The North America Awnings Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The North America 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.
Key Players:
- SunSetter Products
- Advanced Design Awnings & Signs
- Sunair Awnings
- Awning Company of America, Inc.
- Carroll Awning Company
- Eide Industries, Inc.
- NuImage Awnings
- Durasol Awnings, Inc.
- Aristocrat Awnings
- Marygrove Awnings
- Thompson Awnings Company
- Stobag International
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Growth Drivers:
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.
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.
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.
Product Outlook:
- Stationary awnings
- Metal
- Patio
- Traditional
- Retractable awnings
- Patio
- Traditional
- Vertical
Regional Insights:
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.
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