The growth of the market is driven by the increase in consumer preferences for outdoor decks and seating spaces along with an increase in disposable income.
Market Size – USD 6.85 Billion in 2018, Market Growth - CAGR of 6.9%, Market Trends –Increase in disposable income and urbanization are expected to increase demand over the forecast period.
NEW YORK, April 23, 2019 (GLOBE NEWSWIRE) -- The Awning Market is forecasted to grow from USD 6.85 Billion in 2018 to USD 11.95 Billion by 2026, at a CAGR of 6.9% during the forecast period. The market is primarily driven by the increase in people’s inclination to embellish residential and commercial establishments and advances in fabric materials.
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Awnings are sheets of fabric or other materials supported by an aluminium, iron, or wood structure. They can be deployed to provide shade at the door, window, patio, and gardens. They have numerous applications that both in the commercial and residential sectors prove beneficial.
Factors like expanded living space and sun protection, advances in fabric material, and luxury building embellishment drive market growth. Furthermore, smart awnings with sensors are expected to propel the growth of the global awning industry in stormy or rainy weather.
It is expected that high capital costs coupled with the need for skilled human resources will hamper the entry of new market entrants that is expected to impact growth over the forecast period.
Further key findings from the report suggest
- The Awning Market is forecast to grow from USD 6.85 Billion in 2018 to USD 11.95 Billion by 2026, at a CAGR of 6.9% during the forecast period. The market is primarily driven by the increase in people’s inclination to embellish residential and commercial establishments and advances in fabric materials.
- The market for retractable awning is expected to grow the largest at USD 5.26 Billion in 2026, at a CAGR of 7.2% during the forecast period because of its unique motorized technology and increased demand across high-end residential and commercial sectors. High demand for retractable type due to protection from harsh sunshine, glare and interior fading is expected to increase the market penetration over the forecast period.
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- Based on product type, the market for patio is expected to grow the largest at USD 4.54 Billion in 2026, at a CAGR of 7.6% during the forecast period. Due to the growing demand in the residential sector and in commercial resorts, patio awnings are expected to dominate the market.
- The market for residential sector is expected to reach USD 7.70 Billion in 2026, at a CAGR of 7.9% during the forecast period. Growing residential construction industry is expected to drive demand over the forecast period, coupled with growing consumer preference for outdoor decks and seating areas.
- The market for North America is expected to hold the largest market share at USD 4.30 Billion in 2026, at a CAGR of 7.2% during the forecast period. Increasing consumer preference for outdoor deck and seating space construction units is expected to drive demand for retractable products in residential application over the forecast period. Furthermore, rise in product innovation with additional features including remote control assistance, sun and wind sensors is expected to have a positive impact on the growth of the industry.
- The major players in the market are Advanced Design Awning & Sign (US), Carroll Awning (US), Awning Company of America (US), KE Durasol (US), Eide Industries (US), NuImage Awnings (US), Marygrove Awning (US), Sunesta (US), Sunair Awnings (US), and Sunsetter Products (US).
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Segments covered in the report:
This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the market on the basis of type, material, product, end user and regional analysis.
Type (Kilo Tons) (Revenue, USD Million; 2016-2026)
- Fixed
- Retractable
- Freestanding Awning
Material (Kilo Tons) (Revenue, USD Million; 2016-2026)
- Vinyl
- Acrylic
- Natural Materials
- Fiberglass
- Metal
- Others
Product-Type (Kilo Tons) (Revenue, USD Million; 2016-2026)
- Patio Awnings
- Door Awnings
- Window Awnings
- Other Awning
End User (Kilo Tons) (Revenue, USD Million; 2016-2026)
- Residential
- Commercial
Region (Kilo Tons) (Revenue, USD Million; 2016-2026)
- North America
- US
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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