Frequent changes in climatic conditions, presence of many regulatory bodies across Europe, and ease in availability of pest management products drive the global pest management services market
PORTLAND, Oregon, March 16, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Pest Management Services Market by Type (Chemical, Mechanical, Biological, and Others), Pest Type (Insects, Termites, Rodents, and Others), and Application (Commercial, Residential, Agriculture, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global pest management services industry generated $13.2 billion in 2019, and is expected to reach $19.0 billion by 2026, growing at a CAGR of 6.25% from 2019 to 2026.
Prime determinants of growth
Frequent changes in climatic conditions, presence of many regulatory bodies across Europe, and ease in availability of pest management products drive the global pest management services market. However, health hazards related to pest control chemicals hinder the market growth. On the other hand, the emergence of organic chemicals in pest management practices create new opportunities in coming years.
The chemical segment to maintain its dominant position during the forecast period
Based on type, the chemical segment contributed to nearly one-third of the total share of the global pest management services market in 2018, and is expected to maintain its dominant position during the forecast period. This is due to its cost-effective nature and rapid application. However, the mechanical segment is estimated to continue the highest CAGR of 7.0% from 2019 to 2026, owing to the quick procedure for eliminating pests including rats and squirrels.
The commercial segment to maintain its lead position throughout the forecast period
Based on application, the commercial segment held the highest share of the global pest management services market, holding more than two-fifths of the total market in 2018, and is expected to maintain its lead position throughout the forecast period. This is due to the rise in pest control application in commercial places including restaurants, hospitals, farms, households, and forest plantations. Moreover, the agriculture segment is expected to register the largest CAGR of 8.9% from 2019 to 2026, owing to surge in food production and need to address issues related to crop protection.
North America to maintain its highest contribution in terms of revenue by 2026
Based on region, North America accounted for the highest market share in terms of revenue, accounting for nearly half of the global pest management services market in 2018, and is estimated to maintain its highest contribution in terms of revenue by 2026. This is due to rise in the construction repair activities and increase in adoption of pest management practices in commercial sector. However, Asia-Pacific is estimated to witness the fastest CAGR of 8.2% from 2019 to 2026, owing to surge in need in the residential sector, emerging economies of India and South Korea, and innovative methods.
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