PORTLAND, Oregon, October 18, 2018 /PRNewswire/ --
Increasing demand for beautification of buildings and advancements in fabric materials would drive the growth of the global awning market
Allied Market Research published a report, titled, Awning Market by Type (Fixed and Retractable), Product (Patio, Window, Freestanding, and Others), and Industry (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers an extensive analysis of the value chain, drivers & opportunities, market size & estimations, key market segments, strategic developments, and competitive landscape. According to the report, the global awning market garnered $6.76 billion in 2017 and is expected to reach $11.04 billion, growing at a CAGR of 6.2% from 2018 to 2025.
Increasing inclination of people toward beautifying residential and commercial establishments and advancements in fabric materials drive the growth of the market. However, the adverse effects of unreliable, harsh weather conditions such as heavy snowfall and rainfall on the structure restrain the growth of the industry. On the other hand, the ability of awnings to raise the utilization capacity of deck, veranda, patio, and garden coupled with technological innovations in the sector would create new pathways for the market.
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Retractable awning to be lucrative by 2025
The retractable awning segment accounted for more than one-third of the total market share in 2017 and is expected to maintain its lead position throughout the forecast period. This segment would register the fastest CAGR of 7.3% from 2018 to 2025, owing to its unique motorized technique and increase in its demand across high-end commercial and residential sectors. The fixed awning segment would grow at a moderate rate during the forecast period.
Patio segment to generate the highest revenue by 2025
The patio segment held the major market share in 2017, accounting for more than one-third of the total market revenue. This is due to the rise in the number of educational institutes, auditoriums, universities, and schools in developed countries. However, the freestanding segment would register the highest CAGR of 7.8% from 2018 to 2025, owing to its growing popularity in commercial and residential spaces. The report also discusses the window and other product segments.
Commercial industry segment to dominate in terms of revenue & growth rate
Commercial industry contributed nearly two-thirds of the total market share in 2017 and is expected to grow at a CAGR 6.3% from 2018 to 2025. This segment is lucrative due to the heavy inflow of investments for the development of commercial spaces including shops, sports arena, restaurants, hotels, and theaters. The residential industry segment would grow at a moderate rate during the forecast period.
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North America to continue being the highest revenue contributor through 2025
North America contributed more than one-third of the total market share in 2017 and is expected to maintain its lion's share through 2025. This is due to the high demand for improved infrastructure and introduction of retractable awnings for enhanced appearance of outdoor spaces. However, Asia-Pacific region would register the fastest CAGR of 7.3% from 2018 to 2025, owing to the availability of quality fabric, large variety of awning patterns, and high demand for attractive awnings in the commercial sector to decorate outer spaces.
Frontrunners of the industry
The major market players analyzed in the study include Advanced Design Awning & Sign, Carroll Awning, Awning Company of America, KE Durasol, Eide Industries, NuImage Awnings, Marygrove Awning, Sunesta, Sunair Awnings, and Sunsetter Products. Various strategies such as joint ventures, expansions, collaborations, mergers & acquisitions, partnerships, and others have been adopted by market players to gain a stronghold in the industry.
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