New York (US), April 06, 2023 (GLOBE NEWSWIRE) -- Awnings Market Overview
The MRFR analysis reports predict that the “Awnings Market Research Report, by Type, Product, Region, and End-User- Forecast Till 2030”, the global market for Awnings is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 6.7%. The reports anticipate the market acquiring a valuation of around USD 14,251 million by the end of 2030.
Market Scope
Awnings refer to the fabrics used to flow over the doors and windows to act as a sun shield. The supporting materials, usually made using iron or aluminum, are stationary or foldable. The global market for Awnings has displayed massive development in recent times. The aesthetical value provided by the awnings is believed to be one of the most crucial aspects supporting market expansion. The protection, styling, raise the value of the property are some of the major advantages of installing the awnings. These awnings are made using quality textured textiles, thus lowering air contamination inside the buildings. The air-conditioning and utilities are lowered by installing the awnings.
Furthermore, the quality of the building is also improved by deploying the awnings. On the other hand, the maintenance of the awnings is believed to be one of the most crucial aspects hampering market development. In addition, regular maintenance owing to the harsh environment is also likely to cause a limitation to the performance of the market. Nevertheless, the sophisticated lifestyle and more value to aesthetics and functionality is anticipated to offer lucrative opportunities to the major players across the globe over the coming years.
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Competitive Analysis
The listing of the prominent leaders across the global market for Awnings includes players such as:
- The Awning Factory
- Levens Australia
- Awnings & Signs
- Durasol Awnings, Inc.
- SUN-AIR Awnings
- Eide Industries, Inc.
- Awning Company of America, Inc.
- Aristocrat
- Carroll Awning Company
- A&A International
- Nulmage
- GS World
- Thompson Awning Company
- Luxaflex
- Orion Blinds
- Torbay Blinds
- Somfy
- Averatec Awnings
- Suntech Australia
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 14251 million |
| CAGR | 6.7% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Product, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | These are manufactured from aluminum to canvas in both fixed and retractable variants. |
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Market USP Covered
Market Drivers
The global market for Awnings has displayed massive development in recent times. The aesthetic value provided by the awnings is the main parameter supporting the market's development. Furthermore, the possible advantages of the aluminum awnings, such as lightweight and minimal maintenance, are also projected to positively influence the performance of the market over the assessment era. Moreover, the factors such as the expansion of living space, the need for protection from the sun & harsh climate, and the increasing disposable income of developed regions are also anticipated to positively influence the development of the market over the coming years.
In addition, technological developments, changing preferences of the commercial sector & residential sectors, and easier control over the awnings are also projected to catalyze the development of the market over the review era.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the maintenance of the awnings. Furthermore, regular maintenance owing to the harsh environment is also likely to impede the performance of the market over the assessment period.
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COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Awnings market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
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Segment Analysis
Among all the products, the patio segment is predicted to secure the top position across the global market for awnings owing mainly to the rise in the deployment of the retractable awning with advanced features in the residential and non-residential sectors.
Regional Analysis
The global awning market is analyzed across five major geographies: North America, Latin America, the Middle East & Africa, Europe, and Asia-Pacific.
The MRFR analysis reports suggest that the North American region is predicted to ensure the top spot across the global market for Awnings over the assessment era. The main parameter supporting the development of the regional market is the increasing usage across the residential sector. Furthermore, factors such as growth in the textile industry and rapid development of the textile industry are also likely to positively influence the performance of the regional market over the coming years.
The Asia-pacific regional market for Awnings is predicted to showcase the maximum growth rate over the coming years owing to the factors such as the development of the construction industry, the increasing number of manufacturing plants, and the presence of established fabric manufacturers.
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