MOLD REMEDIATION SERVICE MARKET ANALYSIS

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

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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.

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

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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.