New York, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Temporary Shelters Global Market Report 2020-30: COVID-19 Growth And Change" - https://www.reportlinker.com/p06001449/?utm_source=GNW
The global temporary shelters market is expected to grow from $37.48 billion in 2019 to $38.75 billion in 2020 at a compound annual growth rate (CAGR) of 3.39%. The growth is mainly due to the COVID-19 outbreak that has led to restrictive containment and governments across the world are funding the organizations to provide shelter for the homeless during the pandemic. The market is then expected to recover and reach $48.39 billion in 2023 at a CAGR of 7.69%.
The temporary shelters market consists of the revenues generated by providing temporary shelter services and related goods by entities (organizations, sole traders and partnerships) that provide short-term shelter for victims of domestic violence, sexual assault or child abuse, homeless, runaway youth, and patients and families caught in medical crisis. These establishments may operate through their own shelters or may subsidize housing using existing homes, apartments, hotels, or motels. Only goods and services traded between entities or sold to end consumers are included.
Western Europe was the largest region in the temporary shelters market in 2019.
Governments have laid restrictions on funds of non-profit organizations, including temporary shelters from foreign organizations, hampering the growth of the market. For instance, in 2017, the Indian government canceled foreign donation licenses for more than two hundred local nongovernmental organizations with suspicion of anti-national activities. Similar actions have been taken by the governments of Hungary and Russia. These restrictions abruptly stop the social work of non-profit organizations including temporary shelters operated by them, which negatively impacts the growth of the market.
The temporary shelters market covered in the market is segmented by type into homeless shelter; emergency shelter.
Governments have laid restrictions on funds of non-profit organizations, including temporary shelters from foreign organizations, hampering the growth of the market. For instance, in 2017, the Indian government canceled foreign donation licenses for more than two hundred local nongovernmental organizations with suspicion of anti-national activities. Similar actions have been taken by the governments of Hungary and Russia. These restrictions abruptly stop the social work of non-profit organizations including temporary shelters operated by them, which negatively impacts the growth of the market.
The increase in government funds for temporary housing contributed to the growth of the market. For instance, the federal government of Canada announced plans to give $15 million for temporary housing in Toronto. These funds will be utilized to solve capacity issues at local shelters and respite centers. In June 2020, $11 million were funded by the government to the city to cover similar expenses. Government funds are one of the many sources of income for temporary shelters and an increase in the funds from the government will, therefore, boost the temporary shelters market.
Read the full report: https://www.reportlinker.com/p06001449/?utm_source=GNW
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Temporary Shelters Global Market Report 2020-30: COVID-19 Growth And Change
Major players in the temporary shelters market are The American Red Cross, The Salvation Army, UNICEF, The Emergency Food and Shelter Program, ShelterBox, National Alliance to End Homelessness, The National Coalition for the Homeless and Covenant House.
| Source: ReportLinker