Canopy Market Analysis 2020-2027:

A canopy is an overhead roof or a structure over which a metal covering or fabric is attached to provide shelter or shade from various weather conditions such as hail, sun, snow, and rain. Canopy can also be a tent normally without a floor. Canopies are available as shade canopies, event or large canopies, garden canopies, and portable garage canopies. Furthermore, a canopy can be designed and manufactured using different materials, including a variety of fabrics, metals, glass, and wood. They provide resolutions to protect an area, keeping areas dry and safe, and can widen the living or working space in a building. The canopy layer provides protection from strong winds and storms, also intercepting sunlight and rainfall.

Market scope and structure analysis

COVID-19 impact analysis

• The COVID-19 pandemic has had a significant impact on tourism industry due to the resulting travel restriction as well as decline in demand among travelers. The tourism industry has been massively affected by the spread of coronavirus, as many countries have imposed travel restrictions in an attempt to halt its spread. 
• The business community is afraid on account of cash crunch, supply chain disruptions, and manpower-related issues. 
• The metal industry has been mostly affected due to COVID-19 outbreak. Construction, transport, and metal industries are likely to be affected by the coronavirus pandemic.
• Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of canopy, which negatively impact the market growth.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Increase in demand for canopy in commercial and residential sectors is expected to complement the growth of the market. Furthermore, rise in installation of canopies in residential areas and above various commercial buildings for protection from heat, wind, and precipitation is another factor that drives the market growth. Polytetrafluoroethylene (PTFE) canopies are widely used due to superior weather-resistant characteristics, thermal stability, and high durability.

The demand for canopies is further boosted by expanded living spaces in urban areas, which makes this a possibility. In addition, rise in demand for car canopy as a recreational shade and outdoor car storage contributes toward the market growth. As housing space is decreasing significantly, it is important to provide shelter to the car with a canopy.

Canopy is witnessing increased adoption among consumers, owing to factors such as its flexibility, capability of optimizing space usage, easy installation, and cost-effective. Increase in consumer disposable income generates fuels the need for home renovation, which is expected to be one of the driving factors of the global canopy market. 

However, extreme weather conditions are expected to destroy the canopy. Moreover, continuous cleaning is required for canopies to prevent the chances of becoming mildew and mold prone. These factors are expected to hamper the growth of the global canopy market.

Surge in usage of canopy and industrial applications

The global canopy market by region is segmented into North America, Europe, Asia-Pacific, and LAMEA. Rapid development of the residential sector in the North American and European regions is increasing popularity of inside-outside living, which is likely to boost the demand for canopies. Furthermore, increase in trend for beautification of living space accessible by canopies is expected to boost the market growth.

On the basis of application, the canopy market is categorized into event or large canopy and shade canopy segment. Among all, the shade canopy is used widely due to extensive use in residential areas and commercial areas globally. Increased outdoor space for seating and recreational purposes, owing to the installation of canopies in nearby residential and nonresidential buildings is expected to drive the product demand. 

Key segments covered

Key benefits of the report

• This study presents the analytical depiction of the global canopy market 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 2020 to 2027 to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global canopy market research report:

• Which are the leading players active in the global canopy market?
• What are the upcoming trends in the global canopy market?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?