The Factors That Are Pushing The Roofing Market’s Growth
The North American roofing industry is a lucrative market that’s generated a significant amount of money in 2017, showing a large profit of $29.86B. Recent research also shows that the roofing market is expected to see a $47.51B growth by 2025. This is all due to the various factors that are pushing the roofing industry to continue growing.
In this post, The Great American Roofing Company, the professionals in repairing a damaged roof, discuss the factors that help push the growth of the roofing market.
Urbanization
Urbanization is a phenomenon that’s continuously growing and isn’t showing any signs of slowing down. Fortunately, this is one of the main contributors to the growth of the roofing industry as the increasing demand from the commercial and residential sectors call for more roofing projects to be completed. This means there’s more demand for roofing materials and contractors to do the aforementioned project, allowing for funds to be funneled back into the roofing industry.
Technological Innovations
Thanks to the advancement of technology, almost every roofing contractor is able to introduce new ways that improve the roofing market. These improvements include drones for roofing inspections and eco-friendly roofing materials. These technological advancements not only make homeowners realize that they can have an environmentally friendly roof but that their contractors can now also do a thorough job of repairing or replacing their roofing systems.
Limiting Factors
According to the research, there are two factors that can impede the growth of the roofing market over the next five years. The first is the fluctuating costs of raw materials. Due to the fluctuating costs, roofing companies may need to increase the prices of their roofs and services, meaning homeowners may also think twice about spending a significant amount on a roof repair or replacement. The scarcity of skilled labor is another limiting factor to consider as this is a sign of a decrease in manpower for the roofing sector.
For assistance in repairing your leaking roof, look no further than The Great American Roofing Company. We are your number one provider of residential and commercial roofing services. Give us a call at (201) 515-2007 or fill out our contact form to request a free quote.