Global Awning Market Is Projected To Reach $11,042.7 Million In 2025, Growing At A CAGR Of 6.2%

Awnings are devices that offer shade over windows, doors, decks, patios, and walkways. They are a reliable and convenient solution that help expand and make good use of the outdoor spaces. These awnings have been popular since 50 B.C. and were commonly used on American storefronts during the first half of the 19th century.

Awnings have changed little over the years; however, introduction of retractable awning has garnered attention of customers. The market has evolved with the availability of various sheathing options such as fabric, plastic, plywood, and glass. Moreover, one can choose from steel, aluminum iron, and wooden frames for awnings. Furthermore, the demand for awnings has increased in commercial and residential sectors, owing to expanded living space and sun protection.

Nowadays, retractable awnings can be equipped with devices that are able to sense weather changes. For instance, they can automatically provide shade during a sunny day and retract when it begins to get windy or snowy. This innovation in awnings helps boost the growth of the awning market.

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Moreover, construction of luxury homes, hotels, and other commercial spaces fuels the demand for awnings globally. Furthermore, freESTTAnding awnings are in great demand owing to their use in outdoor seating, for covering the pool and external rESTTAurant space. Ongoing innovation activities to develop full-cassette awning, and motorized retractable awning further propel the growth of the industry.

Emerging economies such as China, Japan, and Middle East and Africa have experienced significant rise in demand for both fixed and retractable awning with increase in applications in residential and commercial sectors. Increase in demand for car parking, poolside, garden, rESTTAurants, hotels, patio, stadium, open theater, and other outdoor areas boosts the growth of the awning market, especially in India.

Furthermore, less expensive awning options as compared to concrete shade has accelerated the market growth in developing areas of Africa and Latin America. In addition, emerging economies, such as India, are expected to provide major growth opportunities in commercial and residential sectors.

According to a new report published by Allied Market Research, titled, "Awning Market: Global Opportunity Analysis and Industry Forecast, 2018 - 2025", the global awning market was valued at $6,765.8 million in 2017, and is projected to reach $11,042.7 million in 2025, growing at a CAGR of 6.2%. The retractable awning segment accounted for more than half the market share in 2017 and is expected to witness significant growth during the forecast period.

People have become more considerate toward reducing energy consumption. Therefore, they have started installing fixed or retractable awnings and shades in summer to keep their houses cool. These awnings serve as a cost-effective solution to prevent harmful UV rays from damaging furniture, artwork, and floor in the house.

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The growth of the global awning market is driven by expansion of living spaces and protection from sunlight, need for beautification of the building, and advances in fabric material. In addition, the ability of awning to increase the utilization of deck, patio, veranda, and garden are expected to provide lucrative opportunities for the growth of the awning industry. Furthermore, technological innovations, such as manual and motorized retraction mechanisms have fueled the growth of the retraction awning segment. However, unreliable harsh weather conditions hinder the growth of the awning industry, specifically in regions that are prone to heavy snowfall and rainfall.

Based on product, the patio segment is expected to account for the largest share in the global market during the forecast period, due to increase in demand across North America and Europe. Based on industry, the commercial segment is expected to be the highest contributor, growing at a significant CAGR during the forecast period. This is attributed to increase in commercialization where awnings are used to increase the utilization and enhance visual appeal of outdoor spaces.

Key Findings of the Awning Market :
Based on type, the retractable segment is projected to grow at the highest CAGR of 7.3% during the forecast period.
Asia-Pacific generated the highest revenue in 2017 and is anticipated to grow at the highest CAGR.
The patio segment generated the highest revenue in 2017 and is estimated to grow at the rate of 5.5%.
In Asia-Pacific, China accounted for the largest market share in 2017.

The key players profiled in this report include Advanced Design Awning & Sign, Awning Company of America, Carroll Awning, Eide Industries, KE Durasol, Marygrove awning, NuImage Awnings, Sunair Awnings, SunESTTA, and Sunsetter Products.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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