20th December 2019 – 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. 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.
However, easy availability of substitutes such as blinds, shutters, and
canopies is expected to restrain market growth to a certain extent.
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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.
However, higher initial cost and lack of
availability of skilled labor force are some of the major challenges for
sustained growth. 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.
The North America awnings industry is
broadly categorized into two major segments based on the products types such as
retractable segment and stationary metal segment. The retractable awnings is
considered as one of the fastest growing segment in the North America awnings
market with substantial revenue generation in the last couple of years. Growing
demand for the retractable awnings segment is attributed to the vast
applications in the domestic applications.
The retractable market segment is
further segmented into multiple sub-segments such as patio, traditional and
vertical awnings. Patio sub-segment has witnessed massive growth, in the last
few years owing to its cost efficiency and superior performance capability.
Additionally, growing demand for installation in applications such as front
doors, outdoor decks, and seating spaces are bolstering the growth of patio sub-segment.
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.
The key players in the North America
awnings industry are SunSetter Products LP, Sunesta Awnings Co., KE Durasol
Awnings, Inc., Awnings Unlimited Inc., Aristocrat Shade Products Ltd., Awnings
& Signs, Inc., Awning Company of America, Inc., Carroll Awning Co. Inc.,
Eide Industries, Inc., NuImage Awnings, Inc., Marygrove Awnings, Inc., Thompson
Awning & Shutter Co., and Lloyd's of Millville Inc.
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