Awning Market to Reach $11.04 Bn, Globally, by 2025 at 6.2% CAGR, Says Allied Market Research

PORTLAND, Oregon, October 18, 2018 /PRNewswire/ --

Increasing demand for beautification of buildings and advancements in fabric materials would drive the growth of the global awning market 

Allied Market Research published a report, titled, Awning Market by Type (Fixed and Retractable), Product (Patio, Window, Freestanding, and Others), and Industry (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers an extensive analysis of the value chain, drivers & opportunities, market size & estimations, key market segments, strategic developments, and competitive landscape. According to the report, the global awning market garnered $6.76 billion in 2017 and is expected to reach $11.04 billion, growing at a CAGR of 6.2% from 2018 to 2025.

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Increasing inclination of people toward beautifying residential and commercial establishments and advancements in fabric materials drive the growth of the market. However, the adverse effects of unreliable, harsh weather conditions such as heavy snowfall and rainfall on the structure restrain the growth of the industry. On the other hand, the ability of awnings to raise the utilization capacity of deck, veranda, patio, and garden coupled with technological innovations in the sector would create new pathways for the market.

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Retractable awning to be lucrative by 2025 

The retractable awning segment accounted for more than one-third of the total market share in 2017 and is expected to maintain its lead position throughout the forecast period. This segment would register the fastest CAGR of 7.3% from 2018 to 2025, owing to its unique motorized technique and increase in its demand across high-end commercial and residential sectors. The fixed awning segment would grow at a moderate rate during the forecast period.

Patio segment to generate the highest revenue by 2025 

The patio segment held the major market share in 2017, accounting for more than one-third of the total market revenue. This is due to the rise in the number of educational institutes, auditoriums, universities, and schools in developed countries. However, the freestanding segment would register the highest CAGR of 7.8% from 2018 to 2025, owing to its growing popularity in commercial and residential spaces. The report also discusses the window and other product segments.