The global canopy market size is expected to reach USD 2.1 billion by 2025,
accelerating at a CAGR of 4.0% over the forecast period, according to a new
report by Grand View Research, Inc. Provision for expanded outdoor space for
seating and recreational purposes owing to the installation of canopies in
nearby residential and non-residential buildings is expected to drive the
product demand over the forecast period.
Increasing penetration of the product in
commercial and residential sectors is anticipated to complement the growth of
the market over the forecast period. This can be attributed to the rising
installation of canopies in residential areas and above various commercial
buildings for protection from heat, wind, and precipitation. PTFE canopies are
widely used on account of their superior weather-resistant characteristics,
thermal stability, and high durability.
Canopies are also preferred owing to the
aesthetic appeal they impart to a space. Rapid growth of the residential sector
in North American economies with rising trend of beautification of expanded
living spaces with canopies are likely to propel the market growth.
Furthermore, increasing popularity of inside-outside living and the
availability of a wide range of product designs suitable for residential
buildings are likely to augment the demand for the product.
Major players in the industry offer a wide
range of products along with most suitable designs and innovative technology,
which aid market players in gaining an edge over their competitors. Most of the
players compete on the basis of providing customized designed to suit the exact
requirements of end users. A variety of materials including PTFE, ETFE, PVC,
glass, wood, and various metals can be used to design a product that is a
perfect fit for the area of installation.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/canopy-market
https://www.grandviewresearch.com/industry-analysis/canopy-market
Further key findings from the report suggest:
· PTFE material segment accounted for 42.0%
of the global revenue share in 2018
· Non-residential segment is projected to
grow at a CAGR of 3.9%, in terms of revenue, from 2019 to 2025, owing to
extended space along with architectural aesthetics offered by the installation
of the products
· The canopy market in North America is
estimated to witness a growth rate of 4.2%, in terms of revenue, from 2019 to
2025 due to increased adoption of canopy as shades in the residential sector
for protection and enhanced aesthetics
· China accounted for over 33.1% of the Asia
Pacific market revenue share in 2018 owing to increasing penetration of the
product.
Grand View Research has segmented the
global canopy market on the basis of material, application, end-use, and
region:
Material Outlook (Revenue, USD Million,
2014 - 2025)
·
PTFE
·
ETFE
·
PVC
·
Polyester Cloth
·
Others
Application Outlook (Revenue, USD Million,
2014 - 2025)
·
Shade Canopy
·
Event or Large Canopy
·
Others
End-Use Outlook (Revenue, USD Million, 2014
- 2025)
·
Residential
·
Non-residential
Regional Outlook (Revenue, USD Million,
2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
