by The Mold Remediation Service Market is estimated to be valued at US$ 1,195.0 Mn in 2022 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Mold remediation service involves identification, cleaning, and elimination of mold from indoor air in order to remove health risks. Mold grows when there is excess moisture and dampness in structures. It can cause allergic reactions, breathing problems and respiratory illness. Mold remediation helps maintain a healthy environment by eliminating damp areas and preventing mold from recurring.
Market key trends:
The growing construction industry has contributed significantly to the high growth of the mold remediation service market. The construction of new residential and commercial buildings has increased globally owing to rapid urbanization and growing population. Countries such as India, China, and Indonesia are witnessing strong momentum in construction activities. However, improper design, excess moisture, and water damage issues often lead to mold formation in new buildings. As a result, there is increasing demand for professional mold assessment and remediation services from construction companies. The construction industry’s high growth rate is expected to continue driving the mold remediation service market during the forecast period.
Porter’s Analysis
Threat of new entrants: New players will face high initial investment requirements for certification and equipment needed to perform remediation services. They will also face well established competitors with strong brand presence.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various service providers. However, certified providers have advantage due to compliance with standard procedures.
Bargaining power of suppliers: Suppliers of materials and equipment have low bargaining power due to availability of substitutes.
Threat of new substitutes: No major threat as mold remediation requires certified professionals and standard procedures.
Competitive rivalry: High due to presence of numerous regional and global players.
SWOT Analysis
Strengths: Certified professionals with proven experience and expertise. Comprehensive services from inspection to remediation and monitoring.
Weaknesses: High initial investment and operating costs. Seasonal nature of demand dependent on weather conditions.
Opportunities: Increasing awareness about health hazards of mold. Growth in property restoration industry.
Threats: Requirement of regular certification and training to comply with standards. Economic downturn impacting property restoration projects.
Key Takeaways
Global Mold Remediation Service Market Size is expected to witness high growth at a CAGR of 3.9% over the forecast period of 2023 to 2030 due to increasing health concerns related to indoor air quality and effects of mold. The US market accounted for the largest share of 40% in 2022 owing to favorable regulations regarding mold inspection and mitigation. The Asia Pacific region is expected to grow at the fastest pace attributed to rising construction activities and prevalence of higher humidity making properties susceptible to mold infestation.
Key players operating in the mold remediation service market are 911 Restoration, ADU (All Dry USA), AdvantaClean, All US Mold Removal, ASAP Restoration, LLC, BELFOR, COIT Pro, Flood Pros USA, GIORDANO RESTORATION, IDC, Mold Zero, Paul Davis Restoration, Inc., PuroClean, Restoration Pro, RestoreMasters LLC, ServiceMaster Restore, SERVPRO, Snyder Environmental, South Florida Water and Mold Restoration, Inc., Taylored Restoration.
The US market for mold remediation services accounted for the largest share of over 40% globally in 2022. This was due to factors such as strict regulations regarding mold inspection and mitigation, buyer awareness about health hazards of mold and availability of certified service providers. States such as Florida, Texas and Louisiana experience higher mold related claims and maintenance requirements due to hot and humid climate favoring the market growth.
Key players like SERVPRO, ServiceMaster Restore and Belfor have established strong presence through franchising model and offer comprehensive services from inspection to post remediation monitoring and verification catering to residential as well as commercial clients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
