"We had a job that required integrating a bamboo, wood and chainlink fence, including a gateway and arbour. The final solution that was produced was far better than expected. We were thrilled with the final design and it has enhanced our home and property greatly."
- Geoff Burg
The global fencing market is expected to reach $32.12 billion USD by the year 2022. This prediction comes from the report by Grand View Research Inc. earlier this year.
2014 research estimated the global fencing market to be over 23 billion USD in 2014. So what’s to explain the considerable increase expected over the coming years?
With North America and Europe leading the market, growth in the residential, commercial and public construction and remodeling, along with an increase desire for security and safety, account for a combination of factors that contribute to the increase in the industry.
The residential segment accounted for over 50% of the overall fencing market in 2014, and is expected to continue to lead in overall revenue share as the market continues to grow. In the residential and commercial sectors alike, increased individual and business incomes have given rise remodeling and new build construction projects. Growing incomes allow more business owners and homeowners the opportunity to increase a property’s visual appeal and security by installing fencing products.
Across the globe, the public sector is seeing an acceleration in institutional construction spending, and this growth is expected to be reflected in the fencing industry. It is also expected that as governments continue to increase public spending in communities, enhancing parks, public space and government buildings, their demand on the fencing industry will also increase.
From farmers requiring better means to safeguard their property and livestock, to increased desire for secured public spaces, the need for increased safety and security is seen in all sectors serviced by the fencing industry. With increased demand for secured public spaces, the fencing industry now regularly services schools, public parks and other government spaces.
These changes in the needs and wants of the customers serviced by the fencing industry can largely account for the projected growth, but changes within the industry itself are also expected to contribute to its growth. As new technology emerges, new materials are developed and durability is increased, so the cost of doing business can be expected to come down, enhancing the overall profitability of the fencing industry.
To find out more about the fencing industry and available options in your areas, Contact Us today!