnings with the growing number of construction projects in both commercial as well as residential construction in the countries such as China and India. This is expected to fuel the demand for awnings in the Asia-Pacific region in coming time.
North America held a sizeable market in 2019 owing to factors such as increasing private construction and the associated benefits such as reduced costs, energy saving, and durability that comes with the installation of awnings.
The global awnings market has been segmented on the basis of type, product, and end-user. On the basis of type, the market has been classified into fixed, and retractable. Product segment is further sub-segmented into patio, window, freestanding, and others. End-user segment is classified into residential, and non-residential.
Based on type, the market has been bifurcated into fixed, and retractable. The retractable awning segment is expected to lead the global awning market. Retractable awnings are used to protect outdoor constructed areas from the sun rays while enhancing the efficiency of the HVAC system. These also offer longer lifespans when compared to its fixed counterparts. These can be retracted on days when weather is extremely stormy and windy.
Based on product, the segment is further classified into patio, window, freestanding, and others. The patio segment had the maximum contribution in the market size and is expected to showcase a significant growth rate during the forecast period, owing to increase in installation of retractable awnings in the residential and non-residential sectors. Patio is preferred for occasions such as parties, gatherings, and others.
Based on end-user, the segment is classified into residential, and non-residential. The residential segment is expected to show fastest growth during the forecast period of 2019-2026. There is seen an increased spending by foreign and domestic developers on various residential projects. This in turn has generated lot of demand for awnings in the residential segment and hence the segment is projected to contribute significantly over the forecast period.
Key players include Advanced Design Awnings & Signs (US), Eide Industries, Inc. (US), Awning Company of America, Inc. (US), Sunesta (US), Carroll Awning Co., Inc. (US), Nuimage Awnings (US), Sunsetter Products LP (US), Marygrove Awnings (US), and KE Durasol Awnings Inc. (US). The global awnings market is highly competitive with many players, across the globe. The players adopted various strategies to expand their global presence and increase their market shares. Some of the key strategies adopted by the players include new product developments in terms of advanced material, mergers, and acquisitions, along with strategic partnerships, and collaborations.
|Market Size||USD 12.3 Billion (2019-2026)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Advanced Design Awnings & Signs (US), Eide Industries, Inc. (US), Awning Company of America, Inc. (US), Sunesta (US), Carroll Awning Co., Inc. (US), Nuimage Awnings (US), Sunsetter Products LP (US), Marygrove Awnings (US), and KE Durasol Awnings Inc. (US).|
|Key Market Opportunities||
|Key Market Drivers||These are manufactured from aluminum to canvas in both fixed and retractable variants.|
Frequently Asked Questions (FAQ) :
The CAGR would be 6.80% for awnings market during the forecast period.
The awnings market valuation would be USD 12.3 billion by 2026.
The Asia Pacific market would lead the awnings market.
Growth in residential and commercial construction would boost the APAC awning market growth.
The awning market players are Eide Industries, Inc. (US), Advanced Design Awnings & Signs (US), Sunesta (US), Awning Company of America, Inc. (US), Marygrove Awnings (US), Nuimage Awnings (US), Sunsetter Products LP (US), Carroll Awning Co., Inc. (US), and KE Durasol Awnings Inc. (US).