The global Canopy market is forecast to reach USD 2.23 Billion by 2027, according to a new report by Reports and Data. The global canopy market is driven by the growing penetration of canopies in various residential and non-residential activities and by the provision of expanded outdoor space for seating and recreation. Increasing canopy installation in several residential and commercial buildings to protect against wind, heat, and precipitation would boost the global canopy market. Besides, the growing residential sector in developed nations combined with the increasing trend to embellish expanded urban areas offered by the canopies would further accelerate the expansion of the canopy market in the coming years.
Canopies are used for shelter, events, gardens, and portables ones for garages. Also, it can be built and fabricated using various materials such as a variety of fabrics, metals, glass, and wood. The product’s uses differ according to the end-use objectives and the outcomes used. Companies are focusing on multiple initiatives to raise understanding of the advantages of using canopies for both residential and non-residential buildings to increase global demand. This is bringing impressive growth to the worldwide market, as the building industry is taking giant strides. The main reason is that they are not only weather protection but also aesthetically pleasing.
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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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.
Further key findings from the report suggest
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Market Overview:
Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Canopy market.
For the purpose of this report, Reports and Data have segmented into the global Canopy market on the basis of Material, Application, End-use, and region:
Material Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-use Outlook (Revenue, USD Billion; 2017-2027)
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Detailed Regional Analysis Covers:
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