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Termite Control Services Market to Observe Over 3X Faster Revenues from Contractual Services
The report opines that demand for contracted termite control services spiraled up rapidly in recent years, compared to the declined trajectory of preeminent ad-hoc services. Revenues from contracted termite control services will grow over 3X than those from ad-hoc through 2027. Rapid rise of contracted services is backed by the fact that key industries, including food & beverage, are required to hold pest control contracts owing to strict legislative requirements apropos of product hygiene.
Termite control services market continues to remain concentrated at the brim and fragmented at the brink, according to a new Fact.MR study. Emerging players, which include a cohort of local termite control services providers, continue to grasp bulk revenue shares, while Tier 1 players collectively account for nearly one-fourth revenue share. Focus of emerging players, such as Massey Services Inc. and Porch.com Inc., in termite control services market remains inclined toward specific service offerings and competitive pricing to bolster sales. On the other hand, emphasis of Tier 1 players, such as Rentokil Initial Plc and Rollins Inc., remains concentrated toward market consolidation through acquisition of local players.
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Organic termite control services have emerged as a viable alternative to chemical counterparts for end-users worldwide, depriving environment and health concerns apropos of the latter. The report envisages revenues from organic termite control services to increase at 2X rate than those from chemical services through 2027. However, value share of chemical termite control services has remained incontestable, and the status quo is pegged to prevail in the foreseeable future.
"Competitors in termite control services market include providers for a range of industry applications, ranging from facilities services to lawn care. Large multi-disciplinary companies in the termite control services market offer termite control as part of their service portfolio, thereby attracting commercial customers who prefer contractual services. Moreover, key customers, particularly residential, tend to incline more toward do-it-yourself (DIY) termite control to save on expenditure, although they lack access to the commercial strength pesticides and have less technical expertise. This continues to remain a key growth deterrent for the termite control services market," says a lead analyst at Fact.MR.
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Leading companies in the termite control services market also make significant investments in information systems and technology to aid day-to-day operations. Termite control services market players who invest in programs that automate payables, receivables, billing, and invoicing, are likely to offer more effective services and observe promising growth in the upcoming years. Key players in the termite control services market are focusing on adoption of hand-held devices and software programs to manage routing and scheduling, in a bid to optimize technician productivity.
A key trend observed in the termite control services market is growing permeation of insurance-based services, in a bid to prevent risks associated with costs, particularly for commercial customers. Considerable investment entails termite control services for commercial and industrial end-users, as standard insurance policies are exclusive of extermination costs. Growing penetration of such specialized insurance policies is likely to enable customers in controlling their expenses, meanwhile gaining access to reliable termite control services providers. Growing palpability of connected termite control services is another key trend impacting demand trends in the termite control services market.