NEW YORK, Oct. 25, 2016 /PRNewswire/ -- 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.
Further key findings from the report suggest:
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.
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.
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