The roofing industry might not always be the first thing on people’s minds, but if you take a moment to look around, it’s clear just how much the sector has been evolving. If you’re part of the roofing world or even just considering home improvement, this year’s booming trends and industry changes are worth paying attention to.
In this blog post, we will share some crucial figures and the latest trends that are emerging in the roofing industry, designed to keep your home safe.
Market Growth in Numbers
To begin, here are some interesting statistics on the growth of the roofing industry.
- According to Roofing Insights, the roofing industry exhibited an annual growth rate of 2.7% from 2015 to 2020.
- In 2023, the global roofing market was valued at around $135 billion, and projections suggest it will continue to rise, hitting $186 billion by 2032.
- That’s a compound annual growth rate (CAGR) of about 3.6%.
In 2024, we’re seeing the industry expand at a solid rate of 4% to 5%. This means that roofing contractors, material manufacturers, and related service providers are seeing more demand for their services and products. This isn’t just because more homes are being built (although that’s part of it)—it’s also due to the growing importance of sustainable practices and high-tech roofing services.
A Closer Look at Residential vs. Commercial Growth
An important note is that both residential and commercial roofing markets are seeing growth, but each for different reasons:
Residential Roofing:
This sector is driven largely by renovation and repair needs, particularly as more homeowners are investing in energy-efficient roofs and eco-friendly solutions. With extreme weather events becoming more frequent, there’s a growing demand for more durable materials (we will cover these in detail in our next sections).
Commercial Roofing:
As businesses become more conscious of sustainability, green roofs and solar solutions are gaining traction. Commercial projects also continue to grow, as new construction in both the public and private sectors requires reliable roofing systems.
The bottom line? Whether you’re working in the residential or commercial sector, 2024 is shaping up to be a lucrative year.
Reasons For Growth in the Industry
Here are some of the reasons why the roofing industry is growing and expected to grow further.
Rising Demand for Roofing Services
One of the biggest reasons the roofing industry continues to grow in 2024 is the surge in demand for service. A couple of trends are driving this demand.
First, urban development is booming. Cities are expanding, and new buildings are going up everywhere. That means more roofs to install and maintain. In Oklahoma, not only homes but there is an increase in commercial properties too.
Second, extreme weather events, like hurricanes, heavy storms, and even wildfires, have made people more aware of the need for sturdy, durable roofs. Many homeowners, especially in regions like Oklahoma, which are prone to severe weather, are opting to replace or reinforce their roofs to withstand harsher conditions.
On top of that, there’s a rising awareness among homeowners about the importance of regular roof maintenance. Preventive maintenance can help avoid expensive repairs down the line, so people are more willing to invest in inspections and minor fixes now. Plus, insurance companies often encourage this, making it more appealing to stay on top of roof health.
Technological Advances In Roofing
Technology is transforming the roofing industry in ways we couldn’t have imagined just a decade ago. In 2024, Prestige Roofing LLC and other roofing companies are increasingly turning to tech-driven solutions to improve accuracy and boost the safety of the services provided.
Drone Roof Inspections
One of the reasons for the growth in the industry is drone technology. Drones have become a game-changer for roof inspections. Instead of climbing up and manually inspecting every corner, contractors now use drones to capture aerial footage and detailed images of roofs. This not only saves time but also reduces safety risks for workers. So, a roofing company is now able to inspect more houses in a shorter time and provide more detailed estimates.
Schedule a drone roof inspection with us today.
AI In Roofing
Another big development is the use of AI-powered software for project management and cost estimation. Roofing companies can now rely on advanced algorithms to predict costs, assess materials, and schedule projects with far more precision. These tools reduce human error and help contractors provide faster, more competitive bids. For customers, this means more transparency and fewer surprises in the final bill.
Better Roofers: Skilled, Licensed, and Certified
Roofing has come a long way, and so have the roofing contractors. Roofing companies are now putting more focus on training and development for the contractors.
Our team is fully licensed, insured, and always up to speed with the latest industry requirements. We are proud to hold the prestigious Atlas Pro+™ Diamond-Level certification.
We take pride in the fact that our roofers don’t just show up and get the job done—they bring years of expertise and the latest training with them. So, whether you need a simple roof repair or something a little more high-tech like solar roofing installation, we’ve got the skills.
New Trends and Technologies in Roofing
Gone are the days when asphalt shingles were the only choice for roofing materials. Though they still remain highly popular, there is a wide variety of options available for your roof replacement project. The industry is embracing cutting-edge technology to meet the demands of modern construction.
Cool Roofs and Energy Efficiency
Energy-efficient roofing solutions are trending for both residential and commercial properties. Cool roofs, which reflect more sunlight and absorb less heat, are being increasingly sought after. This type of roofing material can lower energy costs by up to 15%, a significant figure considering the rising costs of energy globally.
Thermal roof coatings and reflective materials are popular choices, especially in areas prone to extreme heat. These materials help keep buildings cooler, reducing the need for air conditioning and making buildings more eco-friendly.
Solar Integration
Solar roofing is not a brand-new concept, but it’s getting a huge boost in 2024 thanks to technological advancements. Solar roof tiles and other solar-integrated roofing systems are making it easier for homeowners to invest in renewable energy. There are also solar shingles, which are manufactured by industry leaders such as GAF and CertainTeed.
Not only does this cut down on energy costs, but in some areas, homeowners can even sell unused energy back to the grid.
Green Roofs
Green roofs, where vegetation is planted on top of buildings, are becoming increasingly common in urban areas. Not only do they provide insulation and reduce the need for heating and cooling, but they also help manage stormwater runoff and contribute to cleaner air. The global market for green roofing grew by 17.7% CAGR in 2023 and is expected to continue to grow at a similar rate.
Recyclable and Low-Impact Materials
Materials like metal roofing panels, which can be recycled at the end of their life, and sustainable asphalt shingles are seeing more adoption. Roofing contractors are also more likely to use materials certified by sustainability organizations like LEED (Leadership in Energy and Environmental Design).
Thinking Of Upgrading Your Roof? We Can Help
With exciting advancements like solar roofs, drones for inspections, and eco-friendly materials, upgrading your roof has never been more beneficial. As a homeowner, investing in these technologies not only increases your home’s value but also helps you save on energy costs and future repairs.
If you are looking to install a new roof or repair an existing system, look no further than the team of Prestige Roofing LLC. Our roofers always stay in sync with the latest industry trends and guarantee high-quality results. Contact us today at (920) 791-0414 to learn more.