Global Awnings Market to Grow with the Rising Trend of Motorized Awning Solutions
Awnings Market Overview
The global awnings market is growing leaps and bounds, witnessing significant market demand. Increased spending by developers on various residential projects has generated a vast demand for awnings in residential sectors. Rapidly improving connectivity and the rising demand for motorized and easy-to-integrate awning systems are major trends in the industry globally.
Besides, the increasing integration of automated awnings in smart homes is the prevalent trend among consumers, driving the market’s growth. The wide uptake of awnings is the key driving force escalating the market on the global platform. With lightweight awnings increasingly getting absorbed in the hotel and restaurant industries, the market is expected to witness rising revenues in the years to come.
In this regard, Market Research Future (MRFR) states that the global awning market is expected to grow at an impressive CAGR during the assessment period (2020–2027). Industry players intend to set new benchmarks with their value for money accessory range. Advances in automation technologies foster market growth. Additionally, the rising demand for smart awnings that come with motion sensors influences the market rise.
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Global Awnings Market — Segmentation
The awnings market analysis is segmented into type, product, end-user, and regions. The type segment is sub-segmented into fixed and retractable. The retractable awning segment accounts for the largest market share due to their rising uses to enhance the efficiency of the HVAC system by protecting the outdoors from the sun rays. Also, retractable awnings offer long-life services compared to fixed ones.
The product segment is sub-segmented into patio, window, freestanding, and others. The patio segment accounts for the largest market share, witnessing the rising preference for parties, gatherings, and others.
The end-user segment is sub-segmented into residential and non-residential. The residential segment holds the largest market shares, witnessing increasing installations of awning solutions in residential sectors.
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Global Awnings Market — Geographical Analysis
The Asia Pacific region dominates the global awnings market. The region, backed by its ample raw material advantage and cost-competitive workforces, attracts several global players. Besides, the largest market share attributes to increasing investments in R&D for advanced materials. With the large presence of notable manufacturing companies, India, China, and Japan account for major markets for awnings.
North America is another lucrative market for awnings, holding a substantial market share. Factors such as increasing private constructions and the associated benefits of awnings like cost-efficiency, energy savings, and durability increase the market size. Moreover, the rising adoption of automatic and sensor-driven awning systems in rising smart home projects creates substantial market demand.
The European awnings market is witnessing a rapid expansion stage due to the increasing adoption of automated awning systems in homes. Furthermore, the proliferation of smart devices and the penetration of the internet increase the region’s market share. Simultaneously, regulatory mandates introduced in the region for optimized energy consumption coupled with the presence of a large untapped consumer base provide impetus to the market growth.
Global Awnings Market — Competitive Analysis
Fiercely competitive, the awnings market appears fragmented, with many large & small players forming a competitive landscape. Product launch, agreement & partnership, M&A, and expansion are strategic initiatives traced from recent market proceedings.
Major Players:
Players leading the awnings market are Eide Industries, Inc. (US), Advanced Design Awnings & Signs (US), Awning Company of America, Inc. (US), Carroll Awning Co., Inc. (US), Sunesta (US), Nuimage Awnings (US), Marygrove Awnings (US), Sunsetter Products LP (US), and KE Durasol Awnings Inc. (US), among others.
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Industry/ Innovation/ Related News
Fiercely competitive, the awnings market appears fragmented, with many large & small players forming a competitive landscape. Product launch, agreement & partnership, M&A, and expansion are strategic initiatives traced from recent market proceedings.
Major Players:
Players leading the awnings market are Eide Industries, Inc. (US), Advanced Design Awnings & Signs (US), Awning Company of America, Inc. (US), Carroll Awning Co., Inc. (US), Sunesta (US), Nuimage Awnings (US), Marygrove Awnings (US), Sunsetter Products LP (US), and KE Durasol Awnings Inc. (US), among others.
Industry/ Innovation/ Related News
February 12, 2021 — — Leo’s Awnings and Interiors LLC (the US) announced the expansion of its services post the Reno building acquisition worth US$799,000. The purchase would allow the firm to double its workforce in serving customers across Reno, Sparks, Carson City, Fernley, and surrounding areas.
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