Newark, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the canopy market will grow from USD 1.86 billion in 2023 to USD 2.92 billion by 2033. This market will develop in response to the rising demand for canopies in residential properties for shade protection and increasing storage capacity. With rising product launches, canopies are now used for several different applications.
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Key Insight of the Canopy Market
Europe region will account for the largest market size during the forecast period.
The European region will hold a significant market share due to the rapid rate of infrastructural development. As a result of the growing population in regional countries, the growth of the construction industry has also increased. The market for canopies is rising due to the increasing aesthetic appeasement of commercial and residential spaces. Further, consumers utilize the canopy as a standalone structure in their homes, exhibitions, and events.
The ethylene tetrafluoroethylene segment is expected to augment the market during the forecast period.
The material segment is divided into ethylene tetrafluoroethylene, polytetrafluoroethylene, polyester cloth, polyvinyl chloride and others. The ethylene tetrafluoroethylene segment is expected to augment the market during the forecast period. A strong, clear, and lightweight material called ethylene tetrafluoroethylene is frequently utilized in architectural designs in place of glass. As ETFE canopies let 95% of the U.V. spectrum through, they are perfect for buildings where plants that require U.V. light for photosynthesis are located.
The large canopy segment is expected to augment the market during the forecast period.
The application segment is divided into large canopy, shade canopy, and others. The large canopy segment is expected to augment the market during the forecast period. A large canopy is a vast covering, particularly one that is situated high above. Large canopies are perfect for offering cover from light rain or shade from the sun.
The residential segment is expected to augment the market during the forecast period.
The end-use segment is divided into residential and non-residential. The residential segment is expected to augment the market during the forecast period. An outdoor canopy can greatly improve a residential property's adaptability and aesthetic appeal by offering comfort and shade and increasing the outdoor area's use and utility.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 4.63% |
| 2033 Value Projection | USD 2.92 Billion |
| Market Size in 2023 | SD 1.86 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Material, Application and End-Use |
| Regions Covered | The market's regions are Asia Pacific, Europe, South America, North America, and the Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Canopy Market Growth Drivers | Different applications of canopy |
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Market Dynamics
Driver: Increasing demand for custom canopies
Canopy tents manufactured to order are customized to meet the needs. In addition to offering protection and shade, they can raise awareness of the manufacturer’s brand. Custom canopy tents are adaptable and useful for a range of applications. They work well in outdoor activities, trade exhibitions, business gatherings, and dining environments. Custom canopy tents offer greater versatility than simple canopy tents. They work well in various settings, including farmers' markets, sporting events, trade exhibits, and school functions. More robust materials are frequently used to create custom tents. Furthermore, they are made with extraordinary attention to detail.
Restraint: Inefficiency
Canopies can be bulky when packed, be challenging to fold, and have intricate, potentially unstable suspension systems. Rainfall can cause water to collect on the canopy's surface, which could lead to its collapse. Canopy tent frames made of low-quality materials are prone to bending and breaking.
Opportunity: The rising trend for increasing the aesthetic appeal of properties
Aesthetics are essential in luxury real estate marketing, not merely a bonus. A high-end property's attraction frequently rests on its capacity to arouse feelings, engage the senses, and project an air of exclusivity and extravagance. Leading designers are essential in creating an aesthetically pleasing and alluring experience that appeals to discriminating consumers to accomplish this. The surrounding scenery of a business structure enhances its allure. Owners of commercial properties can create a pleasant and attractive outside space by investing in expert landscaping. Canopies are architectural, practical, and visually beautiful components that can improve a building's façade.
Challenges: Susceptibility to fire
Because of the wide, bigger target area, the canopy may be more vulnerable to enemy fire. It provides less protection in terms of structural integrity and ballistic resistance than a framed canopy. Proper management is needed to safeguard the canopy from fire breakdown.
Some of the major players operating in the canopy market are:
• HDT Global
• CAMSS SHELTERS
• AKS Industries Inc
• Federal-Fabrics-Fibers Inc
• Weatherhaven Global Resources Ltd.
• ADVANCED DESIGN AWNINGS & SIGNS
• Impact Canopies USA
• SUNAIR AWNINGS
• JAY JAY Enterprise
• Canopies U.K. Ltd.
• Shade Structures Inc.
• Lawrence Fabric Inc.
• KD KANOPY Inc
• Zeppelin GmbH
Key Segments Cover in the Market:
By Material:
• Ethylene Tetrafluoroethylene
• Polytetrafluoroethylene
• Polyester Cloth
• Polyvinyl Chloride
• Others
By Application:
• Large Canopy
• Shade Canopy
• Others
By End-use:
• Residential
• Non-Residential
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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