In a world troubled by the ongoing pandemic, a different type of invasion may silently be taking place at your home in the form of termites and pests.
In2019, the global pest
control industry's value stood at $19.7 billion in 2019, and the forecasts say
that it is likely to grow at a compound annual growth rate (CAGR) of 4.5 percent between 2020 and 2027.
The primary reasons behind
such market growth have been increased population, growing economic activities,
infestations of insects, and intolerance for termites and pests.
Besides, climate change has become
one of the catalysts for the increasing demand for pest control services
worldwide.
According to a World Health
Organization (WHO) report, warmer temperatures will potentially drive a nearly
244 percent increase in the populations of flies and pests by 2080.
If the prediction of the
reports is right, there will be a sharp increase in associated diseases. To avoid
this, consumers are likely to incline more towards pest control services and preventive
measures to escape the damaging effects.
This post will briefly
discuss the results of the report by Grand View Research on termite/pest control market size and trends in the US and other parts of the world.
Termite Control Market Trend in North America
According to
the termite control report, the demand for pest control services in North
America increases, as consumers are opting for professional service providers
than DIY products.
Particularly in
the US, the high use of wood in residential and commercial buildings provides more
opportunities for service providers.
The increasing
use of biocides is another major factor that has propelled the market growth. Biocides
are replacing traditional pesticides because they are more environmentally
friendly.
Leading pest control companies are registering CO2 for controlling pests under the EU
biocidal regulations. In 2019, North America dominated the biocide market with a
48.3 percent share. Another report published in 2018 revealed earlier that
nearly 29 percent of Americans had experienced a pest issue at some point.
In the
commercial sphere, 80 percent of hotels and motels in the US reported bugs in 2019.
Other than the persistent termites, invasions of Yellow fever mosquito have
become a problem in 23 US states.
The existing
government rules and regulations across the US states pose a significant challenge for the market from growing further. Similar to Europe, the US may
need regulations like the REACH and Biocidal Products Regulation.
These
regulations ensure that service providers safely use biocide products by
minimizing the risk of exposure to families, foods, pets, the environment, and wildlife.
Non-compliance with these regulations may result in penalties, including fines,
remedial measures, and license revocation.
The Scope of the Pest Control Service Market
|
Report
Categories |
Statistics |
|
Value of the Market
in 2020 |
$20.1 billion |
|
Estimated Revenue
in 2027 |
$28.1 billion |
|
Market Growth Rate |
CAGR of 4.5% between
2020 and 2027 |
|
The base year for the
forecast |
2019 |
|
Historical data
collated |
2016 - 2018 |
|
Forecast timeframe |
2020 - 2027 |
|
Aspects covered in
the report |
Growth factor, revenue
forecast, competitive landscape, and trends |
|
Segments |
Applications, end-use, regions |
|
Regional market scope |
North America; Asia
Pacific; Central & South America; Europe; MEA |
|
Countries |
The United States; The United Kingdom; Australia;
Brazil; France; Germany; Japan |
Before We Go
The termite/pest control industry in the US includes companies that engage in eliminating
or controlling termites and other insects at homes and commercial buildings.
Most US states
face the persistent issue of termite invasion and suffer significant financial
losses amounting to millions. This is why companies that provide fumigation,
non-fumigation, termite damage repair, and escrow inspections have a crucial
role to play.
If you suspect termite infestation at your home
or office, contact us at (888) 322-8889 or
write to us at info@hitechtermite.com, and we will assist you without any delay.
Comments