The global Mold Remediation Service Market is estimated to be valued at US$ 1241.61 Mn in 2023 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 removal of mold from indoor environments like homes, offices and commercial buildings. Mold grows in moist areas with poor ventilation and humidity levels above 60%. Prolonged exposure to mold can cause various health issues like asthma, wheezing, skin irritation, allergies, etc. This has increased demand for professional mold assessment and remediation services. These services include moisture source elimination, ventilation improvement, cleaning of mold-infested areas and ensuring spore-free indoor environment.
Market key trends:
One of the major trends in mold remediation service market is growing fungal infections and allergies due to mold exposure. As per studies, around 100 million Americans suffer from allergy-related health issues caused due to indoor mold growth. This has increased awareness about health impacts and need for prompt mold removal. Furthermore, changing weather patterns and increased damages due to natural calamities like floods have contributed to greater indoor mold prevalence. Insurance providers and regulatory bodies are also mandating assessment and professional remediation in case of water damages to limit health risks. Service providers are utilizing bio-based cleaning products and advanced dehumidification systems to eliminate mold efficiently within specified timelines.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the mold remediation service market requires specialized skills and expertise to comply with industry standards and regulations.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of numerous local service providers. Buyers can negotiate on price by getting quotes from multiple mold remediation companies.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as companies require basic equipment and consumables which are readily available from different suppliers.
Threat of new substitutes: There is a low threat of substitutes as mold remediation requires certified professionals to remove mold and prevent future growth safely.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players competing on service quality, health standards, and pricing.
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 awareness about indoor air quality and health hazards of mold growth.
The North America region dominated the mold remediation service market in 2023, accounting for around 35% of the global market share. This is attributed to high construction and renovation activities, stringent regulations regarding indoor air quality, and presence of certified mold remediation professionals. Asia Pacific region is anticipated to grow at the fastest pace during the forecast period, propelled by rapidly growing infrastructure and construction industry across China and India.
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, RestoreMasters LLC, ServiceMaster Restore, SERVPRO, Snyder Environmental, South Florida Water and Mold Restoration, Inc., and Taylored Restoration. These companies are focusing on new service launches and strategic collaborations to consolidate their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it