Global Awning Market by Type (Fixed and Retractable) –by Product (Patio, Window, Freestanding, and Others) –by Industry (Residential and Commercial) –by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) – is expected to reach US$ 12.43 Bn by 2026, at a CAGR of 7.42%.
The growth of the global awning market is driven by the expansion of living spaces and protection from sunlight, need for the beautification of the building, and advances in fabric material. Moreover, the ability of awning to raise the utilization of deck, patio, veranda, and garden are anticipated to provide lucrative opportunities for the growth of the awning industry. Furthermore, technological innovations, such as manual and motorized retraction mechanisms have fueled the growth of the retraction awning segment.
However, unreliable harsh weather conditions hinder the growth of the awning market, specifically in regions that are prone to heavy snowfall and rainfall. Smart awnings with sensors to retract the structure in stormy or rainy weather are anticipated to propel the growth of the global awning market. In addition, fabrics and sheets that are available in different colors and patterns provide numerous opportunities to customers.
The retractable awning segment is expected to dominate the global awning market
In terms of type, retractable awning segment accounted for more than one-third of the total market share in 2017 and is anticipated to maintain its lead position throughout the forecast period. This segment would register the fastest CAGR of 8.01% from 2017 to 2026, owing to its unique motorized technique and rise in its demand across high-end commercial and residential sectors. The fixed awning segment would grow at a moderate rate during the forecast period.
The patio segment is anticipated to account for the largest share in the global market during the forecast period
In terms of product, the patio segment is anticipated to account for the largest share in the global market during the forecast period. However, the freestanding segment would register the highest CAGR of 7.8% from 2018 to 2025, owing to its growing popularity in commercial and residential spaces.
The commercial segment is anticipated to be the highest contributor, growing at an important CAGR during the forecast period
On the basis of industry, the commercial segment is anticipated to be the highest contributor, growing at an important CAGR during the forecast period. This is attributed to the rise in commercialization where awnings are used to increase the utilization and enhance the visual appeal of outdoor spaces.
Asia-Pacific holds a significant share in the global awning market and is projected to grow at a high CAGR
In terms of region, Asia-Pacific holds a significant share in the global awning market and is projected to grow at a high CAGR. North America is a major market and will show high growth on account of high use in the residential sector.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Advanced Design Awning & Sign, Awning Company of America, Carroll Awning, Eide Industries, KE Durasol, Marygrove awning, NuImage Awnings, Sunair Awnings, Sunesta, and Sunsetter Products.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global awning market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global awning market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global awning market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “global awning market”
https://www.maximizemarketresearch.com/market-report/global-awning-market/21221/
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