Awnings Market size is expected to value at USD 3.64 billion by 2024. The North America awnings industry is subject to witness a substantial growth due to the shifting user preference towards outdoor deck and seating space construction units and soaring demand for retractable products in residential application. Factors responsible for sustained market growth in the North America awnings market include development of remote control assistance, integration of various sun and wind sensors, and products innovation. Regionally, the North America awnings industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development for the awnings industry.
Increasing
adoption of the stationary awnings for various commercial applications and
growing demand form hotels, resorts, and retail stores for low cost and high
strength stationary awnings, are expected to drive the growth of North America
awnings market over the forecast period. Additionally, other factors such as
ease of installation, lower repair cost and longer life span of the products
are predicted to boost market demand for awnings in North America region in the
upcoming years. However, easy availability of substitutes such as blinds,
shutters, and canopies is expected to restrain market growth to a certain
extent.
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Increase
in the merger & acquisition (M&A) strategy by industry players in order
to intensify their market presence and gain competitive edge are predicted to
fuel market growth in years to come. Additionally, vast competition in the
market has led to development of innovative products, thereby propelling market
growth, in the recent years. The recent advancement in buildings &
construction sector coupled with development of the novel products are
anticipated to foster market expansion over the forecast period.
However,
higher initial cost and lack of availability of skilled labor force are some of
the major challenges for sustained growth. Easy induction of stable fabric and
heavy-metal awnings for doors and frames is projected to favor market growth in
the upcoming years. Growing adoption of heavy-metal awnings for various
applications in the commercial sector is propelling market growth in the recent
years. Numerous application of awnings for retail store, hotels, restaurants,
and cafés are expected to offer lucrative growth opportunities industry players
in years to come.
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The
North America awnings industry is broadly categorized into two major segments
based on the products types such as retractable segment and stationary metal
segment. The retractable awnings is considered as one of the fastest growing
segment in the North America awnings market with substantial revenue generation
in the last couple of years. Growing demand for the retractable awnings segment
is attributed to the vast applications in the domestic applications.
The
retractable market segment is further segmented into multiple sub-segments such
as patio, traditional and vertical awnings. Patio sub-segment has witnessed
massive growth, in the last few years owing to its cost efficiency and superior
performance capability. Additionally, growing demand for installation in
applications such as front doors, outdoor decks, and seating spaces are
bolstering the growth of patio sub-segment.
The
awnings market is divided by region as North America, Europe, Asia-Pacific,
Latin America and Africa. North America has shown major growth in recent years
owing to the rise in the implementation of latest technologies, increase in the
residential construction activities in the region, shift in the consumer
preference towards outdoor decks and seating areas, and existence of
well-established industrial infrastructure. Countries such as U.S. and Mexico are
leading the North American market with increase in the number of application in
the commercial sector and significant investment by leading industry players
considering potential growth opportunities in the region.
The
key players in the North America awnings industry are SunSetter Products LP,
Sunesta Awnings Co., KE Durasol Awnings, Inc., Awnings Unlimited Inc.,
Aristocrat Shade Products Ltd., Awnings & Signs, Inc., Awning Company of
America, Inc., Carroll Awning Co. Inc., Eide Industries, Inc., NuImage Awnings,
Inc., Marygrove Awnings, Inc., Thompson Awning & Shutter Co., and Lloyd's
of Millville Inc.
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