Residential and commercial roofing are predicted to become nearly a $100 billion industry worldwide by 2020, according to a recent study by Transparency Market Research. According to the experts, the industry will grow an substantially in the next five years. The higher demand for better and more efficient roofing is expected to lead to increased energy savings for users across the United States and beyond.
In 2013, the global roofing market had a value of $64.49 billion, which is impressive but nowhere near the $100 billion mark. That year, the market boasted 10,600 million square meters, but that was before demand for roofing shot up, particularly in the Asia Pacific, European and North American regions. The recovering economy is likely the main reason for the increase in North America, according to researchers.
No More Bills Through the Roof
At the same time, the price of energy has gone up. Energy conservation is a top concern for many Americans — which has ultimately led to lower utility bills, and Energy Star roofing has quickly become one of the most requested products for new or upgraded roofs. Solar roofing panels sales are also increasing, with tech advances making them even more desirable. Researchers suggest that eco-friendly roofing will be a major trend in the next five years. Plus, plastic and fiber cement roofing materials are also gaining in popularity, particularly in underdeveloped economies, because they are affordable and lightweight. Still, bituminous roofing is the most popular material of all, making up 45 percent of the market share (it will likely continue to be top dog through 2020).
Roofing demands are increasing in every market, but particularly in the nonresidential segment. More hotels, offices and other buildings are being created and need quality roofs. This segment makes up 40 percent of the market share. Additionally, educational institution infrastructure is increasing, particularly with renovations. Going green is sought out in all segments, from health care to commercial and residential.
Catch a Break
Researchers also point out that tax benefits and subsidies are playing a role in the roofing marketing spike. For example, the federal government granted a 10 percent tax benefit in 2012 for all Energy Star product installations, including bituminous and metal roofing materials. The United States is the second biggest roofing material consumer, so this type of legislation is helpful in encouraging more consumption of green goods.
Lastly, more homeowners and business owners are understanding the importance of replacing roofs or upgrading them with better, greener products. The roofing industry will double in size in a 10-year span, which is a great economy booster as well as an energy saver. For local, dependable residential roof installation and repair, call the Roof Doctor of Taylorsville, Utah.