Canopy Market To Reach $2.50 Billion By 2030 | CAGR: 3.4%

Canopy Market Growth & Trends

The global canopy market size is expected to reach USD 2.50 billion by 2030, registering a CAGR of 3.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Provision for expanded outdoor space for seating and recreational purposes owing to the installation of canopies in nearby residential and non-residential buildings is expected to drive the product demand over the forecast period.

Increasing penetration of the product in commercial and residential sectors is anticipated to complement the growth of the market over the forecast period. This can be attributed to the rising installation of canopies in residential areas and above various commercial buildings for protection from heat, wind, and precipitation. PTFE canopies are widely used on account of their superior weather-resistant characteristics, thermal stability, and high durability.

Canopies are also preferred owing to the aesthetic appeal they impart to a space. Rapid growth of the residential sector in North American economies with rising trend of beautification of expanded living spaces with canopies are likely to propel the market growth. Furthermore, increasing popularity of inside-outside living and the availability of a wide range of product designs suitable for residential buildings are likely to augment the demand for the product.

Major players in the industry offer a wide range of products along with most suitable designs and innovative technology, which aid market players in gaining an edge over their competitors. Most of the players compete on the basis of providing customized designed to suit the exact requirements of end users. A variety of materials including PTFE, ETFE, PVC, glass, wood, and various metals can be used to design a product that is a perfect fit for the area of installation.

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Canopy Market Report Highlights

• The PTFE segment accounted for the largest revenue share of 42.1% in 2022

• The non- residential segment held the largest revenue share of 69.7% in 2022, owing to extended space along with architectural aesthetics offered by the installation of the products

• 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.

• 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.

Canopy Market Segmentation

Grand View Research has segmented the global canopy market on the basis of on material, application, end-use, and region:

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

• PTFE

• ETFE

• PVC

• Polyester Cloth

• Others

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

• Shade Canopy

• Event Tent Or Large Canopy

• Others

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

• Residential

• Non-residential

Canopy 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

List of Key Players in the Canopy Market

• Eide Industries, Inc.

• ADVANCED DESIGN AWNINGS & SIGNS

• SUNAIR AWNINGS.

• Shade Structures, Inc.

• Canopies UK Ltd.

• Lawrence Fabric, Inc.

• Impact Canopies USA

• KD KANOPY, INC.

• JAY JAY Enterprise