The global mold remediation service market is projected to surpass US$ 1,622.8 Mn by the end of 2030, in terms of revenue, growing at CAGR of 3.9% during the forecast period (2023 to 2030).
Drivers
Increasing demand for mold remediation service in residential sector
Residential mold restoration services include water damage repairs, mold remediation, odor removal, weather damage repairs, board-up services, and fire damage restoration. Some major causes of mold growth during construction include inadequate building protection, poor site drainage, water buildup in basements, and others. The primary reason for mold growth during a construction project is uncontrolled moisture incursion in the form of liquid flow, condensation, high humidity, and/or capillary action that dampens building materials. Inspections for moisture incursion and quick response are therefore necessary.
Figure 1. Global Mold remediation Service Market, Revenue Share (%), By Region, 2022
North America region held dominant position in the global mold remediation service market in 2022 and expected to witness significant CAGR during the forecast period due to rising awareness about health issues caused by mold exposure. For instance, in May 2022, according to the data published by the Centres for Disease Control and Prevention, a national public health agency of the U.S., mold can cause a stuffy nose, sore throat, coughing or wheezing, burning eyes, or skin rash. People with asthma or those who are allergic to mold may have severe reactions. Immune-compromised people and people with chronic lung disease may get infections in their lungs from mold. Among some people, a mold allergy is linked to asthma and exposure to it causes restricted breathing and other airway symptoms. Increasing exposure to certain mold can cause severe asthma attacks.
Market Restraints
High cost and lack of awareness of mold exposure related issues
Mold remediation service has high cost in case of larger commercial buildings. In addition, due to the possible health dangers linked to mould exposure, mould cleanup services are frequently seen as high liability services. Certain service providers may find it challenging to secure insurance protection as a result, which may restrict their capacity to provide services in particular sectors. High cost, lack of awareness, liability concerns, and regulation, among others are hampering the global mold remediation service market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: | US$ 1,195.0 Mn |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 3.9% | 2030 Value Projection: | US$ 1,622.8 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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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| Restraints & Challenges: |
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Market Trends
Increasing severity of natural disasters
Mold remediation is used for building material surfaces or the removal of contaminated building materials that are unsalvageable and other activities including applying biocides or antimicrobial compounds and sanitization protocols are intended to prevent future mold contamination. The increasing severity of natural disasters, flood and wildfire concerns, and aging homes and infrastructure are all contributing to the market growth. Natural disasters are becoming more common as a result of climate change, making repair services even more critical. For instance, in 2021, the Emergency Event Database (EM-DAT) recorded 432 disastrous events related to natural hazards worldwide
Figure 2. Global Mold remediation Service Market, Revenue Share (%), by Service, in 2022
On the basis of service, global mold remediation service market is classified into inspection, remediation, and restoration. Among these, remediation segment accounted largest market share in the global mold remediation service market in 2022 Mold is found in both, indoor and outdoor environment. Mold can enter homes through open doorways, windows, vents, and heating and air conditioning systems. Mold in the air outside can also attach itself to clothing, shoes, and others. When mold spores drop on places where there is excessive moisture, such as leakage in roofs, pipes, walls, and plant pots or where there has been flooding, mold will grow. Mold remediation identifies the cause of active mold growth, which is driving the segment growth.
By application, the global mold remediation service market is categorized into residential, commercial, and industrial. Among these application, residential segment held the highest market share in 2022. The disposal income of home owners has increased significantly, especially in developing nations such as India, China, and others. This has led to an increased demand for mold remediation services to increase the standard of life, which is driving the segment growth.
Global Mold Remediation Service Market- Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 had negatively impacted the overall global economy. There was disruption in supply chain of raw materials and lack of skilled labors due to strict lockdown which hampered the global mold remediation service market growth. In addition, outbreak of COVID-19 had negatively impacted on the projects of mold remediation due to the spread of coronavirus. These was the major factors which limited the global mold remediation service market growth during pandemics.
Competitive Section
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
Definition – Mold remediation service is one of the types of service that involves removal of mold from contaminated building areas. In addition, mold can cause several health issues including asthma, allergies, and others, which boosting demand for mold remediation service across the globe. Furthermore, this service is used to maintain indoor environment and further offers prevention from spread of mold regarding health issues.
Mold remediation service is referred as professional service, which includes prevention and removal of mold growth in buildings, homes, and other contaminated areas. This process involves several stapes including inspection, containment, removal, cleaning, and prevention of mold contaminated surface areas. Mold can cause several health issues such as allergies, infections, and respiratory problems, among others.
Market Dynamics
Rising awareness about the ill-effects of molds
Mold spore is common component of workplace and household dust. Mold has several health problem to humans such as respiratory diseases and allergic reactions. In addition, mold produces allergens, which are substances that can cause allergic reactions and irritants. Inhaling or touching mold spores or mold can cause allergic reactions to sensitive individuals. Moreover, most allergic includes high fever-type symptoms such as red eyes, skin rash, runny nose, and sneezing, among others. Furthermore, exposure to mold causes sinusitis, eye irritation, nasal congestion, rhinorrhea, cough, skin irritation, lungs issues, headache, and throat irritation, and among others. It also causes asthma attacks in people those who are allergic to mold. Thus, increasing awareness regarding ill-effects of molds is fueling demand for mold remediation service.
Increasing adoption of inorganic strategies such as acquisition by key players in the market
Key players operating in the global mold remediation service market are adopting various growth strategies such as new product launches, expansion, collaborations, joint ventures, mergers & acquisitions, partnership, strategic alliances, takeovers, and others to expand their geographical reach and service portfolio in the global market. For instance, in February 2020, 911 Restoration, a disaster restoration company, that provides water damage, sanitization, mold, and fire restoration services, expanded its franchise in Santa Barbara, California CA, Des Moines & Cedar Rapids, IA, Boulder & North Denver, CO, Marietta, and other locations in the U.S. This is the company’s growth strategy to target its key markets. For instance, in October 2020, COIT Pro, an indoor and outdoor restoration and repair service provider that offers services in residential and commercial areas in the U.S. and Canada, acquired Cintas Deep Clean, a provider of deep cleaning services. COIT pro with the help of Cintas Deep Clean offers deep cleaning services such as carpets & area rugs, tile & grout, air ducts, natural stone, wood floors upholstery, and others in the U.S. regions.
Use of harmful chemicals is hindering the market growth
Chemicals including hydrogen peroxide, chlorine (bleach), quaternary ammonium compounds, iodophors, essential oils, and others, which are highly used by the mold remediation service companies have harmful impact on the environment. These harmful chemicals cause suffocation and irritation, sneezing, runny or stuffy nose, cough and postnasal drip, itchy eyes, nose, and throat, watery eyes, and dry, scaly skin for people around. Thus, utilization of harmful chemicals in mold remediation service is hindering the global mold remediation service market growth.
Key features of the study:
Detailed Segmentation:
*” marked represents similar segmentation in other categories in the respective section.
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