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 identification, cleaning, and removal of mold from indoor environments to maintain air quality. Common areas treated include basements, attics, bathrooms, and kitchens using appropriate cleaning solutions and personal protective equipment.
Market Dynamics:
Rising infrastructure investment and construction activities have increased the risk of mold infestation, thereby driving the need for remediation services. Additionally, growing consumer awareness about health impacts of mold such as respiratory issues, allergies, and other infections is another key factor fueling the market growth. Changing climate conditions leading to frequent floods and high humidity have also augmented mold proliferation, further boosting the demand. Furthermore, implementation of strict regulations regarding indoor air quality and mandatory disclosure of mold issues pre and post real estate transactions in several countries are propelling the mold remediation service market expansion.
Market key trends
The mold remediation service market has been witnessing significant growth owing to increasing awareness about health hazards of mold infestation. Growing incidence of extreme weather conditions such as floods has enhanced mold prevalence indoor and outdoor environments, driving demand for professional remediation services. Furthermore, implementation of regulations mandating evaluation and remediation of mold in workplaces and commercial buildings has boosted market expansion.
SWOT Analysis
Strength: - Growing health concerns related to mold exposure is increasing demand for professional remediation services.
Weakness: - Lack of standardized process/ guidelines for mold inspection and remediation.
Opportunity: - Emerging economies with warm and humid climate present lucrative opportunities for market players.
Threats: - Presence of several do-it-yourself mold removal kits limits demand for professional services.
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 occurrence of floods and extreme weather eventsproviding conducive environment for mold cultivation.
Regional analysis: The North America region currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to severe weather conditions and presence of regulatory standards in the region.
Key players: Key players operating in the Mold Remediation Service market include 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.
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