Fact.MR, a market research provider, projects the global disaster restoration services market will be valued at $ 41.2 billion in 2023. The firm then predicts the market’s compounded annual growth rate will rise by 5.7% to 2033from 2023.
Fact.MR’s research finds market growth is driven by increasing incidence of natural disasters worldwide and rising awareness about the health effects of mold. Natural disasters such as earthquakes, flood, storms, and others lead to extensive damage to residential and commercial properties. This factor results in the demand for disaster service providers who efficiently perform home repairs and cleaning up, and through tools ensure the development of a property in a way that could sustain future damages from natural disasters.
Regions prone to natural disasters are expected to see significant demand for disaster restoration services, such as the United States, China, Thailand, for example. Also, the market is expected to see significant demand with growing incidences of water damage and mold in properties causing allergies and other adverse illnesses.