New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global pest control services market is expected to gather a revenue of $12,478.0 million and grow at 5.4% CAGR over the forecast period from 2020-2027. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2020-2027. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The increasing prevalence of pest caused diseases like dengue, Zika virus fever, tick-borne encephalitis, etc. and growing adoption of advanced technologies like drone pest control to offer faster services to the customers are some factors to drive the global pest control services market during the forecast period.
Opportunities: Rising incorporation of communication tools like real-time video recorders, mobile phones, etc. to capture real-time information about the location and type of pest problems is the prime factor to create ample growth opportunities for the global pest control services market during the analysis timeframe.
Restraints: Stringent regulations for product approval is the major hindering factor for the market growth.
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Covid-19 Impact on the Market
The onset of the covid-19 pandemic has negatively impacted the global pest control services market mainly due to severe disruptions in the supply chains and import-export restrictions imposed by governments worldwide to curb the virus spread. However, post the pandemic stress, the demand for pest control services surged significantly, especially from the residential sectors. In addition, strategic alliances like collaborations and product launches by key market players is also predicted to revive the market development in the upcoming years.
Segments of the Market
The report has divided the global pest control services market into a couple of segments based on pest type, end-user, and regional analysis.
Pest Type: Insects Sub-segment to be the Most Dominant
The insects sub-segment is estimated to hold a dominant market share and gather a revenue of $3,906.7 million during the forecast period mainly due to rising number of insects worldwide like cockroaches, bugs, etc. that directly increases the demand for pest control services in both developed as well as developing regions.
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End-user: Residential Sub-segment to Have the Fastest Growth Rate
The residential sub-segment of the global pest control services market is anticipated to have the fastest growth rate of 5.9% CAGR during the 2020-2027 analysis timeframe mainly due to increasing prevalence of vector borne diseases in residential places. Moreover, the growing importance of hygiene practices and regular inspection on pest growth are some more factors to boost the sub-segment’s growth by 2027.
Region: Market in the North America Region to be Highly Progressive
The pest control services market in the North America region is projected to witness abundant growth opportunities and generate a revenue of $6,775.8 million during the 2020-2027 forecast period mostly due to the presence of prominent services providers across the region along with the constant demand for termite control services from both commercial and residential sectors to stop property damage.
Key Market Players
Some key pest control services market players include
- Home Paramount Pest Control
- MASSEY SERVICES, INC.
- ABC Home & Commercial Services
- Rentokil Initial plc
- The Terminix International
- Aptive Environmental
- Ecolab
- Cook’s Pest Control
- Anticimex
- Rollins, Inc.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in April 2020, ServiceMaster Global Holdings Inc., a renowned provider of pest and termite control services, launched its new disinfection service called Disinfectix TM to cater to the rising demand for covid-19 disinfection and curb the virus spread.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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