Canopy Market to Exceed Valuation of USD 6.21 Billion by 2032 |...

Canopy Market to Exceed Valuation of USD 6.21 Billion by 2032

Posted 2023-10-10 06:06:18

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The market value for Canopy Market was USD 4 Billion in 2022 and is expected to reach USD 6.21 Billion in 2032 growing at a CAGR of 5% during the forecast period. The canopy market is expanding due to reasons such as rising demand for outdoor leisure activities, increased knowledge of the benefits of canopies, and a developing construction industry. Canopies are commonly used to provide shade and cover for outdoor leisure activities such as camping, picnics, and sporting events. Because of the growing popularity of outdoor activities, demand for canopies is likely to expand in the next years, driving market expansion.

Furthermore, canopies are well-known for their multiple advantages, including UV protection, energy cost savings, and improved aesthetics. Canopies are increasingly being used to give shade, protection, and aesthetic appeal to buildings in the residential, commercial, and industrial sectors. Furthermore, canopies help to save energy by blocking direct sunlight from entering the building, keeping the interiors cool, and minimizing the need for air conditioning. The growing awareness of the advantages of canopies is likely to fuel global revenue development.

Another factor expected to drive market growth is the rapid growth of the residential sector in the economies of Europe and North America. In the forecast period, the rising popularity of the trend, ‘inside-outside living,’ is also expected to boost demand for consumer inclination towards living outside while on a tour or picnic increases the market size.

However, to make certain types of canopies, high costs are required, and steep expenses might be necessary to carry out developmental activities for the same. From a cost-based perspective, these factors significantly hamper the global market.
The COVID-19 impact:
Covid-19's spread has affected manufacturing, construction as well as recreational activities worldwide. Logistic limitations and reconsiderations of the raw material requirements are becoming a problem for producers. Lockdown measures in many countries to reduce the spread of the COVID-19 pandemic had had a significant impact on customers, including closed-down remodeling and renovation activities. The producers have relied on derived demand as an intermediate commodity to rationalize production. The pandemic’s economic impact on companies and financial markets is also not favorable. Stock market volatility and decreasing global growth are anticipated, which will affect the sale for canopies.

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Further key findings from the report suggest

The rising trend for car canopy has expanded the market in the automotive sector as well. The production of vehicles in India and Thailand is rising at a considerable pace, along with the increasing use of canopy per vehicle. This has given rise to lucrative opportunities on the APAC market and is growing with a CAGR of 4.0% in the region.
Because of its highly developed Distribution Channel industries, advanced processing capabilities, combined with a highly skilled workforce and growing R&D initiatives, the U.S. is among the leading countries in the market. Developing applications and strong demand encourage producers to concentrate on new technologies to expand the market.
Because of their high strength and durability, canopies with PTFE fiberglass membrane are ideal for regions with extreme temperature conditions. Additionally, low-surface free energy exhibited by the material offers simple surface cleaning by rainwater. These properties have increased the market worldwide, in regions with extreme climatic conditions.
In 2019 the Non-residential segment generated a revenue of USD 1.05 billion and was projected to see modest market growth in the coming years. Because of its advantages like sun protection, and the added architectural value of the building provided by the canopy.
The demand for the market is limited. Most of the large and existing market players sell and distribute widely to clients worldwide. Conversely, most of the smaller players are based on their regional markets.
Key participants include KD Kanopy Inc., Impact Canopies, Lawrence Fabric & Metal Structures Inc., Canopies U.K. Ltd., ExpandaBrand Inc., Jay Jay Enterprise, Shade Structures Inc., Sunair Awnings, Advanced Designs Awnings & Signs, and Eide Industries Inc., among others.

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