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 services involve inspection, cleaning, and restoration of areas affected by mold growth. This includes identifying and fixing moisture issues, removing contaminated materials, and preventing future mold growth. Mold grows in areas with excess moisture issues like water damage, flooding, leaking pipes, high humidity, etc. Common areas requiring mold remediation include attics, basements, shower/toilet areas, heating/cooling ducts, and walls.
Market Dynamics:
Rising awareness regarding indoor air quality and its impact on health is driving the demand for mold remediation services. Exposure to mold can cause various health issues like asthma, respiratory problems, eye irritation, fatigue, nausea, etc. According to the WHO, 30% of buildings worldwide are estimated to have indoor air pollution or dampness issues leading to mold growth. Furthermore, the COVID-19 pandemic has increased focus on hygiene and indoor air quality prompting more homeowners and business owners to spend on mold inspection and remediation. Additionally, growing disposable incomes are allowing individuals and businesses to invest more in preventive healthcare measures and property maintenance like mold removal and prevention. This is expected to fuel market growth over the forecast period.
Segment Analysis
The mold remediation service market is dominated by the residential segment. Residences face mold infestation issues due to moisture accumulation issues in kitchens, bathrooms, walls, ceilings, and basements. The residential segment currently holds around 60% of the market share due to the high frequency of mold occurrences in houses.
PEST Analysis
Political: Regulations regarding indoor air quality and safety standards are driving the need for professional mold remediation services.
Economic: Rising income levels are enabling customers to opt for professional remediation services instead of DIY methods.
Social: Increasing health awareness about the dangers of prolonged mold exposure is boosting demand.
Technological: Advancements in detection, sampling, and remediation equipment are allowing service providers to work faster and ensure thorough treatment.
Key Takeaways
Global Mold Remediation Service Market Size is expected to witness high growth, exhibiting a CAGR of 3.9% over the forecast period, due to increasing health concerns associated with mold exposure. The market was valued at USD 1,195.0 Mn in 2022.
The United States accounted for around 60% of the total market share in 2022 due to robust regulations and higher incidences of mold infestation resulting from extreme weather conditions in regions such as the South and the Midwest. The residential segment is growing at a faster pace in the country.
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 market is highly fragmented in nature with the top five players accounting for less than 30% of the total share.
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