Retractable Awnings Market

Market Overview

The global retractable awnings market size was valued at USD 3.81 billion in 2021 and is predicted to reach at USD 7.28 billion by 2030, increasing at a CAGR of 7.46% from 2022 to 2030.

A retractable awning extends the comfort and convenience of a roof to a window's user without sacrificing any of the roof's features. A retractable awning shields you from the harsh glare and potentially harmful ultraviolet rays of the sun. Furthermore, the above-mentioned awnings can indeed be retracted at any time, allowing for the full utilisation of sunshine. Folded against the wall, this awning can be retracted or tucked away when not in use. Retraction can be carried out in two ways: manually or atomically, using motorised retraction. Awnings for patios and windows can be mounted on both residential and non-residential structures. Also available are freestanding retractable awnings, which may be set up in any location.

Awning refers to a roof or structure that resembles a tent that protects people from the rain and the sun. awnings that are retractable and foldable are known as retractable awnings. Protecting doors, windows, patios, and other openings is only one of the many uses for retractable awnings. Retractable awnings are benefiting from rising customer demand for outdoor sitting on patios and decks. The rise of the business sector and the growing demand for retractable-awnings for house remodelling are two main drivers of the market's expansion.

Market Dynamics

Market Drivers

Increased Consumer Interest in House Upgrades + Sun-Protection + Building Renovations

A significant portion of market demand is being driven by an increase in consumers' preferences for home improvements, sun protection, and building re-structuring. The rising need for sun protection in residential settings across the world is the primary factor propelling growth in the residential-retractable-awnings market.

In addition, in the market for commercial retractable awnings, a spike in the proportion of eateries, restaurants, cafés, and other businesses that employ retractable awnings is projected to contribute to one fifth of the demand in the awnings industry. The use of retractable awnings in residential and commercial settings is proving to be very profitable for manufacturers. This is due to the fact that the number of activities taking place in both types of settings is growing, which necessitates the installation of retractable awnings and contributes to the expansion of the market.

In addition, over the course of the last decade, there has been impressive improvement in the market, along with an increase in the level of sophistication of the product. As a consequence of the fact that producers are improving their wares in order to satisfy customer requirements that are predicated on high levels of effectiveness, the product in question has been subjected to significant modifications during its development and will be offered for sale in an improved form.

It Is Anticipated That Rising Levels of Environmental Awareness Will Increase Demand

Market for retractable-awnings in residential sector is anticipated to experience significant growth throughout the forecast period as a result of rising environmental consciousness as well as demand for green alternatives. Awnings can reduce the amount of energy that is used, both in the summer and the winter. Research that was carried out by the Professional Awnings Manufacturers Association found that homeowners who installed shade structures in their homes, such as awnings, were able to save up to US$200 annually due to the decreased workload placed on their air conditioners.

The addition of retractable awnings to a home not only raises its resale value but also shields its interior from the damaging effects of direct sunlight, heat, as well as ultraviolet light. Awnings installed over windows can cut the amount of solar-heat-gain by anywhere from 65 to 77 percent, which in turn lowers the amount of electricity needed to cool the building. It is anticipated that an increased knowledge of these benefits will propel the market growth over the course of the forecast period.

Market Restraints

Retractable Awnings Are Expensive and Difficult to Install

Many drivers are propelling the retractable awnings market's expansion, but a few restraints are impeding it. The high cost of retractable awnings in comparison to ordinary awnings, for example, poses a significant barrier to the expansion of the industry. It is true that purchasing a high-priced goods from a reputable company provides consumers with a good deal, but it also increases the likelihood that customers will be reluctant to make the purchase. In addition, when the weather is bad, electric sensors need to be updated. Due to the growth of mold and mildew on awnings, UV filtration may worsen, which could lead to increased costs for consumers.

Additionally, the awnings' unreliability in a severe environment needs more frequent repairs or replacements. The awnings industry is hampered by problems such as these. There are a lot of variables to consider when it comes to the installation process. Adding to this, motorized awning installation is a significant barrier to the growth of the awning industry.

Market Key Opportunities

Advances In Technology Will Allow New Opportunities to Arise

Awnings are benefiting from the development of new technologies. A rope string and sometimes even side-arm device was used to retract awnings amid rain, storm, as well as snow storms in the past. In recent years, the awnings market has also benefited from an increase in technological breakthroughs in virtually every field. Commercial as well as high-end residential sectors have taken notice of the new retractable awnings that can be operated remotely through switch, remote, or even a smartphone, which is expected to lead to new opportunities for the global-retractable-awnings industry.

Future technological breakthroughs such as smart gadgets controlling the awnings' functioning and more convenient awning control are predicted to drive awnings market expansion. An expansion of the awnings marketplace is being spurred on by a shift in consumer tastes toward more aesthetically pleasing ways of projecting their operating spaces. Opportunities for the awnings industry's general expansion are being provided by new retail, high-end residential, and other industries in developed regions.

Regional Analysis

The global retractable awnings market is segmented by geography into North America, Europe, Asia-Pacific (APAC Region), Latin America, and Middle East & Africa (MEA).

In 2021, the market share held by North America was the greatest of all regions. The most important factor contributing to overall economic expansion in the region is the rising number of new homes being built in the United States. It is predicted that there will be a significant increase in preference for retractable-awnings in Mexico over the course of the projection period due to the growing number of applications for these awnings in the commercial industry. In addition, the existence of significant market participants in the area is anticipated to drive demand in the region over the course of the following several years.

Between the years 2022 and 2030, it is projected that growth in Asia Pacific would occur at the highest compound annual growth rate of 9.24 percent. The expansion is being fueled by an increased product adoption rate in the business sector, particularly in India as well as China. India owned more than 17 percent of the region's market share in the year 2021, and it is anticipated that India will post the highest CAGR of 9.98 percent over the course of the forecast period. It is anticipated that there will be a favorable impact brought about by the increasing number of cafés and bars on product uptake.

In 2021, Europe enjoyed a considerable market share as a result of the growing requirement from the commercial sector, which included a variety of establishments such as restaurants, hotels, as well as hospitals. It is anticipated that an increase in the use of retractable-awnings in nations such as Switzerland, Germany, as well as the United Kingdom as a result of a growing preference for garden houses will help to the expansion of the regional market.

Segmental Analysis

The global retractable awnings market is divided into different segments according to the Product, Application, and Region (Geography).

By Product, the Global Retractable Awnings Market is segmented into Freestanding, Patio, and Others. Awnings for patios commanded the lion's share of the market in 2021, thanks to rising consumer expenditure on patio furnishings and accessories. In addition to this, there has been a steady increase in the number of residences in the United States that are equipped with patios, which is anticipated to further fuel demand. Additionally, an increased desire for homes that include outdoor living spaces is anticipated to have a beneficial impact on the global growth of the market.

It is expected that the standalone market would increase at the highest CAGR of 6.24 percent between the years 2022 and 2030. The rapid increase in the construction of freestanding-retractable-awnings in public open spaces and commercial businesses including gardens, restaurants, and cafés as well as in the vicinity of swimming pools as well as stadiums. It is anticipated that a surge in the proportion of outdoor restaurants and cafes, particularly in countries like India, China, as well as Brazil as a result of increasing urbanization, salary levels, and technology improvements, will fuel the growth of the segment.

By Application, the Global Retractable Awnings Market is segmented into Residential and Commercial applications. In 2021, the residential sector controlled approximately 60 percent of the market share for retractable awnings, making it the most lucrative use for these products. It is anticipated that an increasing demand for residential buildings as a result of fast urbanization and double-income households, in conjunction with a rising consumer inclination for outdoor living areas like as decks and patios, will stimulate the demand for the product. The visual value of residential structures can be significantly increased by the addition of awnings. In addition, they are capable of lowering the amount of heat gained from the sun by more than 70 percent and enhancing privacy. It is projected that the growth of this category would be further driven by these factors in the near future.

Over the course of the time covered by this projection, it is predicted that the commercial segment will expand at a compound annual growth rate of 8.49 percent. It is projected that the expanding tendency of socializing at cafés and restaurants would contribute to the increasing number of these establishments, particularly throughout emerging nations. It is anticipated that shortly, a quick rise in the acceptance of retractable-awnings in commercial properties including cafes, restaurants, as well as hotels would add to the total expansion. This is predicted to happen soon.

By Region or Geography, the Global Retractable Awnings Market is segmented into North America, Europe, Asia-Pacific (APAC Region), Latin America, and Middle East & Africa (MEA). In 2021, North America accounted for the majority of the market. Residential building in the United States is the driving force behind regional growth. From 2022 to 2030, Asia Pacific's CAGR is expected to be 9.24 percent. The commercial sector, particularly in India and China, is driving the rise.

Recent Developments

• April 2022 - Aristocrat Limited and International Game Technology PLC have signed a ten-year patent cross-licensing agreement. The agreement comprises utility as well as hardware patent rights, including patents for virtual gaming server technology related to Aristocrat's mobile game publishing industry (Pixel United), increasing the parties' earlier cross-licensing transaction.