The global canopy market size valued at USD 1.6 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2019 to 2025. Increasing penetration of canopies in various residential and non-residential buildings is anticipated to drive the demand for canopy and, in turn, trigger the overall market growth over the forecast period.
Rapid growth of the residential sector in the North American and European economies and increasing popularity of inside-outside living are likely to augment the demand for canopies in the regions over the forecast period. Furthermore, rising trend for expanded living space and beautification offered by canopies is likely to propel the market growth.
The canopy market in the U.S. is expected to witness growth owing to increasing adoption of canopies as shades in residential buildings. Furthermore, rising installation of car canopies for recreational shade protection and outdoor car storage to maximize housing storage capacity is anticipated to propel the demand for the product in the country over the forecast period.
Canopies are available as shade canopies, event or large canopies, garden canopies, and portable garage canopies. Furthermore, a canopy can be designed and manufactured using different materials including a range of fabrics, metals, glass, and wood. The applications of the product vary depending on the end-use purposes and the materials used.
Canopies are majorly used in commercial buildings in Asia Pacific market. Non-residential was the dominant end-use segment in APAC market with a share of 92.5% in 2018. Increased penetration of the product can be attributed to the installation of canopies for expanded outside areas where various recreational activities are organized including commercial event promotions and exhibitions.
Manufacturers compete in the market by offering the most suitable and reliable products catering to various end-user applications. Furthermore, they are engaged in implementing advanced technologies to develop innovative products offering additional benefits such as rainwater harvesting, thereby complementing the demand for canopies.