Residential and commercial roofing are predicted to become nearly a $100 billion industry worldwide by 2020, in accordance with a recent study by Transparency Market Research. According to Residential Roofing experts, the industry proliferates an substantially in the following five years. The upper call for better and more cost-effective roofing is anticipated to result in increased energy savings for users the actual United States and beyond.
In 2013, the worldwide roofing market had a worth of $64.49 billion, which is impressive but nowhere near the $100 billion mark. That year, the market boasted 10,600 million square meters, though it was before demand for roofing shot up, particularly in the Asia Pacific, European and North American regions. The recovering economy is probably going the reason for the boost in North America, in line with researchers.
No More Bills Within the Roof
At the same time, the value of power has gone up. Energy conservation this is definitely top concern for a lot of Americans — which has ultimately led to lower utility bills, and Energy Star roofing has quickly become probably the most requested products for brand new or upgraded roofs. Solar roofing panels sales are also increasing, with tech advances meaning they are even more desirable. Researchers suggest that eco-friendly roofing would be major trend in the next five years. Plus, plastic and fiber cement roofing materials can also be gaining in popularity, particularly in underdeveloped economies, because they are affordable and lightweight. Still, bituminous roofing is the most popular material of every, getting together again 45 percent no matter the business (it will almost certainly continue to be top dog through 2020).
Roofing demands are increasing in nearly every market, but particularly in the nonresidential segment. More hotels, offices along with other buildings are created and wish 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 every segments, from health care to commercial and residential.
Catch a Break
Researchers also point out that tax benefits and subsidies are playing a aspect in the roofing marketing spike. For instance, the federal government granted a 10 percent tax benefit in 2012 for those Energy Star product installations, including bituminous and metal roofing materials. The United States is the 2nd biggest roofing material consumer, so this type of legislation is useful in encouraging more intake of green goods.
Lastly, more homeowners and online business are understanding the advantage of replacing roofs or upgrading them with better, greener products. The roofing industry will double in proportion in a 10-year span, which is a great economy booster in addition to an energy saver. For local, dependable residential roof installation and repair, call Aquashield Roofing of Chesapeake, Virginia.