Allied Market Research has recently released a comprehensive report on the retractable awnings market, providing insights to help companies better understand the changing dynamics of the industry. According to the report, the market was valued at approximately $6,024.4 million in 2020 and is expected to reach $13,820.0 million by 2030, registering a CAGR of 8.2% from 2021 to 2030.
The report offers both quantitative and qualitative insights into the market, providing businesses, investors, and stakeholders with a clear understanding of the current state of the industry, along with an analysis of regional and global markets. All industry data is gathered from trusted sources and thoroughly reviewed by experts to ensure its accuracy.
The AMR study also includes an in-depth evaluation that incorporates PESTEL analysis and Porter's five forces model to examine the industry's competitiveness. This analysis covers factors such as the bargaining power of suppliers, the threat of substitutes, the risk of new entrants, and the level of competitive rivalry. Additionally, the report presents comprehensive data on the drivers, challenges, and opportunities that shape the market's growth.
A brief note of the market dynamics
The key drivers of the retractable awnings market include the desire to expand living spaces and provide protection from the sun. Installing awnings in residential properties offers benefits such as sun protection and additional outdoor space. Awnings come in various shapes and sizes, designed to reduce heat entering homes, offices, and restaurants. Additionally, the growing demand for aesthetic enhancement of buildings contributes to the market's expansion, as retractable awnings are available in a wide range of colors, designs, and patterns, improving the appearance of the spaces they are installed in. Advances in fabric technology have further boosted the market, with PVC-coated fabric awnings offering higher durability and appealing designs, making them more attractive to customers. These fabrics are resilient enough to withstand moderate weather conditions.
However, retractable awnings face limitations, especially in severe weather, as they must be retracted during storms, heavy rain, or snow, which reduces their effectiveness in such conditions. Furthermore, retractable awnings can be costly and difficult to install due to their motorized and remote-controlled mechanisms.
These challenges hinder the growth of the retractable awnings market. Moreover, the COVID-19 pandemic significantly impacted industries such as construction, manufacturing, hospitality, and tourism. Manufacturing activities were halted, and construction and supply chains faced disruptions globally. This led to a decline in the production and demand for retractable awnings, further slowing market growth. However, as industries resume normal operations, the retractable awnings market is expected to recover by the end of 2021 as companies return to full capacity.
Competitive analysis
The report provides an in-depth analysis of the competitive landscape within the industry, highlighting the key players and examining their market share, positioning, and competitive advantages. It offers valuable insights into the role each company plays in the market.
Furthermore, the company profile section includes essential information such as an overview of each company, key executives, primary growth strategies, and innovative initiatives that strengthen their global presence. The report features several prominent companies in the market, showcasing their contributions and strategic approaches. Some of the major players identified in the report are:
Eide Industries, Inc.
Shades Awnings
Mitjavila
Warema Renkhoff SE
Marygrove Awnings
Commercial Awnings Ltd
MARKILUX GmbH + CO. KG
Sunesta
NuImagePro & NuImage Awnings
Advanced Design Awnings & Signs
To sum up, the AMR report offers valuable insights into the key growth drivers and investment opportunities within the sector, empowering companies to make well-informed business decisions. Additionally, the competitive analysis provided in the study helps businesses gain a deeper understanding of the evolving market dynamics.