The global Mold Remediation 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 includes the removal of mold from indoor living spaces to make them safe for occupancy after flooding, water damage, or other problems that encourage mold growth. Mold can cause health issues like coughing, sneezing, asthma attacks, respiratory infections, and skin irritation in people exposed to high spore levels. The emergence of toxic molds due to increased moisture conditions require professional mold inspection and remediation services. Different types of mold remediation techniques like cleaning, containment, and disposal help eliminate mold growth and prevent future contamination.
Market key trends:
One of the major trends driving growth in the mold remediation market is the increasing homeowners' awareness about the health hazards of mold exposure. Due to factors like improper ventilation, humid climates, and moisture issues in homes, mold growth has become a common problem leading to illnesses over time. This has boosted demand for proactive mold testing and professional remediation. Another key trend is the implementation of regulatory guidelines mandating inspection and remediation standards in schools, offices, and public buildings. Strict compliance measures ensure quality services and stimulate market revenue. Advances in non-invasive mold detection technologies using air samples and swabs are also gaining popularity compared to destructive inspection methods.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the mold remediation service market is low due to high investment requirements. However, skilled operators can easily enter the market with small investments.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of numerous services providers in the market. Buyers can easily switch between various mold remediation service providers.
Bargaining power of suppliers: The bargaining power of raw material and equipment suppliers is moderate as suppliers have limited availability and suppliers do not have pricing power.
Threat of new substitutes: There is low threat from substitutes as mold remediation services have limited substitutes.
Competitive rivalry: The competitive rivalry in the mold remediation service market is high due to the presence of numerous regional and global players.
Key Takeaways
Global Mold Remediation Service Market Size is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing awareness about health hazards of mold. The market was valued at US$ 1,195.0 Mn in 2022.
Regional analysis
The US region dominates the global mold remediation service market due to increasing adoption and growing incidences of water damages cases and rising mold issues in residential and commercial buildings. The region accounted for over 30% of the global market share in 2022. Asia Pacific region is expected to grow at the fastest pace during the forecast period.
Key players
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, RestoreMasters LLC, ServiceMaster Restore, SERVPRO, Snyder Environmental, South Florida Water and Mold Restoration, Inc., Taylored Restoration.
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