Pest Control Service Market Size, Share & Trends Analysis Report By Application (Residential, Commercial), By End Use (Insect, Termite), By Region, And Segment Forecasts, 2020 - 2027
New York, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pest Control Service Market Size, Share & Trends Analysis Report By Application, By End Use, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05965050/?utm_source=GNW
Pest Control Service Market Growth & Trends
The global pest control service market size is anticipated to reach USD 28.1 billion by 2027., expanding at a CAGR of 4.5% from 2020 to 2027. Changing climate and rise in temperature are acting as major catalysts for the rising demand for pest control services. Other factors such as increasing commercial and residential projects and intolerance for pests are fueling the market growth.
Moreover, the increasing popularity of the usage of biocides is supporting market growth.Factors such as environmental friendly nature and replacement for traditional pesticides are increasing the product demand.
For instance, Rentokil has registered CO2 for use in the control of rodents under EU biocidal regulations. The company is continuing to work in the areas of insect and rodent control.
Companies in the market are focusing on strategies, such as mergers and acquisitions, in order to gain market share and increase their service footprint.For instance, as per The Potomac Company, in 2018, Rentokil, ServiceMaster, and Rollins have spent USD 359, 254, and 77 million, respectively on pest control acquisition.
In 2019, Rentokil Initial PLC had carried out 41 acquisitions in 23 countries. The company had acquired 30 pest control, 8 hygiene, and 3 Ambius businesses, generating annualized revenues in the year prior to purchase of USD 155.2 million (Euro 137 million). The company has carried acquisitions in Australia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Dutch Antilles, Finland, France, Greece, Indonesia, Malaysia, Peru, Poland, Spain, Tanzania, Thailand, the U.K., and the U.S. Moreover, the company has entered new markets of Jordan, Sri Lanka, and Uruguay.
In terms of application, the commercial segment is estimated to expand at the fastest CAGR from 2020 to 2027.The growing commercial sector, coupled with strict rules and regulations, is acting as a major factor for the segment growth.
Moreover, businesses have a multiyear contract with the service providers, leading to continuous revenue generation for the contract holding companies.
The insect segment dominated the market with a revenue-based share of 42.0% in 2019. As per a research conducted by the National Pest Management Association (NPMA), in 2018, 97% of the pest professionals have treated bed bugs, 69% of them said that the overall bed bug service was effective, and 66% said that the demand for these services is increasing. Moreover, 89% of pest professionals encountered bed bugs in apartments/condominiums, 68% in hotels/motels, 59% in nursing homes, 46% in office buildings, 45% in college dorms, and 36% in hospitals.
North America dominated the market with a revenue-based share of 48.3% in 2019. As per a report published by Rentokil, in 2018, 29% of all Americans have, at some point experienced a rodent pest issue, 35% in the Northeast. Moreover, 80% of U.S. hotels and motels reported some presence of bed bugs in the past year. Yellow fever mosquito is now found in 23 U.S. states - West Nile, Dengue, and Chikungunya viruses are now present in the U.S.
Pest Control Service Market Report Highlights
• The commercial application segment is expected to witness the fastest growth from 2020 to 2027
• The insect end-use segment was valued at USD 8.3 billion in 2019
• Asia Pacific is expected to witness the fastest growth over the forecast period with a revenue-based CAGR of 5.3% from 2020 to 2027.
Read the full report: https://www.reportlinker.com/p05965050/?utm_source=GNW
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