Retractable awning was the largest product segment, accounting for over 75% revenue share in 2015. Enhanced functionality, high consumer preference, and ease of the installation are the key aspects driving the market growth. Growing construction of outdoor decks is expected to contributing factor to aid market demand over the next eight years.
North America awnings market is expected to reach USD 3.64 billion by 2024, according to a new report by Grand View Research, Inc. High level of customization coupled with rising application scope in residential and commercial sectors is expected to propel growth. Furthermore, rising penetration of motorized retractable products in the residential sector is expected to augment demand over the forecast period.
The industry is characterized by a large number of local manufacturers and distributors owing to the region-specific products. Fabric awnings are primarily used in tropical areas owing to its high aesthetic appeal and improved functionality. Fabrics are the most widely used material in manufacturing awnings. These products accounted for 85% of the overall market in 2015; this is attributed to the utilization of the product in manufacturing retractable awnings. However, limitations of fabric awnings during heavy snowfall are likely to restrict growth.
“Read Report Summary, Toc, Market Segmentation, Research Methodology, Request a Free Sample“ North America awnings market Click the link below:
Request a Free Sample Report Click the link below:
Further key findings from the report suggest:
Stationary awnings market is expected to grow in Canada owing to the growing installation of metal awnings in the residential and commercial sectors. These products, unlike fabric, provide more durability, particularly in extreme weather conditions. Furthermore, rising use of composite material in manufacturing the product owing to improved corrosion resistance is expected to have a positive impact on growth.
The metal awning was the largest product segment in stationary awnings and is expected to witness substantial growth, growing at a CAGR of just under 4% from 2016 to 2024. Metal awnings are sturdy and tough and can sustain heavy snowfall, owing to which demand for the product in Canada is expected to witness significant growth over the forecast period as the country is close to the North Pole and experience heavy snowfall.
Residential application accounted for the largest revenue share, accounting for over USD 1.6 billion in 2015. The sector is expected to witness substantial growth over the forecast period owing to rising need of retractable patio awnings in outdoor decks and seating areas. However, the presence of substitutes including shutters, blinds, and canopy is likely to have a negative impact on growth.
The U.S. accounted for over 80% of the overall market share in 2015 and is expected to continue growth over the next eight years. Growing demand for the product inhospitality industry owing to its high aesthetic appeal is expected to have a positive impact on industry growth.
Key players in the industry include SunSetter Products, Durasol Awnings, Inc., SUNAIR Awnings, and Sunesta. Other industry participants include Aristocrat Awnings, Advanced Design – Awnings & Signs, Awning Company of America, Inc., Carroll Awning Company, Eide Industries, Inc., NuImage Awnings, Marygrove Awnings, Thompson Awning Company, Stobag International, The Awning Factory and Lloyd’s of Millville.
Have Any Query? Ask Our Experts (Inquiry Before Buying): www.grandviewresearch.com/inquiry/3144/ibb
Curious to know more? (Request a Free Sample) Click the link below:
Grand View Research has segmented the North America awnings market on the basis of product, application and region:
North America Awnings Market Product Outlook (Revenue, USD Million, 2013 – 2024)
North America Awnings Market Application Outlook (Revenue, USD Million, 2013 – 2024)
North America Awnings Market Regional Outlook (Revenue, USD Million, 2013 – 2024)
Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.
If you need specific information, which is not currently within the article, we will provide it to you as a part of customization
Request for Customization: www.grandviewresearch.com/request-for-customization/3144/rfc
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 26 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 426 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address: 201, Spear Street, 1100
City: San Francisco
Country: United States