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.

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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.