Awnings Market By Product Type (Retractable, Fixed, Freestanding, Others), By End-use (Residential, Commercial, Industrial), By Region Forecast to 2032
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The global awnings market has been experiencing significant growth over the past few years, with the market size reaching USD 7 billion in 2022. The market is expected to continue its growth trajectory, with a projected revenue Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period. The rising demand for home remodeling projects and outdoor living areas in residential and commercial structures is the major factor driving market revenue growth.
Awnings are becoming increasingly popular due to the growing trend to improve the visual appeal of buildings and offer protection from inclement weather, such as rain and sunlight. Manufacturers are using more environment-friendly and energy-efficient materials to create innovative, green energy-based awnings, which is driving the revenue growth of the market. The shift towards environment-friendly materials is expected to further increase the adoption of awnings.
Moreover, people are becoming more conscious of the negative effects of prolonged sun exposure on their skin, leading to an increase in demand for awnings with premium textiles that offer protection against Ultraviolet (UV) rays. The demand for awnings is also rising across numerous end-use industries, including hospitality, healthcare, and education, which is expanding the market.
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Market Segments: –
The report covers various quantitative units, including revenue forecast, company ranking, competitive landscape, growth factors, and trends. The market has been segmented by product type outlook, end-use outlook, and regional outlook.
Based on product type outlook, the awnings market has been segmented into retractable, fixed, freestanding, and others. Retractable awnings are expected to hold a significant market share due to their versatility, convenience, and energy-saving capabilities. Fixed awnings are also expected to gain traction due to their durability and weather resistance.
By end-use outlook, the awnings market has been segmented into residential, commercial, and industrial. The residential segment is expected to hold a significant market share due to the increasing demand for outdoor living spaces, energy-efficient homes, and sustainable housing. The commercial segment is expected to grow due to the increasing number of restaurants, cafes, and retail outlets that use awnings for branding and advertising.
The regional outlook of the awnings market includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share due to the rising trend of outdoor living spaces, favorable government initiatives, and increasing construction activities. Europe is expected to grow due to the increasing number of hotels, restaurants, and cafes. The Asia Pacific is expected to grow due to the increasing number of commercial and residential construction projects in countries like China, India, and Japan.
Strategic developments in the market:
KE Durasol, a renowned manufacturer of awnings and outdoor shading solutions, recently made a strategic move to expand its product range. On 2 February 2022, the company announced the launch of its latest range of retractable awnings, the Gennius-X and Gennius-XL. The Gennius-X range is a motorized retractable awning that comes equipped with a built-in gutter system and is capable of withstanding winds of up to 120 km/h. Designed to offer optimal protection from the sun and rain, the new range aims to provide customers with an unmatched outdoor experience.
The launch of the Gennius-X range demonstrates KE Durasol’s commitment to strategic development and innovation. By introducing a product that combines style, functionality, and durability, the company aims to strengthen its market position and expand its customer base. The new range is set to cater to a diverse range of customers, from homeowners to commercial property owners, and is expected to generate significant revenue for the company.
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Competitive Landscape:
The global awnings market has been experiencing considerable expansion in recent years, thanks to the growing interest in outdoor living spaces, the surge in construction activities, and the rising trend of sustainable and energy-efficient homes. As a result, major players in the industry have emerged, and they dominate the market. KE Durasol, Advanced Design Awning & Sign, SunSetter Products, Carroll Awning, Sunesta, NuImage Awnings, Marygrove Awnings, and Aristocrat Awnings are some of the key players in the awnings market.
KE Durasol is one of the leading players in the market and is known for providing innovative and high-quality retractable awnings. Advanced Design Awning & Sign specializes in designing and manufacturing custom awnings for commercial and residential use. SunSetter Products, on the other hand, offers a wide range of awnings, including motorized and manually operated models. Carroll Awning provides custom awnings and canopy solutions for businesses and homes. Sunesta is a well-known brand in the market, offering a range of retractable awnings and outdoor shades. NuImage Awnings is a family-owned business that offers a variety of retractable awnings, patio covers, and solar shades.
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