Vancouver, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The global canopy market size was USD 1.94 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.5% during the forecast period. Rapid expansion of outdoor retail and event industry, increasing installation of smart canopies in various residential and commercial buildings, and rising number of manufacturers focusing on numerous programs to increase awareness regarding benefits of using canopies are major factors driving market revenue growth. Commercial applications frequently employ event or large canopy designs due to their convenient installation process and ability to provide extended outdoor space for various purposes. These versatile canopies find wide usage in various commercial settings, including product launches and exhibitions.
Commercial canopies are considered as one of the most popular and cost-effective options for businesses looking to enhance their image. Hence, companies can effectively promote their brand and enhance brand recognition by customizing these canopies with the business logo, name, and colors. This customization holds value for businesses seeking to establish themselves in new markets or differentiate themselves from competitors. In addition, the visual attractiveness of commercial canopies offers various benefits to both businesses and customers.
In the U.S., numerous franchise establishments are instantly identifiable through their distinct storefronts, such as McDonald's arches striking tall windows of Walgreens, or comprehensive wall-to-wall curtain systems found in Apple stores. Thus, many businesses are increasingly adopting canopy for their commercial usage, which is rising demand for this product. Businesses can also attract increased foot traffic by enhancing the visual appeal of commercial properties with vibrant canopies that blend harmoniously with the building's architecture. These canopies serve as extensions of the property, functioning as impactful billboards that reinforce the brand and heighten customer appeal.
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Increasing preference for using sustainable and eco-friendly solutions has led to rising demand for solar canopies, which is expected to drive revenue growth of the market during the forecast period. Solar canopies have emerged as a versatile and sustainable option for generating clean energy while offering shaded or covered outdoor areas. These canopies utilize solar power to produce renewable energy that can be utilized to power residential or commercial properties. Individuals and businesses can decrease their dependency on fossil fuels and contribute to reducing carbon emissions by generating their own electricity.
When exposed to heavy rainfall and typhoons, canopies experience one of its drawbacks. There is a chance that canopy tents won't hold up in such severe weather, especially if they are erected in such unfavorable conditions. When dealing with bad weather, extra support for canopy tents can be required. Furthermore, not all-weather conditions may be compatible with the materials used in quick canopy tents, which could restrain market revenue growth.
Segment Insights
Material Insights:
Based on material, the global canopy market is segmented into PTFE, ETFE, PVC, polyester cloth, and others.
The PTFE is expected to account for largest revenue share in the global canopy market over the forecast period. This is because PTFE fabric delivers outstanding electrical insulation and dielectric strength and possesses the lowest coefficient of friction among all solid materials. PTFE fabric demonstrates remarkable resistance to environmental factors and remarkable flexibility, making it particularly well-suited for retractable covers or shades that require long-lasting durability. With light transmission rates reaching up to 55%and the availability of a low Volatile Organic Compound (VOC) option, PTFE offers optimal visibility while also considering environmental considerations.
Application Insights:
Based on application, the global canopy market is segmented into residential canopies, commercial canopies, industrial canopies, and recreational canopies.
The residential segment is expected to account for significantly large revenue share in the global canopy market over the forecast period. The residential segment is further sub-segmented into awnings, gazebos, patio umbrellas and carports. This is due to increasing use of residential canopies to lower maintenance costs by keeping inclement weather from entering the house's interior and entrance. This results in far less maintenance being needed, and the house being kept in top condition for a much longer period of time. Residential canopies enable protection against water and precipitation damage to timber doors, window frames, and door casings.
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Regional Insights:
North America market accounted for largest revenue in the global canopy market in 2022. This is due to increasing initiatives by various manufacturers to develop new product as well as rising demand for canopy products in this region. On 12 September 2022, Urban Umbrella, a premium sidewalk scaffolding provider, has expanded beyond the area of construction-based public protection with the debut of a modular event canopy product with the National Building Museum in Washington, D.C. The Playhouse, a dynamic, multifunctional staging space for The Museum's Summer Block Party performance series, was carried by the Urban Umbrella system.
Europe market is expected to register fastest revenue growth rate in the global canopy market during the forecast period. This is due to significant investments in adding new capabilities and increasing focus on overcoming limitations associated with traditional methodologies. For instance, on 30 September 2021, Swisspacer, a leading supplier of warm edge spacer bars, introduced Lumia, a premium canopy system designed for commercial use. Lumia joins the existing product lineup, which includes La Pensilina, a frameless glass canopy for placement above entrance and patio doors, as well as La Defender, a range of high-performance balustrade systems. The Lumia canopy system, crafted by Logli Massimo, a member of the esteemed Saint-Gobain group, offers a continuous glass canopy option to cater to the diverse needs of the commercial sector.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 1.94 Billion |
| CAGR (2023–2032) | 4.5% |
| Revenue Forecast To 2032 | USD 3.04 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Material, type, application, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Structures Co., JAY JAY Enterprise, SUNAIR AWNINGS, ADVANCED DESIGN AWNINGS & SIGNS Impact Canopies USA, House of Canopies, Lawrence Fabric, Inc., KD KANOPY, INC., Eide Industries, Inc., and Vitabri |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global canopy market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective canopy products.
Some major players included in the global canopy market report are:
- Shade Structures Co.
- JAY JAY Enterprise
- SUNAIR AWNINGS
- ADVANCED DESIGN AWNINGS & SIGNS
- Impact Canopies USA
- House of Canopies
- Lawrence Fabric, Inc.
- KD KANOPY, INC.
- Eide Industries, Inc.
- Vitabri
Strategic Development
- On 23 December 2020, Whiteway Lighting introduced edge-lit canopy luminaire for the convenience store. Convenience store owners now have a lighting choice with the new Vanish edge-lit canopy luminaire, which delivers great optical control, visual comfort, performance, and accessory options in a chic, low-profile form factor that is simple to install. scale.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global canopy market on the basis of material, type, application, end-use, and region:
- Material Outlook (Revenue, USD Billion; 2019-2032)
-
- PTFE
- ETFE
- PVC
- Polyester Cloth
- Others
- Type Outlook (Revenue, USD Billion; 2019-2032)
-
- Shade Canopy
- Event or Large Canopy
- Others
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- Residential Canopies
- Awnings
- Gazebos
- Patio Umbrellas
- Carports
- Commercial Canopies
- Entrance Canopies
- Walkway Canopies
- Restaurant Canopies
- Retail Canopies
- Event Canopies
- Industrial Canopies
- Warehouse Canopies
- Fabric Structures
- Sports Facility Canopies
- Aircraft Hangar Canopies
- Agriculture Canopies
- Recreational Canopies
- Camping Canopies
- Beach Canopies
- Picnic Canopies
- Park Canopies
- Pool Canopies
- Residential Canopies
- End-use Outlook (Revenue, USD Billion; 2019-2032)
-
- Hospitals
- Clinical Laboratories
- Pharmaceutical & BioMaterial Companies
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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