Awning Market was valued US$ 7.01 Bn in 2017 and is expected to reach US$ 12.43 Bn by 2026, at a CAGR of 7.42%.
The global awning market based on type, product, industry, and region. In terms of type, the awning market is classified into fixed and retractable. Based on product, the awning market is segregated into patio, window, freestanding, and others. On the basis industry, the awning market is categorized into residential and commercial. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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.
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.
Based on 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.
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.
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.
Some of the key players in the global awning market are Advanced Design Awning & Sign, Awning Company of America, Carroll Awning, Eide Industries, KE Durasol, Marygrove awning, NuImage Awnings, Sunair Awnings, Sunesta, and Sunsetter Products.
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Scope of the Global Awning Market
Global Awning Market by Type
• Fixed
• Retractable
Global Awning Market by Product
• Patio
• Window
• Freestanding
• Others
Global Awning Market by Industry
• Residential
• Commercial
Global Awning Market by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Global Awning Market
• Advanced Design Awning & Sign
• Awning Company of America
• Carroll Awning
• Eide Industries
• KE Durasol
• Marygrove awning
• NuImage Awnings
• Sunair Awnings
• Sunesta
• Sunsetter Products
• Global Awnings
• SUNAIR Awnings
• Nulmage
• Durasol Awnings, Inc.
• Aristocrat
• A&A International
• Thompson Awning Company
• Levens Australia
• Orion Bilnds
• Somfy
• Suntech Australia
• GS World
• The Awning Factory
• Avalatec Awnings
• Torbay Blinds
• Luxaflex
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