The need for indoor air quality improvement grow mold remediation service market
The growth of the mold remediation service market is primarily driven by the increasing prevalence of mold infestation globally owing to changing climatic conditions and architectural designs of buildings with poor ventilation. According to Centers for Disease Control and Prevention (CDC), exposure to certain molds can cause health effects like nasal stuffiness, eye irritation, wheezing, and skin irritation. The other key driver is the rising awareness about health hazards of molds and benefits of early detection and removal of molds, thereby increasing demand for professional mold assessment and remediation services. Furthermore, technological advancements in detection and removal equipment such as digital moisture meters and specialized vacuum systems are also supporting the market growth.
SWOT Analysis
Strength: Mold remediation service has three major strengths. First, it helps in preventing health hazards caused by mold infestation. Second, mold remediation improves indoor air quality. Third, it helps in preventing further damage to property by eliminating the root cause of mold growth.
Weakness: High service cost of mold remediation is one major weakness. Second, the process of mold remediation is time-consuming in severe mold infestation cases.
Opportunity: Increasing health concerns related to mold exposure offer an opportunity. Second, growth in construction industry will boost opportunities in commercial applications.
Threats: DIY trend for minor mold issues poses a threat. Second, lack of regulatory standards for mold remediation poses challenges.
Key Takeaways
The global mold remediation service market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing health concerns related to mold exposure. The market size for 2023 is US$ 1241.61 Bn.
Regional analysis: North America dominates the global mold remediation service market, with the largest market share of 35% in 2023. Growing concerns regarding indoor air quality are driving demand in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period, due to rapid urbanization and infrastructure development in countries such as China and India.
Read More:
https://www.dailyprbulletin.com/mold-remediation-service-market-size-share-growth-outlook-2023/
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