The Retractable Awnings Market has been growing steadily in recent years, driven by the increasing demand for outdoor living spaces and the need for protection from the sun’s harmful rays. Retractable awnings provide a flexible and versatile solution for shading outdoor areas such as patios, decks, and balconies. They are designed to retract when not in use, providing an unobstructed view of the surrounding environment and allowing sunlight to filter through. The market for retractable awnings is highly competitive, with numerous manufacturers offering a wide range of products to suit different needs and preferences.
The Retractable Awnings Market was valued at $6.0 billion in 2020, and is expected to reach $13.8 billion by 2030, registering a CAGR of 8.2% from 2021 to 2030.
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Top Leading Players
Commercial Awnings Ltd, NuImagePro & NuImage Awnings, Eide Industries, Inc., MARKILUX GmbH + CO. KG, Marygrove Awnings, Mitjavila, Shades Awnings, Advanced Design Awnings & Signs, and Warema Renkhoff SE.
Factors including increase in the living space, need for protection from the sun, preference for beautification of the building, and developments in fabric material propel the global retractable awnings market. However, uncertain harsh weather conditions and costly pricing & installation of retractable awnings are the factors that are expected to hinder the market growth. On the other hand, technological innovations in its mechanism will open many doors of opportunities to the market players.
The major benefits of installing an awning at residences are sun protection and expansion of living pace. The advantages include reduced air conditioning costs during summer and protection of furniture drapery, and flooring. In addition, retractable awnings are available in a variety of colors, designs, and patterns. These awnings enhance the look and beautify the building. Moreover, advancements in fabric material quality and patterns have evolved over time. This gives an additional strength and ability to withstand harsh climate to an extent.
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However, extreme harsh weather can damage the awnings and has to be retracted. This fails the purpose of installation of awnings to protect from sun, rain, and storm. Moreover, pricing and installation of retractable awnings is toward the higher end, owing to its motorized operating system, which includes motor, sensor, remote. and other operating buttons. Furthermore, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering the growth of the retractable awnings market. However, this situation is expected to improve as governments have started relaxing norms around the world for resuming business activities.
On the contrary, the old age mechanism involved a rope string or side-arm to retract awnings during rain, storm, and snow. The growth in technical advancements in every field has also seeped into the awnings market in recent years. Technological innovation is expected to act as a major opportunity for the growth of the retractable awnings market.
The retractable awnings market is segmented into product type, retracting type, application, and region. By product type, the market is segregated into patio, window, free standing, and others. The retracting types covered in the study include manual and motorized. On the basis of application, the market is divided into residential and non-residential. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, and the rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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