New York, United States, March 05, 2024 (GLOBE NEWSWIRE) -- A retractable awning gives a window user the comfort and convenience of a roof without sacrificing its characteristics. An awning blocks the sun's brightness and UV radiation. The above-mentioned awnings can be retracted at any time, maximizing sunlight. When not in use, this awning is folded against the wall. Manual or motorized retraction can be used. Residential and non-residential structures can mount patio and window awnings. Freestanding retractable awnings are also available.
Awning is a tent-like roof that shields against rain and sun. Retractable awnings fold and retract. Retractable awnings protect doors, windows, patios, and other openings. Retractable awnings are in demand for patios and decks. The rising commercial sector and demand for retractable awnings for home remodeling are driving market growth.
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Global Retractable Awnings Market: DRIVERS
Rising Demand for Home Improvements, Sun Protection, And Building Renovations
Consumer preferences for home upgrades, sun protection, and building re-structuring are driving market demand. Rising global need for sun protection is driving the residential retractable awnings industry.
In the market for commercial retractable awnings, a rise in the number of restaurants, cafes, and other companies using them is expected to account for one fifth of industry demand. Retractable awnings are profitable in residential and business settings. This is because the number of activities in both types of settings is expanding, which requires retractable awnings and expands the market.
In the recent decade, the market and product have improved significantly. As a result of producers enhancing their wares to meet high-effectiveness client demands, the product in question has undergone considerable changes during its development and will be sold in an upgraded state.
Environmental Awareness Is Expected to Boost Demand
Rising environmental consciousness and desire for green alternatives will drive the residential retractable-awnings market over the forecast period. Awnings cut summer and winter energy use. The Professional Awnings Manufacturers Association discovered that homeowners that built shade structures like awnings saved up to US$200 yearly owing to the reduced workload on their air conditioners.
Retractable awnings increase a home's resale value and protect its inside from sunlight, heat, and UV rays. Awnings put over windows can reduce solar heat gain by 65 to 77%, reducing cooling costs. Increased awareness of these benefits is expected to drive market expansion during the forecast period.
Global Retractable Awnings Market: KEY FUTURE OPPORTUNITIES
Technology Advancements Will Create New Opportunities
New innovations benefit awnings. In the past, awnings were retracted using a rope string and sometimes a side-arm device. The awnings market has benefited from technical developments in recent years. Commercial and high-end residential sectors have noticed new retractable awnings that can be operated remotely via switch, remote, or smartphone. This is projected to lead to new opportunities for the worldwide retractable-awnings business.
Future technology advances, such as smart gadgets that regulate awnings, are expected to boost market growth. A movement in consumer attitudes toward more aesthetically beautiful ways of projecting operating spaces is expanding the awnings business. New retail, high-end residential, and other industries in developed nations are expanding the awnings industry.
Regional Overview of Global Retractable Awnings Market
North America, Europe, Asia-Pacific (APAC), Latin America, and Middle East & Africa make up the global retractable awnings market.
North America dominated the market in 2021. Rising U.S. home construction is the biggest contributor to regional economic growth. The expanding number of commercial applications for retractable-awnings in Mexico is expected to improve their popularity during the forecast period. Significant market players in the area should fuel demand in the coming years.
Asia Pacific is expected to develop at a 9.24% CAGR between 2022 and 2030. Increased product uptake in business, especially in India and China, is fueling the expansion. India held more than 17% of the region's market share in 2021 and is expected to exhibit the highest CAGR of 9.98% over the projected period. Increasing cafés and bars should boost product demand.
In 2021, Europe had a large market share due to demand from restaurants, hotels, and hospitals. A growing desire for garden houses in Switzerland, Germany, and the UK is expected to boost the regional market for retractable-awnings.
Key Highlights
- By Product, the Global Retractable Awnings Market is segmented into Freestanding, Patio, and Others. Awnings for patios commanded the lion's share of the market in 2021, thanks to rising consumer expenditure on patio furnishings and accessories.
- By Application, the Global Retractable Awnings Market is segmented into Residential and Commercial applications. In 2021, the residential sector controlled approximately 60 percent of the market share for retractable awnings, making it the most lucrative use for these products.
- By Region or Geography, the Global Retractable Awnings Market is segmented into North America, Europe, Asia-Pacific (APAC Region), Latin America, and Middle East & Africa (MEA). In 2021, North America accounted for the majority of the market.
List of major competitor companies in the Retractable Awnings Market across the globe are:
- Thompson Awning Company
- Levens Australia
- Aristocrat
- Advanced Design Awnings & Signs
- MARKILUX GmbH + CO. KG
- Mitjavila
- Marygrove Awnings
- Shades Awnings
- Sunesta
- Warema Renkhoff SE
- A&A International
- VImagePro & NuImage Awnings
- Commercial Awnings Ltd
- Eide Industries, Inc.
- Orion Blinds
Recent Developments
- April 2022 - Aristocrat Limited and International Game Technology PLC have signed a ten-year patent cross-licensing agreement. The agreement comprises utility as well as hardware patent rights, including patents for virtual gaming server technology related to Aristocrat's mobile game publishing industry (Pixel United), increasing the parties' earlier cross-licensing transaction.
Global Retractable Awnings Market: Segmentation
By Product
- Freestanding
- Patio
- Others
By Application
- Residential
- Commercial
By Geography
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
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