A new study by Grand View Research, Inc. predicts strong growth in the awnings market from 2015 to 2022 (forecast period). Rising demand for residential and commercial purposes is observed to be the key market driver. Urbanization and rising incomes are also triggering the usage of awnings, thereby steering the market.
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Awnings are durable and lightweight. They come in unique designs and need minimal maintenance. They are also resistant to water and stain. Additionally, they enhance the exteriors of buildings. These advantages are pushing commercial establishments like shops and hotels to use them.
Governments in developing regions like Asia Pacific, and Africa and the Middle East are promoting infrastructural developments. Leading players in Australia, India, Germany, China, and the U.S. are investing in the development and manufacture of their products. Ongoing improvisations on these products will also have a favorable market impact.
Certain regulations restrict the size of awnings. These may inhibit the market. The research segregates the awnings market into products, applications, and regions. The products are retractable, vertical, and traditional/fixed windows. Retractable awnings face greater demand as they offer protection from sun-rays. They also reduce fading of the interiors and conserve energy.
Residential and commercial are the applications. Residential applications include decks, windows, doors, carports, and basement stairways. The regions comprise Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa (MEA). The Asian Pacific awnings market possesses immense potential owing to its expanding construction sector.
Coated fabric manufacturing units also prove favorable for regional growth. North America generates strong demand, especially in residential applications. Growing textiles industry in the U.S. and Canada will positively affect this region. Italy, Germany, Spain, Netherlands, Austria, and Switzerland will contribute sales for Europe.
These nations mostly utilize stationary, vertical, cross arm, window, terrace, and pergola awnings. Robust construction sector in these nations would also boost the region. Latin America and MEA will benefit from rising consumer disposable incomes. The worldwide awnings market is characterized by multiple participants and stiff competition.
Some of these participants are Global Awnings, SUNAIR Awnings, SunSetter Products, Awning Company of America Inc., and Durasol Awnings Inc.
Information Source: Radiants Insights