According to the latest report by IMARC Group, titled "Awning Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global awning market reached a value of US$ 8.4 Billion in 2021. An awning refers to an architectural cover that is widely used for roof covering to provide shelter and shade from wind, snow and rain. It is generally manufactured using water-proof materials, such as wood and natural fibers, fiberglass, steel, aluminum and vinyl, and acrylic and acrylic-coated synthetic fabrics. It is available from retractable models to simple rigid awnings that differ on the basis of shapes, materials and sizes that are found over the doors and windows of homes and commercial buildings. It is gaining widespread prominence among the masses as it fulfills functional as well as aesthetic requirements in an efficient manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Awning Market Trends:
The global market is primarily driven by significant growth in the construction sector. Along with this, the growing investments by private and public agencies in infrastructural development projects is providing a boost to the demand for awning substances. Moreover, the rising consumer preferences toward the beautification of living spaces and the increasing remodeling activities are creating a positive market outlook. Furthermore, the escalating development of vacation resorts, food outlets and beach homes due to the emerging tourism sector is significantly supporting the demand for awnings across the globe. The market is further driven by continuous product innovations and the integration of smart sensors with awning substances to automatically retract the structure during excessive rains or storms. Other factors, including rapid urbanization and industrialization, inflating disposable income levels of the masses and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 12.3 Billion by 2027, exhibiting a CAGR of 6.37% during 2022-2027.
- On the basis of the type, the market has been segmented into fixed and retractable awning (manual and motorized).
- Based on the product, the market has been classified into patio, window, freestanding and others.
- On the basis of the end-user, the market has been bifurcated into commercial and residential.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Advanced Design Awnings & Signs, Awning Company of America Inc, Carroll Architectural Shade, Eide Industries Inc., KE Durasol Awnings Inc., Marygrove Awnings, NuImage Awnings, Sunair Awnings, Sunesta, SunSetter Products and Thompson Awning.
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