Canopy Market Size, Share & Trends Analysis Report By Material (PTFE, ETFE, PVC), By Application (Shade Canopy, Event Or Large Canopy), By End-use (Residential, Non-residential), By Region, And Segment Forecasts, 2023 - 2030

Canopy Market Size & Trends

The global canopy market size was valued at USD 1.90 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.4% from 2023 to 2030. Increasing penetration of canopies in various residential and non-residential buildings is anticipated to drive the demand for canopy and, in turn, trigger the overall market growth over the forecast period. Rapid growth of the residential sector in the North American and European economies and increasing popularity of inside-outside living are likely to augment the demand for canopies in the regions over the forecast period. Furthermore, rising trend for expanded living space and beautification offered by canopies is likely to propel the market growth.

The market in the U.S. is expected to witness growth owing to increasing adoption of canopies as shades in residential buildings. Furthermore, rising installation of car canopies for recreational shade protection and outdoor car storage to maximize housing storage capacity is anticipated to propel the demand for the product in the country over the forecast period.

Canopies are available as shade canopies, event or large canopies, garden canopies, and portable garage canopies. Furthermore, a canopy can be designed and manufactured using different materials including a range of fabrics, metals, glass, and wood. The applications of the product vary depending on the end-use purposes and the materials used.

Canopies are majorly used in commercial buildings in Asia Pacific market. Non-residential was the dominant end-use segment in APAC market in 2022. Increased penetration of the product can be attributed to the installation of canopies for expanded outside areas where various recreational activities are organized including commercial event promotions and exhibitions.

Manufacturers compete in the market by offering the most suitable and reliable products catering to various end-user applications. Furthermore, they are engaged in implementing advanced technologies to develop innovative products offering additional benefits such as rainwater harvesting, thereby complementing the demand for canopies.

Material Insights

Canopies are manufactured using a wide range of materials such as Polytetrafluoroethylene (PTFE), Ethylene Tetrafluoroethylene (ETFE), Polyvinyl Chloride (PVC), and polyester cloth. Furthermore, they are manufactured from materials including glass, wood, and metal such as aluminum, steel, and iron. They can be customized based on the needs of customers.

The PTFE segment accounted for the largest revenue share of 42.1% in 2022. Canopies that are selected on the basis of materials determine their end-use applications. Canopies with PTFE fiberglass membrane are suitable for regions with extreme temperature conditions owing to their high strength and durability. Furthermore, low-surface free energy exhibited by the material offers easy cleaning of the surface by rainwater.

The ETFE segment is expected to grow at the fastest CAGR of 3.9% during the forecast period. ETFE-based canopies exhibit self-cleaning properties on account of their non-sticky surface. Variation in canopy size is possible owing to the stretching ability of the material. Furthermore, the material is highly resistant to ultraviolet radiations. These factors are likely to drive the demand for ETFE in the market.

Polyester is one of the most widely used materials in instant canopy designs on account of characteristics such as water resistance and durability exhibited by the material. The aforementioned characteristics offered by the materials are anticipated to augment the demand for canopies over the forecast period. In addition, PVC and metal canopy designs are used in several residential and non-residential applications on account of the architectural aesthetics offered by the product.

Application Insights

Canopies are installed based on the requirements of end-users. Depending on the end-use application, canopies are majorly categorized into shade canopies and event or large canopies. In addition, car canopies and portable garage canopies are widely used in developed economies for outdoor car storage. Shade canopy segment accounted for the largest revenue share of 49.9% in 2022 on account of its increased penetration in the residential sector. Furthermore, shade canopies are widely used in residential as well as commercial applications for protection and enhancing the aesthetic value.

Event tent or large canopy segment is expected to grow at the fastest CAGR of 3.6% over the forecast period. Event or large canopy designs are widely used for commercial purposes owing to the ease of installation coupled with provision for extended outdoor space for several purposes. These canopies are widely used for various commercial occasions such as product launches and exhibitions. Canopies are also used for gardening purposes, wherein plants require protection from extreme sunlight, wind, and rains. Furthermore, canopies are widely used to utilize outside area as dining space for commercial outlets such as restaurants and hotels. The aforementioned factors are, therefore, anticipated to propel the demand for various canopy types and designs.

End-use Insights

Based on end-use, the canopy market has been segmented into residential and non-residential. Canopies are used in a wide range of residential as well as non-residential end-use applications owing to their benefits such as sun protection and additional aesthetic value of building offered by the product.

The non- residential segment held the largest revenue share of 69.7% in 2022. Increasing demand for the product in various commercial applications such as retail shops, hotels, restaurants, and cafes on account of provision for extended dining space for visitors and various other recreational activities is expected to drive the demand for canopies and, in turn, trigger the growth of canopy industry over the forecast period.

The residential segment is expected to grow at the fastest CAGR of 3.6% over the forecast period. on account of the availability of the product in several materials, designs, and dimensions. Furthermore, canopies are utilized in several buildings to enhance the aesthetic value of bungalows and mansions, which in turn, is likely to propel the market growth over the forecast period.

Installation of canopy offers advantages such as increased living space in open areas adjacent to and above the buildings. Furthermore, advanced canopies including solar canopies and rain harvesting canopies offer additional benefits to end-users. The aforementioned factors are, therefore, anticipated to augment the demand for canopies in various buildings.

 Regional Insights

Europe dominated the market and accounted for the largest revenue share of 37.5% in 2022 due to the increasing demand for outdoor spaces in urban areas. Furthermore, the construction industry contributes to the growth of the market as new buildings and infrastructure projects are developed.

Canopies are installed based on different purposes across regions globally. For instance, shade canopies account for a significant share in the North American residential segment, whereas in Asia Pacific market, the demand for event or large canopies is high in non-residential buildings.

Asia Pacific is expected to grow at the fastest CAGR of 4.2% during the forecast period. In Asia Pacific, countries such as China and Australia, accounted for majority share of the market on account of increasing penetration of the product in commercial outlets such as restaurants and hotels. Rising adoption of canopies in these economies can be attributed to the provision for extended outdoor space for several activities such as event promotions and exhibitions.

The North America region accounted for 28.2% of the overall market share in 2022, in terms of revenue, on account of increased penetration of canopies in the residential sector. The product is majorly used in residential buildings in backyards and as a stand-alone structure for patio furniture and additional space.

The market is anticipated to witness increasing demand on account of factors such as expanded living space and beautification of buildings offered by the product. Furthermore, increasing popularity of inside-outside living and the availability of a wide range of canopy designs are likely to augment the demand for the product in North America.

Key Companies & Market Share Insights

The market is marked by the presence of large- and small-scale manufacturers across the globe, thereby resulting in a moderate level of concentration. The competition in the market is intense and categorized based on the need for reliable and innovative products. Majority of the manufacturers strive to use innovative technologies and most suitable designs to offer durable products.

Major players in the market compete on the basis of product innovation through the usage of different materials and designs. Eide Industries, Inc., Advanced Design Awnings & Signs, Shade Structures, Inc., and Sunair Awnings are some of the key players engaged in the production and supply of canopying solutions to several end-user industries.

Canopy Market Report Scope

Global Canopy Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global canopy market report on the basis of material, application, end-use, and region:

• Material Outlook (Revenue, USD Million, 2018 - 2030)

  • PTFE

  • ETFE

  • PVC

  • Polyester Cloth

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Shade Canopy

  • Event Tent or Large Canopy

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Residential

  • Non-residential

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • UK

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Thailand

    • Australia

  • Central and South America

    • Brazil

  • Middle East and Africa

    • Saudi Arabia