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 the removal of mold from indoor environments to improve indoor air quality. The service includes inspection, cleanup, and prevention of mold growth. Mold infestation occurs due to excess moisture issues from water leaks, floods, or high humidity levels. Common causes include roof leaks, plumbing leaks, flooding, floods, or improper drainage around the house’s exterior. If not addressed promptly, mold infestation can lead to health issues like allergies, asthma attacks, and respiratory problems.
Market Dynamics:
Increased demand for mold remediation services: Growing awareness about indoor air quality and health hazards of mold infestation is fueling the demand for professional mold removal and remediation services. Large-scale flooding incidents due to climate change have also increased instances of mold growth in residential and commercial buildings requiring mold remediation.
Rising awareness about health issues of mold: Exposure to mold can cause various respiratory diseases like asthma, hypersensitivity pneumonitis, and allergic alveolitis. The CDC estimates over 5.4 million U.S. homes have mold growth or a mold problem. Growing knowledge about these health issues is encouraging people and businesses to address mold-related problems through professional remediation services.
SWOT Analysis
Strength: Mold remediation service providers have experienced technicians who are properly trained to handle mold removal and remediation. They possess necessary tools and equipment to detect, assess and eliminate mold infestation. Many providers offer 24×7 emergency services to address mold issues immediately.
Weakness: Small mold remediation service providers have limited financial and technical resources. They also have limited brand presence and marketing budgets compared to large players. Non-compliance to industry standards and regulations can compromise service quality.
Opportunity: Increasing occurrences of water damage incidents due to extreme weather conditions is driving the need for professional mold removal services. Growing health concerns associated with toxic black mold infestation is raising consumer awareness.
Threats: DIY mold removal kits and guides available online reduce demand for professional services. Economic slowdowns and natural calamities can decrease spending on home improvement including mold remediation.
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 occurrences of water damage incidents and extreme weather conditions. Water leakage, flooding, plumbing issues and sewer backups have become more common in various geographies leading to requirement of mold inspection and removal services.
Regional analysis:The North America mold remediation service market accounted for largest share in 2022 and is estimated to dominate during the forecast period. Rapid growth in the US construction industry, strict regulations regarding indoor air quality and health hazards of mold are major drivers in the region. Asia Pacific mold remediation market is projected exhibit fastest growth owing to rising building and infrastructure development activities and improving standards of living.
Key players analysis: 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. These established brands have widespread service networks and expertise in mold inspection, testing, cleaning and prevention methods.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it