growing home improvement market is driving the Awnings Market
Technavio analyzes that the Awnings Market is expected to grow at a CAGR of 5.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2325.7 million.There are various factors that contribute to the growth of the market. The awnings market is experiencing significant growth in tandem with the expanding home improvement sector. Homeowners are increasingly investing in outdoor living spaces, recognizing the value of extending their living areas beyond indoor confines. Awnings offer versatility, functionality, and aesthetic appeal, making them a popular choice for enhancing the overall look and feel of homes. This trend is expected to continue as the demand for outdoor living solutions continues to rise.
In the building and construction industry, awnings, specifically freestanding and residential fixed varieties, offer significant benefits for both household and commercial sectors. These architectural features provide optimal shade and weather protection for patios, verandahs, external windows, and doors. By reducing the need for air conditioning, awnings can decrease utility bills by approximately 25%, making them a cost-effective solution for energy efficiency. Furthermore, awnings made from premium materials such as aluminum, iron, and wood significantly enhance a building's aesthetic appeal. Despite competition from advanced window blinds and shades, the awnings market continues to thrive due to the growing trend of home improvement projects and the expansion of the foodservice industry.
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Awnings Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Awnings Market encompasses various types of awnings for both Commercial and Residential Spaces, catering to Sun Protection and enhancing Outdoor Living Spaces with Aesthetic Appeal. Patio Awnings, Window Awnings, and Freestanding Awnings are popular choices for Non-Residential spaces like Restaurant establishments and Car Parking areas, providing Sunlight and Rain Protection, as well as shielding against harmful UV rays. Smart awnings offer advanced features such as Smartphone control through apps like Google Home. Durasol Awnings, Global Awnings, and Sunair Awnings are leading brands in this market. Fixed and Retractable awnings are available in various Fabrics, including Aluminum and Iron, for Households.
The global building products market encompasses businesses producing various components, including windows and doors, flooring, ceiling and wall fixtures, roofing and gutter materials, insulation materials, cabinets, plumbing fixtures, and home improvement products and equipment. According to Technavio's market analysis, the expansion of the global building products market is primarily driven by the thriving construction sector. In both developed and emerging economies, the construction industry is experiencing significant growth due to the increasing demand for residential and non-residential infrastructure. This trend is particularly prominent in developing economies, where the focus on addressing urbanization and public healthcare necessitates the development of commercial spaces, such as restaurants and car parking facilities, and residential spaces. The demand for awnings, including patio and window awnings, as well as freestanding awnings, is increasing in both sectors due to their sun protection capabilities, aesthetic appeal, and enhancement of outdoor living spaces. The shade collection offered by awnings is a valuable addition to restaurant establishments and their locations, providing both functional and aesthetic benefits. Overall, the global building products market is poised for substantial growth due to the burgeoning construction sector and the increasing demand for awnings and other building components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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