According to a new report published by Allied Market Research, titled, Europe Awnings Market by Type, Product, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the Europe awnings market size was valued at $2,090.0 million in 2019, and is projected to reach $2,529.3 million by 2027, registering a CAGR of 3.9% from 2020 to 2027.
The commonly observed types of awnings are fixed, and retractable. Among these, the retractable segment accounts for the largest market size by value, owing to increased demand from residential spaces. The market is analyzed with respect to different products provided, such as patio, window freestanding, and others. The market is mainly driven by development in residential, and commercial construction sectors. However, fluctuation in raw material prices limit the growth of the Europe awning market.
In 2019, based on country, the Germany dominated the Europe awnings market, in terms of revenue, accounting for largest share of the Europe awnings industry, followed by France and others. Moreover, the market in East Europe is growing with high CAGR, owing to urbanization and economic development in the developing countries such as Bulgaria, Poland, and others. In addition, increase in spending on home remodeling propels the demand for various types of awnings. Furthermore, based on end user, the non-residential segment is anticipated to grow rapidly, with a high CAGR during the forecast period, due to rise in non-residential construction projects and economic development in Eastern Europe.
However, owing to the coronavirus situation, various manufacturers in the Europe awnings market had to stop their business production due to lockdown implemented in countries such as Germany, the UK, Italy, and others. This break directly impacted the sales of Europe awnings companies. In addition, lack of manpower and raw materials halts the supply of awnings. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of awnings companies.
The key players profiled in the Europe awnings market report include Commercial Awnings Limited, Gibus, Markilux Gmbh, Marquises, MHZ Hachtel Gmbh & Co. KG, Mitjavila, Shades-Awnings, Varisol, Warema Renkhoff Se, and Weinor.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging Europe awnings market trends and dynamics.
- Depending on type, the retractable segment dominated the Europe awnings market, in terms of revenue in 2019 and is projected to grow at a significant CAGR during the forecast period.
- By end user, the non-residential segment registered highest revenue in 2019.
- Depending on product, the patio segment dominated the Europe awnings market, in terms of revenue in 2019 and freestanding segment is projected to grow at a significant CAGR during the forecast period.
- The key players within the Europe awnings market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the Europe awnings industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth Europe awnings market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.