Market Overview
The global awnings market is deemed to have a lucrative run during the forecast period (2021-2027), at a CAGR of close to 5.8%, notes Market Research Future (MRFR). It can touch a valuation of USD 10 billion by 2027, adds MRFR.
Top Drivers and Primary Challenges
Global awnings market has the potential to achieve tremendous growth in the near future, given the increasing use of awnings in the residential and commercial sector. Soaring demand in house, hotels, and shops, due to durability as well as unique design can lead to market expansion in the next few years. Mounting disposable income combined with increasing urbanization seems to boost the demand for awnings all over the world.
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The rapidly booming construction industry is one of the chief reasons for the rampant market growth. This is based on the fact that awning structures not only protect against rain, sun, winds, and other natural elements but are also as an aesthetically pleasing entity. Increasing tourism in several regions has also helped the market garner extensive revenue in recent years. Awnings are considered ideal to be used in locations that are generally thronged by tourists, such as beaches, hotels, cafes, along with various other outdoor structures.
With that said, prevalence of strict regulations pertaining to the sizes of awnings can be detrimental for the market growth in the coming years. On the bright side, plummeting demand for aluminum awnings in commercial window, door, decorative and residential purposes will ensure that the market notes smooth growth during the review period. Few appealing qualities like lightweight and low maintenance of aluminum awnings are deemed to widen the scope for the market in the forthcoming years.
Market Segmentation
Various aspects of the global awnings market have been analyzed by MRFR, with respect to primary segments like type and product.
With reference to the type, the market can be split into fixed, and retractable. The retractable awning segment can note higher growth in the near future. Retractable awnings protect outdoor constructed areas from sun rays and also help improve the efficiency of the HVAC system. These types of awnings also provide longer lifespans compared to its counterpart. These have the ability to be retracted for days, even when the weather is extremely windy and stormy.
Depending on the product, the segments mentioned in the report include window, patio, freestanding, and others. Between these, the patio segment is believed to account of the largest share in the market and presumed to exhibit significant CAGR during the evaluation period. The segment’s tremendous growth is the result of the surge in use of patio the residential and non-residential sectors. Patio is generally used in occasions like gatherings, parties, and others.
Considering the end-user segment, the market has been segregated into residential, and non-residential. The residential segment is bound to demonstrate the fastest CAGR from 2021 to 2027. Considerable spending by foreign and domestic developers has been noted on numerous residential projects, which has led to high demand for awnings within the residential sector. This factor has led to the fast-paced growth of the segment in the worldwide market.
Regional Analysis
The global awnings market has been geographically distribution into North America, Asia Pacific (APAC), Europe, along with the Rest of the world (RoW).
In 2017, APAC was found to be the leading market for awnings, backed by surging investments in research and development (RD) for advanced materials. APAC experiences a high number of awning installation, due to rising number of construction projects in residential and commercial construction. These factors are likely to augment the scope for awnings market in countries like India and China. The burgeoning construction sector, mostly in India, China, Malaysia, Vietnam, Thailand and Australia is leading the regional market to greater heights. Additionally, presence of numerous coated fabric manufacturing plants helps the regional market advance expeditiously. Product innovation is one of the latest trends that seems to be boosting the demand for awnings in the region.
North America is making somewhat similar strides as APAC and was identified as an important market in 2017. Growing consumer preference for outdoor deck as well as seating space construction units can elevate demand for awnings in residential applications over the years ahead. The United States (U.S.) residential sector has expanded substantially in recent years, following the sub-prime lending crisis. Also, renowned vendors in the region that manufacture awnings boast of an established distribution and supply network. These manufacturers are constantly offering products that cost less in a bid to elevate the demand among residential consumers.
Surging home investment plays a stellar role in pushing growth of awnings market in Europe. The prime reason can be the rising GDP per capita that boosts the purchasing power parity of people in the region.
Significant Players
Significant players influencing the worldwide awnings market are Marygrove Awnings (US), KE Durasol Awnings Inc. (US), Awning Company of America Inc. (US), Carroll Awning Co., Inc. (US), Nuimage Awnings (US), Sunsetter Products LP (US), Sunesta (US), Eide Industries, Inc. (US), Advanced Design Awnings Signs (US), to name a few.
Latest News
February 2019
Outwell recently launched inflatable motorhome awnings, which contains windows on every side. It also comes with an entire front panel that can be partially removed. In addition, the inflatable system includes adaptable roof tubes to reduce the gaps between the motorhome and awning and height adjustment for legs among others.
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