Due to increasing government assistance in the form of tax breaks and subsidies for building activities, the roofing business in developing countries is expected to grow significantly in the years to come. This is likely to generate considerable revenue opportunities for key players operating in the solar metal roof market.
Governments in both developing as well as developed countries are urging residents to upgrade their old roofs with more energy-efficient ones. Increasing demand for cool roofs is expected to rise as a result of this. Homeowners who spend on energy-efficient roofing systems, for instance, can qualify for tax incentives. ENERGY STAR-rated metal roofs and other forms of certified solar metal roofs reflecting the sun’s rays to lower air conditioning expenses and roof temperatures are eligible for tax credits. The solar energy business is expected to be driven by these factors and thus creating growth opportunities for the key manufacturers of solar metal roof.
Solar metal roofs aid in the development of integrated solar construction elements that can be used to replace traditional roofing and facade materials. The building and construction industries are leading consumers of solar metal roof. It is used in a variety of residential as well as non-residential structures, including industrial warehouses, hotels, educational buildings, commercial buildings, and also storage facilities. With the rise in the number of government housing programs and rapid urbanization, solar metal roof manufacturing companies are likely to observe considerable growth in the years to come.
Rise in Demand for Environment Friendly Buildings to Bolster Growth of the Market
In terms of application, the global solar metal roof market was dominated by the industrial category in the past years. Since the last few years, there has been an increase in global demand for ecologically sustainable items. The solar metal roof technique has been used by most commercial structures, such as educational buildings, to reduce energy usage. Advances in the renewable energy industry have facilitated the production of sustainable as well as customized coating solutions during the last two years. This is likely to augment the demand for solar metal roofs in the years to come.
The utilization of a solar metal roof to manage the temperature of a building is a novel approach. The sun’s heat is reflected and sent back up into the atmosphere by the solar metal roof, which avoids heat absorption. As a consequence, the interior climate becomes more pleasant and regulated.
Customers’ lack of knowledge regarding solar metal roofs is likely to restrain growth of the global solar metal roof market. Various governments, on the other hand, have launched new programmes to encourage the usage of solar metal roofs. Cities in India, such as Hyderabad and Ahmedabad, introduced pilot cool roof programs in 2017 and 2018. These activities included 3,000-roof pilot projects, public awareness campaigns, and the use of cool roof technology on government schools and buildings.
Increase in Government Investment in Asia Pacific to Help Region Register High Growth in the Near Future
North America dominated the global solar metal roof market in the past, in terms of both value and volume. Due to a rise in the use of sustainable and environment-friendly items in the region, North America is expected to be a highly profitable region in the global solar metal roof market in the years to come.
Asia Pacific is expected to be a lucrative region of the global market in the years to come. This is expected to be attributed to an increase in investments by various governments in the region to reduce energy use. In 2019, the Middle East and Africa, as well as Latin America, had a small proportion of the global market. These regions are expected to maintain their current market share.
The global solar metal roof market is dominated by a number of companies. However, key players operating in the solar metal roof market are increasingly moving toward market consolidation. This can be attributed to key manufacturers of solar metal roof, particularly in Europe and the US, are developing new products in order to profit from untapped opportunities in Asia Pacific and Africa.