Shelter is an important facet of everyone’s lives as one of the pillars of survival. Roofing is an essential part of the construction industry, as roofing advisors are responsible for installing, repairing, and maintaining the roofs of homes and businesses.
As demand for new construction and infrastructure continues to see growth in the US, the roofing industry is poised to expand. Increasing faster than the constructor sector overall, the roofing contractors industry in the US is projected to generate $56.7B in revenue in 2023. The market's largest revenue generator is roof replacement services, which are responsible for 94% of roofing projects in North America.
At a global level, the roofing market was valued at $102.4B in 2020 and is estimated to reach $156B by 2030, experiencing a CAGR of 4.3% during the same period.
In addition to rising demand, the industry is being driven by shifts in housing market dynamics, increasingly available eco-friendly roofing solutions, further technological advancements, and booming commercial demand. The best way to stay ahead of the latest industry updates and the competition is to partner with a roofing company like Bumble Roofing.
The Bumble Roofing team knows what it takes to get started and succeed in this growing industry and are ready to help our franchisees do the same. We’ll show you how to adapt to new market conditions, diversify your services, and keep you up to date with emerging technologies and trends.
The rise in construction activity has positively impacted the roofing industry, and with the acceleration of infrastructure development, consumer demand for new roofing systems is also contributing to the outcome. The roofing industry's residential and commercial sectors are both thriving as younger generations become first-time buyers and the ongoing recovery of existing buildings is boosting market expansion.
As more buyers settle into their homes after years of a red-hot real estate market, the residential roof sector is on the upswing. Regular roof maintenance is crucial to keeping homes and businesses intact and safe for use and can help clients avoid costly repairs and premature roof replacement.
The restart of commercial buildings and infrastructure has been favorable to the market in the US. Some of the trends driving the commercial roofing industry are new construction techniques that include modular, smart building, and building automation construction.
As the effects of the pandemic continue to abate, the housing market is expected to cool, with roofing contractors shifting focus from new home construction to roof maintenance and replacement. In areas prone to natural disasters and extreme weather events, the demand for roofing services will be more prominent and, as a result, driven even higher than in unaffected areas.
Another factor to consider is the significant role demographics play in determining housing demand. While many millennials are currently struggling to find and afford housing, their financial situation may improve in upcoming years as the economy expands, which will, in turn, drive the housing market yet again.
Roof sustainability and energy efficiency are becoming increasingly important to clients, with more homeowners looking to reduce their carbon footprints and energy costs. Thanks to technological advancements, there are now more sustainable roofing solutions available, and they’re becoming increasingly more common in both the residential and commercial markets.
This increased focus on sustainability is giving roofing contractors momentum to add greater value to contracts and differentiate their service offerings while capitalizing on emerging market trends. New offerings to the market include sophisticated roofing solutions with unique elements that are designed to extend a structure’s total lifespan.
As consumer preferences trend toward environmentally friendly roofing products, cutting-edge technologies have found their way into the roofing industry and are increasingly becoming more affordable and commercially available to both homeowners and businesses.
Eco-friendly roofing products have grown more popular over the past five years and are driving the evolution of roofing industry technology. These advancements can reduce energy consumption, generate electricity, increase roof life and safety, improve air quality, reduce noise and heating or cooling costs, and become more precise with drones.
As technology becomes more affordable and adopted, roofing contractors will need to adapt and expand their service offerings to stay competitive in the market. Solar panel installation has become a lucrative service for roofing contractors, as solar sales increased 71% for the commercial roofing industry in 2022.
The demand for roofing services in the commercial building market is forecasted to strengthen, and more roofing contractors are expected to focus on long-term commercial contracts. These commercial contracts can be developed and implemented in conjunction with state or local government building codes, as businesses will need to incorporate new construction methods and technologies to meet the mandated regulations in roofing. Long-term maintenance and repair arrangements can help contractors fare better than those focused solely on installation.
The industry revenue is projected to expand to $58.1B over the five years leading to 2028, thanks to improvements in economic conditions and increased investment in nonresidential properties.
The roofing industry is expected to experience growth in the coming years, with many contributing factors resulting in a parallel growth rate for roofing contractors: namely, the shift in housing market dynamics, an increase in nonresidential demand, more eco-friendly roofing solutions, and technological advancements revolutionizing the sales process. With so much positive momentum forecasted, there’s never been a better time to consider a roofing franchise opportunity with Bumble Roofing.
Contact us today to learn more about what Bumble Roofing can offer roofing business owners and what goes into our franchise opportunity