NEW YORK, United States, July 06, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Canopy Market Historical Data, and Forecasts 2023 – 2030” in its research database. According to the latest research study, the global canopy market size was worth at around USD 1832 million in 2022. The market is projected to grow above a CAGR of 4.52% and is anticipated to reach over USD 2610 million by 2030.
Canopy Market Overview:
The canopy industry deals with the design, production, distribution, and installation of canopies. It is an overhead structure that provides shade and protection to the people or objects placed under it. It is also used as a decorative item in various settings such as residential and commercial places. There are many canopy designers and manufacturers operating in the market that work on producing canopies across sizes, materials, shapes, and designs. Some of the most common materials used in the production of canopies include metal, fabric, or polymers. Typically, companies manufacturing canopies also offer installation services that are more complex and involve the laying of the foundation, assembling the structure, and ensuring that the canopy is correctly installed as per instructions.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
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Key Insights from Primary Research
- As per the analysis, the Canopy market is likely to grow above a CAGR of around 4.52% between 2023 and 2030.
- The Canopy market size was worth around US$ 1832 million in 2022 and is estimated to hit approximately US$ 2610 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The canopy market is projected to grow at a significant rate due to the growing demand for outdoor eating settings
- Based on end-user segmentation, non-residential was predicted to show maximum market share in the year 2022
- Based on material segmentation, polytetrafluoroethylene (PTFE) was the leading material in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Canopy Market Dynamics:
Growth Factors
The global canopy market is projected to grow owing to the growing rate of urbanization leading to increasing concerns over space constraints. Canopies, when used effectively, can assist in ensuring that the available spaces are used optimally. For instance, instead of depending on concrete material for roofs, canopies can be used to cover walkways or provide shade in larger spaces such as parking areas. They can also be used to create additional seating areas. Furthermore, as consumers have become aesthetics-oriented, well-designed and manufactured canopies help installing units enhance their physical appearance.
Canopies can be customized to reflect a certain architectural style or they can be used to send a message such as peace, quality, or any other attribute to attract more attention to the structure. Businesses and commercial market players are opting for ways that help them in improving the visual appeal of the area. Additionally, the growing technological advancements in terms of materials, construction techniques, and fabrication technologies have helped in expanding manufacturing possibilities. Innovative materials offering lightweight and durable structures could help the canopy industry grow further during the forecast period.
Restraints
The global canopy market growth is restricted due to the high cost of the superior-grade canopy, especially structures that are customized. The total expense associated with designing, manufacturing, and installing canopies may cause a significant adoption barrier for some potential clients. Additionally, the installation of canopies must be in accordance with local building codes and regulations. Certain buildings or units may have restrictions on the height, size, or visual impact of canopies.
Opportunities & Challenges
The increasing emphasis on improving energy efficiency may provide growth opportunities while the highly competitive nature of the canopy industry challenges market expansion.
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Competitive Players
The report contains qualitative and quantitative research on the global Canopy Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global Canopy market include;
- Shade Structures Inc.
- FabriTec Structures
- Canopy Mart
- Tensile Structure Systems
- ShadeFX
- BDiR Inc.
- Creative Shade Solutions
- Shade Systems
- Skyco Shading Systems
- Architectural Shade Products
- USA SHADE & Fabric Structures
- MASA Architectural Canopies
- Carroll Architectural Shade
- Advanced Awnings and Signs
- Samson Awnings
- Renson
- Sunesta
- KE Outdoor Design, and others.
Segmentation Analysis:
The global canopy market is segmented based on end-user, application, material, and region.
Based on end-user, the global market segments are non-residential and residential.
Based on application, the global market is divided into event or large canopy and shade canopy. The latter segment was the most revenue-generating in 2022. As per official reports, it led over 49.5% of the market share in 2018 and since then has followed the same growth trajectory. This is mainly due to the increased sale of residential canopies as well as smaller units that are placed inside or outside commercial establishments. Furthermore, one of the largest applications of canopies is witnessed in retail storefronts where they are used to provide sheltered entryways and display areas. Moreover, their functional attributes also encompass store branding, signage, or lighting, enhancing the visibility and appeal of the storefront. Large canopies are traditionally used in event venues and stadiums where they cover seating areas, stages, or performance spaces, protecting attendees from the elements while offering unobstructed views.
Based on material, the canopy industry is divided into polytetrafluoroethylene (PTFE), polyvinyl chloride (PVC), ethylene tetrafluoroethylene (ETFE), and polyester cloth. One of the most popular and extensively used materials is polytetrafluoroethylene (PTFE)-coated fiberglass fabric. These canopies offer durability, resistance to UV radiation, and high tensile strength. PTFE canopies are known for their self-cleaning properties, non-stick surface, and ability to transmit diffused light. They are specially used in settings where longer lifespan is a necessity and PTFE is suitable for this requirement along with offering excellent weather resistance and translucency. PVC also has high applications mainly driven by superior performance and affordability. ETFE is used in settings where large canopies are required. They are used in stadium roofs and atriums. The largest canopy in the world has an area of 135,700 square meters.
Regional Analysis:
North America is expected to emerge as the major global canopy market share holder during the forecast period. The growth trajectory will be influenced by the need for protection from extreme weather conditions in regional locations. As the local governing bodies and the general population are seeking means for protection against heat, wind, and precipitation, the demand for eco-friendly and highly effective canopies is projected to continue growing which will be further strengthened by the presence of multiple players in the domestic market.
Europe may witness high growth due to favorable laws and regulations around the use of canopies especially in residential settings. Moreover, Europe can be considered as the leading region in terms of outdoor dining which has influenced the rest of the countries. Europe has multiple hospitality and eating units that provide customers with outdoor seating arrangements for eating purposes.
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Recent Industry Developments:
- In November 2022, the construction crew working at Tom Lee Park in Memphis, USA, witnessed the installation of a new wooden bean on a giant metal canopy. The structure is expected to act as a center of attraction for the parkgoers
- In September 2022, Paired Power announced the launch of a new solar canopy that provides fast and modular electric vehicle (EV) charging without any delay of grid interconnection
- In September 2021, the board of directors at CapMetro approved the purchase of 197 new electric buses. Under its vision to make Austin, Texas cleaner, the company also plans to build solar canopies for charging the buses. The canopies will cost the company USD 34 million
Key questions answered in this report:
- What is the market size and growth rate forecast for Canopy industry?
- What are the main driving factors propelling the Canopy Market forward?
- What are the leading companies in the Canopy Industry?
- What segments does the Canopy Market cover?
- How can I receive a free copy of the Canopy Market sample report and company profiles?
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 1832 Million |
| Market Forecast in 2030 | USD 2610 Million |
| Growth Rate | CAGR of 4.52% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Shade Structures Inc., FabriTec Structures, Canopy Mart, Tensile Structure Systems, ShadeFX, BDiR Inc., Creative Shade Solutions, Shade Systems, Skyco Shading Systems, Architectural Shade Products, USA SHADE & Fabric Structures, MASA Architectural Canopies, Carroll Architectural Shade, Advanced Awnings and Signs, Samson Awnings, Renson, Sunesta, KE Outdoor Design, Somfy Systems, Vergola, Eurmax, Sunair Awnings & Solar Screens, Astralux, Uni-Systems, and Outsunny. |
| Segments Covered | By End-User, By Application, By Material, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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The global canopy market is segmented as follows:
By End-User
- Non-Residential
- Residential
By Application
- Event or Large Canopy
- Shade Canopy
By Material
- Polytetrafluoroethylene (PTFE)
- Polyvinyl Chloride (PVC)
- Ethylene Tetrafluoroethylene (ETFE)
- Polyester Cloth
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2023-2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By End-User, By Application, By Material, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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