Awnings Market Research Report, By Type (Fixed, and Retractable), Product (Patio, Window, Freestanding, and others), End-user (Residential, and Non-residential) and Region — Global Forecast till 2023
The awnings market is expected to grow over the CAGR of around 5.8% during the period 2018 to 2023.
The global awnings market is anticipated to witness sustainable growth throughout the forecast period. Increased consumption of awnings in Asia-Pacific, the growing private and residential construction industry, and supportive government regulations & initiatives for construction is expected to drive the demand for awnings. However, fluctuation in raw material prices is expected to hinder the growth of the market.
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Asia-Pacific region, to see maximum growth in the Awnings market over the forecast period
Based on region, the global awnings market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia-Pacific region dominated the global market, followed by North America, chiefly due to the increasing investments in research & development for advanced materials and products associated with new and renovation construction industry along with constant growth in the private construction market. Moreover, various benefits of awnings such as cost-effectiveness, durability, and energy saving capabilities has further enhanced the demand for this market.
Residential segment, to occupy a dominant position in the overall Awnings market
Based on application, the commercial segment is expected to exhibit maximum growth rate between the period of 2018 to 2023. The factor owing to the market size of the segment is rapid urbanization which has further resulted in the demand for private and residential spaces. These demands have been met by fundings from domestic as well as foreign players. Also, the focus on the cost-effective and durable construction have widened the scope for customized products which differ in terms of application areas such as outdoors, and indoors. This coupled with the increasing renovation and remodeling projects in Europe and North America have been driving the market for awnings in residential spaces.
Scope of the Report
This study provides an overview of the global Awnings Market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific and the rest of the world (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Awnings market by type, product, end-user, and by region.
- North America
- Rest of the World
The prominent players in the Awnings market are Advanced Design Awnings & Signs (US), Eide Industries, Inc. (US), Awning Company of America, Inc. (US), Sunesta (US), Carroll Awning Co., Inc. (US), Nuimage Awnings (US), Sunsetter Products LP (US), Marygrove Awnings (US), and KE Durasol Awnings Inc. (US) among others.
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This post was originally published on Trading Herald