The Covid-19 pandemic has provided an opportunity for the restoration industry to showcase their adaptability, creativity and overall growth, and that is exactly what the industry did. In fact, the Restoration and Remediation industry has had a considerable amount of growth. In 2020, the Restoration and Remediation industry was worth about 210 million dollars; currently, the disaster restoration industry is worth 41.2 billion and is projected to continue growing exponentially.
Navigating the Covid-19 Pandemic
Although the prediction of growth was eminent, there were also some that struggled during the pandemic as many industries during these past three years. The upside of it all is that the restoration and remediation industry has been deemed as an essential service and wasn’t forced to shut down comparatively.
Business owners had to look at different processes within their organizations to find a solution to the increase in costs associated with changes due to Covid-19 and needed to transform in a way that could make business profitable once again.
One factor that has emerged during the pandemic is the adoption of new technologies. For instance, advances in artificial intelligence solutions, 3D printing, and virtual learning have made it possible to speed up repairs, reducing the cost and time it takes to restore a property or a building.
Furthermore, remote work has provided the flexibility needed to maintain on-going projects by offering virtual inspections and meetings with clients which helped in adhering to health and safety measures during the unprecedented times of Covid-19.
Restoration and Remediation Post Pandemic
Nearly three years after the U.S. put in place sweeping pandemic measures, the Biden administration plans to officially end the two national emergency declarations dealing with the Covid-19 pandemic as of May 2023. So what does this mean for the Restoration and Remediation industry?
Figures were projected to reach 80 billion by 2022 with water damage restoration alone expecting to grow at rate of 6.8 percent from 2020-2025. Water damage restoration services account for the largest share of 41 percent in the market.
In the United States, this is due to the country’s various risks with the presence of different climates presenting natural disasters in several parts of the nation. For instance, California poses a higher risk for wildfire, and similarly the Midwest is prone to tornadoes during April, May and June. Tornadoes, hurricanes, floods and other natural disasters hit the country every year.
Another factor driving the demand for restoration is the aging infrastructure in the country.
The United States is a developed economy with a lot of old infrastructure. These infrastructures are easily damaged by both natural and human-created disasters. This has resulted in consumer awareness towards procuring restoration services to assure proper restorative measures.
Now that companies will be able to be fully operational, while still utilizing tools and best practices adopted during the pandemic, along with those that were established before, the forecast is that the Restoration and Remediation industry will potentially double its worth.