Canopy Market Size, Share, Trends, Value 2030

Canopy Industry Prospective:

The global canopy market size was worth around USD 1832 million in 2022 and is predicted to grow to around USD 2610 million by 2030 with a compound annual growth rate (CAGR) of roughly 4.52% between 2023 and 2030.

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The report delves deeper into several crucial aspects of the global canopy market. It includes a detailed discussion of existing growth factors and restraints. Future growth opportunities and challenges that impact the canopy industry are comprehensively addressed in the report.

Canopy Market: Overview

A canopy is a projecting roof-life structure that is installed to provide shelter, shade, and protection. It is an architectural component that tends to extend beyond the conventional structure and is typically supported with the aid of columns, beams, or other elements. Modern-age canopies are designed to perform functional roles while also improving the overall aesthetic of the place in which they are placed. For instance, a common type of canopy used frequently is the entrance canopy which is extensively used to cover building entrances. They also protect people entering or exiting the building from external elements such as rain and sunlight. They are found across building settings including residential and commercial units. Canopies can be made of various materials depending on the intended use of the product. They are also available in various shapes, sizes, and designs allowing room for product differentiation.

Key Insights:

• As per the analysis shared by our research analyst, the global canopy market is estimated to grow annually at a CAGR of around 4.52% over the forecast period (2023-2030)
• In terms of revenue, the global canopy market size was valued at around USD 1832 million in 2022 and is projected to reach USD 2610 million, by 2030.
• The canopy market is projected to grow at a significant rate due to the growing demand for outdoor eating settings
• Based on end-user segmentation, non-residential was predicted to show maximum market share in the year 2022
• Based on material segmentation, polytetrafluoroethylene (PTFE) was the leading material in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Canopy Market: Growth Drivers

Growing adoption of outdoor eating settings to drive market growth

The global canopy market is projected to grow owing to the increasing demand and adoption of outside eating settings. This means that modern consumers who go out for dining purposes prefer outdoor seating arrangements, especially for brunch or high tea outings. Such commercial establishments are typically seen in countries with low temperatures and people prefer to sit and eat outside to enjoy the view or pleasant weather. Moreover, revenue trends have indicated that restaurants and cafes adopting such arrangements may not have to spend heavily on advertising or marketing and the saved resources can be used to upgrade the seating ambiance to attract more customers. Additionally, canopies offer high value to cost as they can be used year-round for several purposes in the same setting thus offering better functional attributes.

Canopy Market: Restraints

Intensive resource investment in terms of maintenance and longevity to restrict market expansion

Canopies are used mainly for outdoor settings and hence they are prone to damage. To maintain the longevity and performance of canopies, consumers have to spend time and monetary resources on maintaining the structure. Factors such as constant exposure to weather conditions, UV radiation, and wear and tear impact the overall durability of the product. Research indicates that canopies made of low-grade fabrics do not last longer than 6 to 7 months and may have to be replaced with new products.

Canopy Market: Opportunities

Increasing emphasis on improving energy efficiency to provide growth opportunities

The global canopy market may register higher growth opportunities due to the growing emphasis on improving energy efficiency in residential and commercial buildings. There is a growing rate of consumption of materials that promote sustainability. Canopies made with eco-friendly high-grade products can be an effective tool in increasing energy efficiency since they can help in reducing heat gain, provide shading, and support passive cooling strategies. The Australian government has recently announced an investment of AUD 16 billion toward clean energy spending until 2026.

Canopy Market: Challenges

Highly competitive nature of the canopy industry to challenge market expansion

The canopy industry is highly competitive mainly due to the presence of many small and large product manufacturers, suppliers, and contractors vying for projects. Market saturation has greatly influenced pricing pressures and reduced profit margins. Such incidents make it difficult for companies with limited budgets or foothold in the global market to survive for long. Companies in the canopy market need to consistently demonstrate their value proposition, innovation, and customer satisfaction to stay ahead of the competition.

Canopy Market: Segmentation

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

Based on end-user, the global market segments are non-residential and residential. The highest growth was observed in the non-residential segment in 2022. The end-users in this segment include commercial buildings, education institutes, transportation hubs, and healthcare facilities among many others. Although these units tend to create roofs made of concrete, a large number of players use the canopy to extend their area of service. Canopies are extremely common sights in commercial buildings such as offices, retail stores, shopping malls, and hospitality establishments. Educational institutes use canopies to cover walkways, outdoor gathering spaces, and shaded areas for students and staff. The residential segment is fragmented into standalone houses and residential buildings. The most commonly used canopy sizes include 4x4x7 ft and 6x6x7 ft.

Based on application, the canopy industry is divided into event or large canopy and shade canopy.

Based on material, the global market is divided into polytetrafluoroethylene (PTFE), polyvinyl chloride (PVC), ethylene tetrafluoroethylene (ETFE), and polyester cloth. One of the most popular and extensively used materials is polytetrafluoroethylene (PTFE)-coated fiberglass fabric. These canopies offer durability, resistance to UV radiation, and high tensile strength. PTFE canopies are known for their self-cleaning properties, non-stick surface, and ability to transmit diffused light. They are specially used in settings where longer lifespan is a necessity and PTFE is suitable for this requirement along with offering excellent weather resistance and translucency. PVC also has high applications mainly driven by superior performance and affordability. ETFE is used in settings where large canopies are required. They are used in stadium roofs and atriums. The largest canopy in the world has an area of 135,700 square meters.

Recent Developments:

• In May 2023, Eglinton GO Station, a train station serving the Scarborough Village and Eglinton East neighborhoods of Toronto, Ontario, Canada, witnessed the installation of a new canopy on the northern side of the tracks. The installation was completed in 4 stages which took place between March 25 and March 28. The move is a part of the GO Expansion program
• In April 2021, Shaw Contract, an Indian supplier of tile and broadloom products, launched its Canopy collection in the regional market. The products draw inspiration from clouds, forests, and the sanctuaries created by them. The company also insists on creating these products with social responsibility as they are produced in units that are 100% carbon neutral

Canopy Market: Report Scope

Canopy Market: Regional Analysis

North America to register the highest growth

The global canopy market is expected to witness the highest growth in North America led by the growing use of several types of canopy across commercial and residential units. The regional population of the US and Canada enjoy eating in outdoor settings which has resulted in a growing number of cafes and restaurants offering outdoor seating arrangements for their customers. Additionally, canopies are used extensively in supermarkets and other retail outlets as a means to promote new products or an inquiry counter.

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In addition to this, the extensive use of medium or larger canopies in hospitality establishments such as hotels also contributes to regional growth. As the US is registering a higher demand for achieving a better rate of energy efficiency, the consumption level of residential canopy is likely to grow at a rapid rate. Reports claim that the US energy system currently stands at an estimated rate of 65.1% for the residential and commercial sectors while for the industrial segment, it is around 81.1%.

Canopy Market: Competitive Analysis

The global canopy market is led by players like:

• Shade Structures Inc.
• FabriTec Structures
• Canopy Mart
• Tensile Structure Systems
• ShadeFX
• BDiR Inc.
• Creative Shade Solutions
• Shade Systems
• Skyco Shading Systems
• Architectural Shade Products
• USA SHADE & Fabric Structures
• MASA Architectural Canopies
• Carroll Architectural Shade
• Advanced Awnings and Signs
• Samson Awnings
• Renson
• Sunesta
• KE Outdoor Design
• Somfy Systems
• Vergola
• Eurmax
• Sunair Awnings & Solar Screens
• Astralux
• Uni-Systems
• Outsunny.

The global canopy market is segmented as follows:

By End-User

• Non-Residential
• Residential

By Application

• Event or Large Canopy
• Shade Canopy

By Material

• Polytetrafluoroethylene (PTFE)
• Polyvinyl Chloride (PVC)
• Ethylene Tetrafluoroethylene (ETFE)
• Polyester Cloth

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa