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Canopy Market Analysis, Size, Growth rate, Industry Challenges and Opportunities to 2027

The global Canopy market is forecast to reach USD 2.23 Billion by 2027, according to a new report by Reports and Data. The global canopy market is driven by the growing penetration of canopies in various residential and non-residential activities and by the provision of expanded outdoor space for seating and recreation. Increasing canopy installation in several…

The post Canopy Market Analysis, Size, Growth rate, Industry Challenges and Opportunities to 2027 first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.

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The global Canopy market is forecast to reach USD 2.23 Billion by 2027, according to a new report by Reports and Data. The global canopy market is driven by the growing penetration of canopies in various residential and non-residential activities and by the provision of expanded outdoor space for seating and recreation. Increasing canopy installation in several residential and commercial buildings to protect against wind, heat, and precipitation would boost the global canopy market. Besides, the growing residential sector in developed nations combined with the increasing trend to embellish expanded urban areas offered by the canopies would further accelerate the expansion of the canopy market in the coming years.

Canopies are used for shelter, events, gardens, and portables ones for garages. Also, it can be built and fabricated using various materials such as a variety of fabrics, metals, glass, and wood. The product’s uses differ according to the end-use objectives and the outcomes used. Companies are focusing on multiple initiatives to raise understanding of the advantages of using canopies for both residential and non-residential buildings to increase global demand. This is bringing impressive growth to the worldwide market, as the building industry is taking giant strides. The main reason is that they are not only weather protection but also aesthetically pleasing.

Another factor expected to drive market growth is the rapid growth of the residential sector in the economies of Europe and North America. In the forecast period, the rising popularity of the trend, ‘inside-outside living,’ is also expected to boost demand for consumer inclination towards living outside while on a tour or picnic increases the market size.

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Key participants include

KD Kanopy Inc., Impact Canopies, Lawrence Fabric & Metal Structures Inc., Canopies U.K. Ltd., ExpandaBrand Inc., Jay Jay Enterprise, Shade Structures Inc., Sunair Awnings, Advanced Designs Awnings & Signs, and Eide Industries Inc., among others.

Further key findings from the report suggest

The rising trend for car canopy has expanded the market in the automotive sector as well. The production of vehicles in India and Thailand is rising at a considerable pace, along with the increasing use of canopy per vehicle. This has given rise to lucrative opportunities on the APAC market and is growing with a CAGR of 4.0% in the region.

Because of its highly developed Distribution Channel industries, advanced processing capabilities, combined with a highly skilled workforce and growing R&D initiatives, the U.S. is among the leading countries in the market. Developing applications and strong demand encourage producers to concentrate on new technologies to expand the market.

Because of their high strength and durability, canopies with PTFE fiberglass membrane are ideal for regions with extreme temperature conditions. Additionally, low-surface free energy exhibited by the material offers simple surface cleaning by rainwater. These properties have increased the market worldwide, in regions with extreme climatic conditions.

In 2019 the Non-residential segment generated a revenue of USD 1.05 billion and was projected to see modest market growth in the coming years. Because of its advantages like sun protection, and the added architectural value of the building provided by the canopy.

The demand for the market is limited. Most of the large and existing market players sell and distribute widely to clients worldwide. Conversely, most of the smaller players are based on their regional markets.

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For this report, Reports and Data have segmented into the global Canopy market on the basis of resin type, composite phases, industry vertical, and region:

Material Outlook (Revenue, USD Billion; 2017-2027)

PTFE

ETFE

PVC

Polyester Cloth

Others

Application Outlook (Revenue, USD Billion; 2017-2027)

Shade Canopy

Events or Large Canopy

Others

End-use Outlook (Revenue, USD Billion; 2017-2027)

Residential

Non-Residential

Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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The post Canopy Market Analysis, Size, Growth rate, Industry Challenges and Opportunities to 2027 first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.

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