by Mold remediation services help remove mold from indoor environments like homes, offices and other buildings using techniques like scrubbing, washing, sanding and vacuuming. Mold poses health risks like asthma, respiratory issues and other allergies to building occupants if not removed properly. With rising awareness about health concerns of living or working in mold infected buildings, the demand for professional mold assessment and remediation services has increased substantially.
The global Mold Remediation Service Market is estimated to be valued at US$ 1241.61 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing health concerns due to mold have propelled the demand for mold remediation services globally. Prolonged exposure to certain types of indoor mold can cause various respiratory problems like persistent cough, wheezing, respiratory infections in some people. People are increasingly conscious about the risks associated with living or working in buildings affected by mold. This has led them to opt for professional inspection and remediation services. The service providers assess the level of mold contamination and recommend suitable treatment techniques to eliminate mold completely and make the premises safe for occupation. The surging awareness about health implications of mold is a key factor fueling the growth of mold remediation service market.
SWOT Analysis
Strength: Mold remediation services have advanced expertise and tools to effectively remove mold from commercial and residential buildings. This ensures complete remediation.
Weakness: Mold remediation is a time-consuming and costly process requiring the disruption of daily business operations or vacating of homes. Additional costs may also be incurred if the source of moisture is not properly identified and resolved.
Opportunity: Increased awareness about health hazards of mold and stringent regulations are driving the demand for professional mold remediation services. The development of new fast-acting mold removal chemicals also presents an opportunity.
Threats: DIY mold removal kits available online and in stores pose a threat. Extreme weather events that can cause widespread water damage and subsequent mold growth also increase the risk.
Key Takeaways
The Global Mold Remediation Service Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1241.61 Billion by 2024 growing at a CAGR of 9.7%.
Regional analysis comprises- North America region currently dominates the global market due to stringent safety regulations and extreme weather events increasing the risk of mold growth. The Asia Pacific region is expected to grow at the fastest pace on account of improving regulations and rising disposable income driving more investments in commercial infrastructure needing professional mold removal services.
Key players operating in the mold remediation service market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited. These key players are focusing on partnerships to enhance their service offerings and global presence by expanding into high growth regions. New technology-driven solutions for faster and more effective mold identification and removal are also being developed.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
