The Striped Folding Awning Market is predicted to experience a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period from 2020 to 2028, rising from USD 8.18 billion in 2020 to USD 13.83 billion by 2028. This growth is primarily due to the increasing demand for embellishing residential and commercial establishments and advancements in fabric materials.
Awnings are sheets of fabric or other materials supported by an aluminum, iron, or wood structure, which are used to provide shade at doors, windows, patios, and gardens. These have several beneficial applications in both commercial and residential sectors. Market growth is driven by factors such as the expansion of living spaces, sun protection, advancements in fabric material, and luxury building embellishment. Additionally, the development of smart awnings equipped with sensors is expected to propel the growth of the global awning industry during stormy or rainy weather.
However, high capital costs and the need for skilled human resources are expected to impede the entry of new market entrants, which could impact growth over the forecast period.
The report suggests that retractable awnings will grow the largest at a CAGR of 7.2% during the forecast period, reaching USD 5.26 billion in 2028, due to their unique motorized technology and increased demand in high-end residential and commercial sectors. The high demand for retractable types, providing protection from harsh sunlight, glare, and interior fading, is expected to increase market penetration over the forecast period.
Based on product type, the market for patio awnings is expected to grow the largest at a CAGR of 7.6% during the forecast period, reaching USD 4.54 billion in 2028, due to growing demand in the residential and commercial resorts sectors.
The market for the residential sector is predicted to reach USD 7.70 billion in 2028, at a CAGR of 7.9% during the forecast period, driven by the growing residential construction industry and increasing consumer preference for outdoor decks and seating areas.
The North American market is expected to hold the largest market share at USD 4.30 billion in 2028, at a CAGR of 7.2% during the forecast period, due to increasing consumer preference for outdoor deck and seating space construction units, driving demand for retractable products in residential applications over the forecast period. Additionally, the rise in product innovation with additional features such as remote control assistance, sun and wind sensors, is expected to have a positive impact on industry growth.
The major players in the market are Advanced Design Awning Sign, Carroll Awning, Awning Company of America, KE Durasol, Eide Industries, NuImage Awnings, Marygrove Awning, Sunesta, Sunair Awnings, and Sunsetter Products.
The report covers several segments such as type, material, product type, end-user, and regional analysis. It forecasts volume and revenue growth at a global, regional, and country level and provides an analysis of industry trends in each of the sub-segments from 2020 to 2028.
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Awning Market: Notable Innovation
In the Striped Folding Awning, there have been notable innovations in recent years. One of the most significant advancements has been the development of smart awnings equipped with sensors that can respond to changing weather conditions, such as rain or wind. These sensors allow the awning to retract automatically, providing protection for outdoor spaces and preventing damage to the awning itself. Additionally, there have been advances in fabric materials used for awnings, such as improved UV protection, durability, and color-fastness. Another innovative trend in the market is the use of motorized technology for retractable awnings, which provides greater convenience and ease of use for homeowners and business owners.
Awning Market: Drive Factors
The Awning Market is expected to experience a significant growth rate from USD 8.18 Billion in 2020 to USD 13.83 Billion by 2028, at a CAGR of 6.9% during the forecast period. The market growth is primarily attributed to the rise in demand for decorative purposes in both residential and commercial establishments, as well as advancements in fabric materials.
Awnings are made of fabrics or other materials that are supported by a structure made of aluminium, iron, or wood. They are used to provide shade in doorways, windows, patios, and gardens, among other applications, which prove to be beneficial for both commercial and residential sectors.
The increase in living spaces and the need for sun protection, advancements in fabric materials, and luxury building decoration are some of the major driving factors for the market's growth. Additionally, smart awnings equipped with sensors are expected to fuel the growth of the global awning industry during rainy or stormy weather.
However, high capital costs and the need for skilled human resources are expected to limit the entry of new market players, which may impact growth over the forecast period.
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