According to a report by Allied Market Research, the North American roofing market is predicted to reach $47.51 billion by 2025. Its compound annual growth rate (CAGR) is expected to grow by 5.9% from 2018 to 2025. But what are the factors driving this growth?
Factors Influencing Market Growth
Various factors affect the increasing growth of the roof market. These include new construction, renovation, retrofitting activities for buildings and infrastructure, increased expenditure on home remodeling and rise in harsh weather conditions.
Roofing membranes had the largest share in 2017 and will continue to dominate the market through 2025. They have become the most widely used commercial and residential roofing material because of their high efficiency and ease of installation. However, metal roofs are seen to have the fastest CAGR through 2025 since due to its durability, comprehensive warranty, low maintenance and longevity.
Challenges & Opportunities in the Market
There is insufficient manpower to meet the higher industry demands. The lack of knowledge about the long-term benefits of roofing systems and rising material costs are other major challenges the industry faces.
Moreover, innovations, technological advancements and government investments in the building infrastructure sector open new opportunities for market growth. Modern technology helped in increasing safety and roof life, reducing noise and improving air quality. These new developments also contributed to aesthetic improvements and reduced cooling costs.
Your roof is essential to the protection of your home and business, energy efficiency and comfort. Only trust a reliable roofing contractor for your residential or commercial roof installation. At Hometown Contractors Roofing, we are your trusted local provider of roofing services. We have been providing superior services in the area for more than a decade. Call us at (512) 635-4206, or fill out our online form for a free estimate. We work with homeowners in Austin, TX.