Global Canopy Market - 2024-2031

Global Canopy Market - 2024-2031

Global Canopy Market reached US$ 2.0 billion in 2023 and is expected to reach US$ 2.7 billion by 2031, growing with a CAGR of 3.7% during the forecast period 2024-2031.

The global canopy market is heavily impacted by the world's rapid urbanization and development of infrastructure. There is a growing demand for outdoor places in public, commercial, and residential contexts as metropolitan areas increase. In outdoor settings, canopies offer much-needed shade and protection, improving the usefulness and visual appeal of urban landscapes, parks, plazas, and pedestrian spaces. Canopies also contribute to sustainability by lowering heat island effects, minimizing UV exposure, and enhancing outdoor comfort for locals and tourists.

The demand for canopies in the global market is being driven by the growing emphasis on outdoor lifestyle and well-being. Customers want to furnish their outdoor spaces for socializing, entertainment and leisure in a way that is visually beautiful, practical and comfortable. In residential backyard areas, patios, decks and gardens, canopies are essential because they offer shade, privacy and weather protection.

North America is among the growing regions in the global canopy market covering more than 1/3rd of the market. A growing variety of cafes and restaurants in the region are providing outdoor seating for their patrons since people in the US and Canada love to dine outside. To advertise new items or an inquiry counter, canopies are also often utilized in supermarkets and other retail establishments.

Dynamics

Rising Demand for Portable Canopy

The portable canopy's ability to be transported is among its main advantages. It is simpler to relocate from one place to another because most portable canopies are lightweight. Making a journey easier is the canopy's portability. Furthermore, a carry bag is often included with a folding canopy. For parents or those who require two hands, tote bags and portable umbrellas are ideal. All customers would find a portable canopy ideal. Moving shade is facilitated with a collapsible canopy. Growth in the market is anticipated to be driven by a growing demand for portable canopies.

For instance, in 2021, Canopy.io, a revenue intelligence software startup, acquired Outreach, the first and only engagement and intelligence platform. Through this purchase, Outreach further broadens its scope in the field of revenue intelligence, providing revenue leaders with the sales analytics and forecasting tools they require. The company has witnessed the emergence of a new generation of leaders, whom we are calling Revenue Innovators, who have prospered by embracing the digital disruption of sales for the last eighteen turbulent and transformative months.

Growing Demand for Canopies in both Residential and Non-Residential Sectors

The market growth rate is going to increase due to canopies' increasing ubiquity in both residential and non-residential applications. The globally canopy market is driven by the growing number of commercial and residential buildings that are installing canopies to protect against heat, wind, and precipitation. Additionally, it is anticipated that the expanding tendency of canopies into larger metropolitan areas and the developing residential sector in industrialized nations would hasten the canopy market's rise.

For Instance, in 2021, Swisspacer, a well-known manufacturer of heated edge spacer bars, introduced Lumia, an elegant canopy system intended for business applications. Lumia is a new addition to the current product inventory, which also includes a range of high-performance balustrade systems called La Defender and a frameless glass canopy called La Pensilina that can be installed above patio and entry doors. Made by Logli Massimo, a member of the prestigious Saint-Gobain group, the Lumia canopy system provides a continuous glass canopy alternative to meet the various demands of the commercial sector.

For instance, on June 9, 2021, the Chinese architecture company LLLab built a canopy and many pod-shaped pavilions out of woven bamboo to shelter guests of an enthralling light display surrounded by Guilin's stunning limestone mountains. The bamboo canopy and pavilions at the site of the Impression Sanjie Liu light display an enthralling performance that takes place along the Li River in Yangshuo, China was specially created by the Shanghai-based company LLLab.

High Initial Investment and Installation Costs

High installation and early investment costs may severely restrict the global canopy market. The cost of buying and installing canopy goods can be substantial, particularly for those composed of premium materials or with cutting-edge design elements. Because of the high upfront cost, some customers and businesses can be discouraged from investing in canopy installations, especially if they have tight budgets or competing objectives for discretionary expenditure.

Furthermore, some variables, including labor costs, site preparation demands and installation complexity, may affect installation prices. Therefore, the adoption of canopy solutions may be restricted due to budgetary limits and affordability issues, particularly in price-sensitive market segments or in locations with lower disposable incomes.

Material Costs and Supply Chain interruptions

Disruptions in the supply chain and variations in the pricing of materials provide major obstacles for the global canopy industry. The procurement of raw materials, components and production techniques for canopy manufacture is dependent upon an intricate network of suppliers and vendors. Natural calamities, geopolitical unrest or delays in transit can cause supply chain disruptions that result in shortages, production delays and higher expenses for canopy producers.

Furthermore, changes in the price of materials, such as steel, cloth or aluminum, can have an effect on pricing and profit margins in the canopy industry. Furthermore, changes in the dynamics of international commerce and levies on imported raw materials or completed goods might have an impact on the globally canopy industry. Imposition of tariffs or trade restrictions on components or materials used in canopy production can cause supply chain disruptions, raise manufacturing costs and reduce the marketability of canopy goods.

Segment Analysis

The global canopy market is segmented based on type, material, application, end-user and region.

Rising Demand for PTEE in the Canopy Industry

The PTFE segment is among the growing regions in the global canopy market covering more than 1/3rd of the market. Canopies chosen based on their materials dictate their intended applications. Canopies featuring PTFE fiberglass membranes are ideal for areas with harsh temperature variations due to their exceptional strength and longevity. Moreover, the material's low-surface free energy allows rainwater to effortlessly cleanse the surface, facilitating easy maintenance.

Furthermore, PTFE's low-surface free energy provides simple cleaning with rainwater, which lowers maintenance requirements and expenses. Because of this, there is a growing need for PTFE-based canopies due to the requirement for long-lasting and low-maintenance shading solutions in a variety of industries, including commercial, industrial and residential.

Geographical Penetration

Growing Technical Developments and Advances in Capony in North America

North America has been a dominant force in the global canopy market. The canopy market in North America is expanding as a result of technical developments and advances in canopy design, materials and production techniques. In response to changing consumer and corporate demands, manufacturers are launching new materials with enhanced resilience to weather, durability and sustainability.

Furthermore, the use of smart technology, such as motorization, sensors and remote control capabilities, is improving the ease and functionality of canopies, hence increasing their appeal to consumers. The North American canopy market is still growing as a result of these innovations, which are increasing market competition and product differentiation.

For Instance, in 2021, Canopy Growth Corporation, along with Mountain High Products, LLC, Wana Wellness, LLC, and The Cima Group, LLC, are excited to announce their entry into definitive agreements. The agreements grant Canopy Growth the option, upon the federal permissibility of THC in the U.S., to acquire 100% ownership of Wana. Wana is a leading cannabis edibles brand in North America, known for its significant market share.

The reason for this is the growing demand for canopy products in this area and an increase in the number of producers attempting to develop new items. Launching a modular event canopy product in partnership with the National Building Museum in Washington, D.C. on September 12, 2022, Urban Umbrella, a leading sidewalk scaffolding provider, is moving beyond the realm of construction-based public protection. Carried by Urban Umbrella system was The Playhouse, a dynamic, multipurpose stage space for The Museum's Summer Block Party performance series.

COVID-19 Impact Analysis

The globally canopy market has seen varying effects from the COVID-19 pandemic In the early phases of the pandemic, building activity was first slowed down, especially in the business sector, due to lockdowns and limitations on travel and gatherings. Due to the postponement of new projects and delays in the operation of existing installations, there was a brief decrease in the demand for canopies.

However, there was a discernible movement in consumer preferences toward outdoor living spaces as the pandemic continued and individuals adjusted to the new normal of spending more time outdoors while following social distancing norms. Canopies and other shade structures have been more in demand as a result of this trend, especially for household uses such as patios, gardens and outdoor eating spaces. Canopies provide a stylish way to create welcoming outdoor spaces while providing weather protection.

In addition, the hospitality and events sectors, which make considerable use of canopies for outdoor event spaces and sitting areas, modified their business practices to adhere to health and safety laws. To increase their sitting capacity and give patrons a safer ambiance, a lot of cafés, restaurants and event venues made investments in canopies and outdoor shelters.

Russia-Ukraine War Impact Analysis

There are several ways in which the Russia-Ukraine war can affect the globally canopy industry. First of all, because Russia and Ukraine are major manufacturers of the raw materials needed to make canopies, any interruptions in the supply chain brought on by the conflict may result in shortages and higher prices for commodities like steel, aluminum and textiles. Prices for customers may rise as a result, driving up production costs for canopies made by manufacturers throughout the globe.

Additionally, consumer confidence and investment attitudes may be negatively impacted by the geopolitical tensions and uncertainties resulting from the local and beyond conflict. Construction projects, particularly residential and commercial complexes where canopies are frequently used for shade and aesthetic purposes, may slow down as a result of this. Furthermore, the demand for canopies in industries like hospitality and retail may be impacted by consumers spending less on non-essential things due to economic instability.

The conflict's effects on logistics and transportation channels might make it more difficult to get canopy goods to markets abroad. Supply chain interruptions and difficulties for manufacturers and retailers alike might result from shipments being delayed, freight prices rising and possible trade restrictions impeding the timely delivery of canopies to customers.

By Type
• Tension Membrane Canopies
• Hip Shade Canopies
• Cantilever Shade Canopies
• Shade Sail Canopies
• Multi-panel Shade Canopies
• Carport Shade Structures
• Others

By Material
• PTFE
• ETFE
• PVC
• Polyester Cloth
• Others

By Application
• Residential
• Commercial
• Industrial

By End-User
• Hospitality
• Event Management
• Construction
• Automotive
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On October 12, 2021, Canopy.io, a revenue intelligence software startup, acquired Outreach, the first and only engagement and intelligence platform. Through this purchase, Outreach further broadens its scope in the field of revenue intelligence, providing revenue leaders with the sales analytics and forecasting tools they require. The company has witnessed the emergence of a new generation of leaders, whom we are calling Revenue Innovators, who have prospered by embracing the digital disruption of sales for the last eighteen turbulent and transformative months.
• On October 18, 2021, Swisspacer, a well-known manufacturer of heated edge spacer bars, introduced Lumia, an elegant canopy system intended for business applications. Lumia is a new addition to the current product inventory, which also includes a range of high-performance balustrade systems called La Defender and a frameless glass canopy called La Pensilina that can be installed above patio and entry doors. Made by Logli Massimo, a member of the prestigious Saint-Gobain group, the Lumia canopy system provides a continuous glass canopy alternative to meet the various demands of the commercial sector.
• On June 9, 2021, the Chinese architecture company LLLab built a canopy and many pod-shaped pavilions out of woven bamboo to shelter guests of an enthralling light display surrounded by Guilin's stunning limestone mountains. The bamboo canopy and pavilions at the site of the Impression Sanjie Liu light display an enthralling performance that takes place along the Li River in Yangshuo, China was specially created by the Shanghai-based company LLLab.

Competitive Landscape

The major global players in the market include Eide Industries, Inc., Advanced Design Awnings & Signs, Shade Structures, Inc., Canopies UK Ltd., Lawrence Fabric, Inc., Impact Canopies USA, KD KANOPY, INC., JAY JAY Enterprise, Canopy Mart and Sunair Awnings.

Why Purchase the Report?
• To visualize the global canopy market segmentation based on type, material, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of canopy market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global canopy market report would provide approximately 70 tables, 70 figures and 199 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies