05-Jul-2023 | Zion Market Research
The global canopy market size was worth around USD 1832 million in 2022 and is predicted to grow to around USD 2610 million by 2030 with a compound annual growth rate (CAGR) of roughly 4.52% between 2023 and 2030.
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.
This review is based on a report by Zion Market Research, titled "Canopy Market By End-User (Non-Residential And Residential), By Application (Event Or Large Canopy And Shade Canopy), By Material (Polytetrafluoroethylene (PTFE), Polyvinyl Chloride (PVC), Ethylene Tetrafluoroethylene (ETFE), And Polyester Cloth), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/canopy-market
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.
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.
The increasing emphasis on improving energy efficiency may provide growth opportunities while the highly competitive nature of the canopy industry challenges market expansion.
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.
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.
The global canopy market is led by players like:
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