The global awning market is growing due to construction industry expansion and demand for expanded living spaces. Technological advancements like smart awnings are also contributing to growth.
According to IMARC Group’s latest report, titled “Awning Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global awning market reached a value of US$ XX Billion in 2020. Awnings are sheets of fabric or other materials such as cotton, wood, canvas, and metal, supported with aluminum, iron, and wood structures. They are used to provide shade at the door, window, patio, and in gardens. In addition, they minimize exposure to ultraviolet (UV) rays and aids in the protection of outdoor furniture from sun damage. Awnings also add style to housing complexes by improving the architectural design and colorings. As a result, they are beneficial for both commercial and residential applications. Nowadays, awnings are available in various shapes and types, including fixed or stationary and retractable awnings.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The global awning market is primarily driven by the significant growth of the construction industry. In addition, the rising preference toward expanded living space is also fueling the market growth. Furthermore, awnings are widely used due to their cost-effectiveness, flexibility, durability, energy efficiency, and low maintenance. Besides this, consumers are shifting toward adjustable motorized awnings with recyclable and sustainable fabric materials, which are used in stormy, rainy, or sunny weather. Recently, there has been an increasing demand for awnings due to their ruggedness and distinctive design in residences, stores, and hotels. Moreover, technological advancements, such as the advent of smart awnings equipped with sensors, are significantly impacting the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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The article discusses the global trends, growth, and forecast of the awning market from 2021 to 2026.
Growth is driven by the construction industry, demand for expanded living spaces, and technological advancements.
The article mentions fixed, retractable, manual, and motorized awnings.
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