Canopy Market Size, Share & Trends Analysis Report By Material (PTFE, ETFE, PVC), By Application (Shade Canopy, Event Or Large Canopy), By End-use (Residential, Non-residential), By Region, And Segment Forecasts, 2023 - 2030

Canopy Market Size, Share & Trends Analysis Report By Material (PTFE, ETFE, PVC), By Application (Shade Canopy, Event Or Large Canopy), By End-use (Residential, Non-residential), By Region, And Segment Forecasts, 2023 - 2030

Canopy Market Growth & Trends

The global canopy market size is expected to reach USD 2.50 billion by 2030, registering a CAGR of 3.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Provision for expanded outdoor space for seating and recreational purposes owing to the installation of canopies in nearby residential and non-residential buildings is expected to drive the product demand over the forecast period.

Increasing penetration of the product in commercial and residential sectors is anticipated to complement the growth of the market over the forecast period. This can be attributed to the rising installation of canopies in residential areas and above various commercial buildings for protection from heat, wind, and precipitation. PTFE canopies are widely used on account of their superior weather-resistant characteristics, thermal stability, and high durability.

Canopies are also preferred owing to the aesthetic appeal they impart to a space. Rapid growth of the residential sector in North American economies with rising trend of beautification of expanded living spaces with canopies are likely to propel the market growth. Furthermore, increasing popularity of inside-outside living and the availability of a wide range of product designs suitable for residential buildings are likely to augment the demand for the product.

Major players in the industry offer a wide range of products along with most suitable designs and innovative technology, which aid market players in gaining an edge over their competitors. Most of the players compete on the basis of providing customized designed to suit the exact requirements of end users. A variety of materials including PTFE, ETFE, PVC, glass, wood, and various metals can be used to design a product that is a perfect fit for the area of installation.

Canopy Market Report Highlights

• The PTFE segment accounted for the largest revenue share of 42.1% in 2022
• The non- residential segment held the largest revenue share of 69.7% in 2022, owing to extended space along with architectural aesthetics offered by the installation of the products
• Europe dominated the market and accounted for the largest revenue share of 37.5% in 2022 due to the increasing demand for outdoor spaces in urban areas.
• Asia Pacific is expected to grow at the fastest CAGR of 4.2% during the forecast period. In Asia Pacific, countries such as China and Australia, accounted for majority share of the market on account of increasing penetration of the product in commercial outlets such as restaurants and hotels.

Please note The report will be delivered in 2-3 business days upon order notification.