Global Pest Control Services Market Anticipated to Generate a Revenue of $12,478.0 Million, Growing at a CAGR of 5.4% from 2020 to 2027Download Sample Reports Overview
The global pest control services market is estimated to be valued at $12,478.0 million by 2027, surging from $8,131.3 million in 2019 at a noteworthy CAGR of 5.4%.
Impact Analysis of COVID-19 on the Pest Control Services Market
The global pest control services witnessed a negative impact owing to the novel coronavirus outbreak across the globe. During the pandemic, major service providers experienced a complete suspension or reduction of activities and services to safeguard people’s health. Moreover, government bodies implemented strict lockdown guidelines everywhere in the world. However, key players in the market were concentrating on geographical expansions and partnerships to raise their position in the global industry. For instance, in October 2020, Arrow Exterminators, the sixth largest pest control service provider in U.S., announced the opening of new service center in Jacksonville Beach location that will enhance company’s reach across the residential and commercial places in Jacksonville. The new service center is expected to support the company’s growth in Jacksonville by offering most effective and advanced pest control services to consumers.
Global Pest Control Services Market Analysis
The rising prevalence of vector-borne illnesses especially due to mosquitoes is a significant driver for the market growth in the review time. According to World Health Organization (WHO) estimates, in 2019, vector-borne disease account nearly for 17% of all infectious illnesses and causes about 700,000 deaths across the globe. Such factors are estimated to enhance demand for pest control services and is predicted to drive market growth in the analysis time. Moreover, rising utilization of innovative technologies like thermal imaging technology in pest control services is estimated to propel the growth of the market in the review time. Thermal imaging is an effective technique to identify and locate pests by using thermal detection instruments and sensors.
However, rising anxieties among people associated to toxicity of the various chemicals being used in pest control services is estimated to be a major restraint for the growth of the industry in the analysis time.
Incorporation of advanced technologies such as Artificial Intelligence (AI) in pest control services is predicted to create massive growth opportunities for the market in the upcoming decade. Group of researchers from Stevens Institute of Technology, a private research university in New Jersey, have introduced a novel technology that combines AI with extremely sensitive vibration sensors and vibro- acoustic insect libraries to eliminate various pests that hidden inside the plants and trees.
Global Pest Control Services Market, Segmentation
The global pest control services market is categorized based on pest type, end user, and region.
The pest type segment is further classified into mosquitoes, rodents, termites, insects, and others. Among these, the mosquitoes pest control services sub-segment is expected to witness a rapid growth and is expected to rise at a CAGR of 6.2% and surpass $2,168.1 million by the end of 2027.
Rising prevalence of vector borne diseases majorly from mosquitoes such as dengue, Zika, and others is estimated to fuel demand for pest control services for mosquitoes. This factor is anticipated to surge the growth of the sub-segment in the forecast time.
The end user segment is further categorized into residential, commercial, and others. The residential pest control services sub-segment is anticipated to be the most lucrative and is estimated to account a revenue of $4,573.8 million by 2027, at a CAGR of 5.9%.
Increasing customer consciousness about pest caused diseases due to rising prevalence of vector borne diseases is generating high requirement for pest control services in residential places. This is majorly attributed to zero tolerance on pests in residential places owing to hygiene practices adopted by residents to eliminate uncleanliness.
The Asia-Pacific pest control services market accounted for $1,257.6 million in 2019 and is estimated to reach a revenue of $2,605.4 million till 2027, at a healthy rate of 5.7% CAGR.
Increasing demand for pest control services across Asia-Pacific region owing to rise in pests due to climate changes along with growing urban population are estimated to fuel the market growth in the forecast time. Further, rising living standards of people is driving the concerns about hygiene practices and pest intolerance are predicted to drive the market growth in the coming time.
Key Players in the Global Pest Control Services Market
- Rentokil Initial plc
- Rollins, Inc.
- The Terminix International
- MASSEY SERVICES, INC.
- Aptive Environmental
- ABC Home & Commercial Services
- Cook’s Pest Control
- Home Paramount
Pest Control Coupled with the company profiles of the major players in the global market, the report also includes the Porter’s five forces model that provides deep information into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Pest Control Services Market
- Bargaining Power of Suppliers: The major companies in pest control services business are huge in number. Companies are launching new advanced services that are cost effective. Further, customers always check costs of the services provided by several companies and select which is most relevant to their need.
Thus, the bargaining power of the suppliers is moderate.
- Bargaining Power of Buyers: Increasing consumer demand for pest elimination services, but health problems related to pest control products are impacting the market growth.
These factors are resulting in moderate bargaining power of buyers.
- Threat of New Entrants: Moderate initial expenditure is required for the new entrants into the pest control services industry. But, high brand loyalty among the customers is challenge for new entrants to reach customers.
As a result, the threat of the new entrants is moderate.
- Threat of Substitutes: Presence of low number of substitutes for pest control chemicals such as diatomaceous earth is estimated to have slight impact on the market. However, service providers that are already in pest control services business offer discounts owing to competitive rivalry to sustain in the overall industry.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The companies operating in the global pest control services are opting for various growth strategies to rise their position in the industry. Various companies are launching several cost-effective services in the market to reinforce their services demand.
Therefore, competitive rivalry in the market is high.