Canopy Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Canopy Market reached US$ 2.0 billion in 2023 and is expected to reach US$ 2.7 billion by 2031, growing with a CAGR of 3.7% during the forecast period 2024-2031.

The global canopy market is heavily impacted by the world's rapid urbanization and development of infrastructure. There is a growing demand for outdoor places in public, commercial, and residential contexts as metropolitan areas increase. In outdoor settings, canopies offer much-needed shade and protection, improving the usefulness and visual appeal of urban landscapes, parks, plazas, and pedestrian spaces. Canopies also contribute to sustainability by lowering heat island effects, minimizing UV exposure, and enhancing outdoor comfort for locals and tourists.