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.
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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.