Portland, OR, Feb. 24, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global awning market garnered $6.76 billion in 2017 and is expected to reach $11.04 billion by 2025, registering a CAGR of 6.2% from 2018 to 2025. The report provides a detailed analysis of drivers & opportunities, value chain, key segments, market size & estimations, strategic developments, and competitive intelligence.
Rise in inclination toward the beautification of commercial and residential establishments along with advancements in fabric materials facilitate the growth of the market. However, the adverse effects regarding harsh weather conditions including heavy snowfall and rainfall on the structure hinder the growth of the industry. On the other hand, the ability of awnings to enhance the utilizing capabilities of deck, patio, veranda, and garden along with technological advancements in the sector would offer new opportunities in the market.
Retractable awning to offer lucrative opportunities by 2025
The retractable awning segment held the major share with more than one-third of the total market share in 2017, and is estimated to continue its lead position during the forecast period. This segment is expected to register the highest growth rate with a CAGR of 7.3% from 2018 to 2025, owing to its authentic motorized technique and rise in its demand for residential and high-end commercial sectors. The report also provides analysis of the fixed awning segment.
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Patio segment to garner the highest market share by 2025
The patio segment contributed the highest market share in 2017, contributing to more than one-third of the total market share. This is due to the increase in the number of auditoriums, educational institutes, universities, and schools in developed nations. However, the freestanding segment is estimated to grow at fastest CAGR of 7.8% from 2018 to 2025.
Asia-Pacific to register the highest CAGR by 2025
Asia-Pacific region is projected to register the highest growth rate with a CAGR of 7.3% from 2018 to 2025. However, North America accounted for major share, holding more than one-third of the total market share in 2017, and will maintain its leadership position through 2025.
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Torchbearers of the industry
The leading market players analyzed in the report include Advanced Design Awning & Sign, Awning Company of America, Carroll Awning, Eide Industries, KE Durasol, Marygrove Awning, NuImage Awnings, Sunair Awnings, Sunesta, and Sunsetter Products.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.