Canopy Market: Global Opportunity Analysis and Industry Forecast, 2022-2029 Market

A canopy is an overhead roof structure made of metal, glass or fabric which is used to provide shelter or shade from various weather conditions such as hail, sun, snow, and rain. A tent without a floor can also be called a canopy. A canopy has open sides. Canopies provide solutions to all problems including protecting an area, keeping areas dry and safe, and it can also widen the living or working space of a building.

Canopies can be customized depending upon requirements from consumers. Canopies are used in both residential and nonresidential sectors. In residential areas, consumers use canopies it to sit outside in summer. Canopies protect from harmful UV rays and sun while enjoying fresh air outside. Consumers also use canopies while on a tour or picnic and also for cultural events or festivals. Canopies are also used to cover walkways between two nearby buildings to keep people dry and safe while doing their businesses. The function of a canopy is to provide shade or shelter from weather conditions such as sun, hail, snow and rain. Canopies may also be used for decorative or beautification purposes, for events or to give emphasis to a route or part of a building. Canopies may be independent of other structures or may project out from a structure such as a building. It may be supported by the building it is attached to, and/or ground mountings cables, stanchions or upright support posts. Canopies may be translucent, transparent or opaque.

COVID-19 scenario analysis:

• Coronavirus has affected the import and export of construction materials. China is the largest exporter of construction materials globally. Negative trends in the economy of China are anticipated to reduce the global import and export throughout the globe.
• Demand for new construction materials have witnessed a massive negative shift since the corona outbreak in December 2019, with manufactures and investors fearing an excessively receding economic growth.
• Travel prohibitions around the globe have affected the trade of construction materials. Thus, the supply and demand for construction materials are almost halted throughout the globe.
• Construction materials manufacturing companies located in China, are the major sufferers of from the virus outbreak, owing to lockdown and unavailability of logistics in the region.
• The major hindrance for the global construction materials market comes from the orders of home quarantine by respective governments, which has led to the discontinuing of production of construction materials.
• Decreased consumer demand and consumption has led to reduction and slow down of sales of construction materials all over the globe over the course of the current economic year.
• Therefore, the global Canopy market is expected to be negatively affected in 2020.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, Opportunities, Restraints and Impact Analysis

Use of canopies in both residential and non-residential sectors is expected to drive the growth of the global canopy market. Canopies are used in open areas to provide shelter from adverse weather conditions and for expansion of usable spaces. In certain buildings, canopies are used for beautification purposes. These trends help to propel the global canopy market. Use of canopies in automotive sector especially for trailers and commercial vehicles is also an important driver of the global canopy market. Trailer canopies are designed according to their utility and end-user. The rise in international trade and transportation of goods has helped the growth of the trailer canopy market, as trailers are extensively employed for transportation of goods and commodities. However, trailer canopies are often cost intensive and can be too flimsy for certain transportation applications. The major restraining factor for the global canopy market is the high installation and maintenance costs associated. The major growth opportunities for the global canopy market come from the increasing application of canopies worldwide for cultural and public events where canopies can be used as non-permanent structures in both commercial and residential sectors. 

The global Canopy market trends are as follows:

Growth of infrastructure projects worldwide

Public infrastructure expansion and maintenance continue to grow. Private real estate development and individual residential construction are also going to continue growing as population and urbanization increases around the world. Schools, hospitals and other public interest facilities need to be built, expanded or updated. These myriad projects of varying scale and size will continue to aid the global canopy market as the risk of water contamination remains a key driver. Canopies are used to expand the living or working space of a building. They are also used for decorative or beautification purposes. Canopies are also used to cover walkways between two nearby buildings to keep people dry and safe while doing their businesses. Rapid growth of the residential sector with rising trend of beautification of expanded living spaces with canopies are likely to propel the market growth. Furthermore, increasing popularity of inside-outside living and the availability of a wide range of product designs suitable for residential buildings are likely to boost the market. As more people throng hotels, beaches, cafes and outdoor structures, the global canopy market is expected to grow in the future.

Surge of customization of canopies in commercial vehicle sector

The automotive sector is significant for the growth of the global canopy market. Trailer canopies are most commonly made of aluminum among various other material and are often available in custom designs for the specific vehicle models that they are installed upon. Aluminum canopies are very popular for trailers because it reduces the overall weight of the vehicle and thus helps improve fuel efficiency. Aluminum canopies are lightweight but highly durable. Other materials such as polyester cloth are also commonly used as non-permanent trailer covers. Commercial vehicles use canopies for the weight reduction of the roof material. The loaded goods which might often be perishable items need protection from adverse weather conditions like rain, sun or wind. Canopies made of various material are used as covers for transportation trucks as they help protect the goods being transported but at the same time reduce overall vehicle load to help maintain load and weight regulations imposed by various governments on commercial vehicles. Stringent regulatory legislation regarding fuel efficiency and emission standards have intensified the demand for lightweight commercial trailers in past decade. This has further spurred demand for trailer canopy manufactured by using aluminum, as the material imparts excellent lightweight and durability attributes. Growing demand for lightweight commercial vehicles will pave lucrative growth opportunities for the trailer canopy market in the foreseeable future.

Key benefits of the report:

• This study presents the analytical depiction of the global canopy industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global canopy market share.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the global canopy market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global canopy market analysis based on competitive intensity and how the competition will take shape in coming years.

 Canopy Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights