Cleaning Services Market: Rising Valuation to Reach $111,498.8 million by 2030, Fueled by Strong CAGR of 6.5%

The global cleaning services market size was valued at $55,715.0 million in 2020, and is projected to reach $111,498.8 million by 2030, registering a CAGR of 6.5% from 2021 to 2030. The floor care segment was the highest contributor to the market, with $12,293.8 million in 2020, and is estimated to reach $22,820.2 million by 2030, at a CAGR of 5.7% during the forecast period.

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Cleaning services encompass a wide range of services such as window washing, floor cleaning, vacuuming, furniture cleaning, carpet cleaning, air duct cleaning, water damage restoration, and other similar services. These services are used by both commercial and residential customers.

The growth of cleaning services market can be attributed to growing acceptance of these services as a result of the economic upturn, increasing discretionary income, and the rise in dual-income households, supporting market expansion. Furthermore, expansion in the commercial sector and real estate investment are expected to fuel demand for various cleaning services. However, high competition, particularly in industrialized countries, is one of the key reasons limiting market growth. On the contrary, rapid urbanization has had a favorable impact on the cleaning services business, albeit having a detrimental impact on the environment due to infrastructure strain. Many governmental garbage management operations, such as mobile applications for smart cities, are influencing the cleaning services market. The market for cleaning services is likely to continue to develop as public awareness of the benefits of a green and healthy environment grows, thereby creating opportunities for the global cleaning services market growth

Based cleaning services market analysis by type, the floor care segment was the dominant segment in 2020 and is expected to remain dominant throughout the forecast period. The growth in this segment can be attributed to the rising demand for high-end cleaning products. Furthermore, growing demand of cleanliness in office and home premise drives the market growth for the segment. However, the carpet and upholstery segment is expected to garner the highest growth rate throughout the forecast period. The growth in this segment of the cleaning services market can be attributed to growth in the sales of home décor items such as rugs, carpets, furniture and more among others.

Based on cleaning services market forecast by end-use, the commercial segment accounted for majority of the share in 2020 and is expected to continue the trend throughout the forecast period. The growth of this segment can be attributed to rise in the number of commercial premises such as offices, hospitals, clubs and more among others. However, the residential segment is expected to grow at the fastest growth rate throughout the forecast period owing to increasing in working hours coupled with growing trend of cleanliness among house owners.

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By region, North America region remained the dominant market in 2020 and is expected to grow at a notable growth rate through the forecast period. U.S. was the dominant country in terms of revenue share in 2020 and is expected to continue the trend throughout the forecast period. Asia-Pacific is expected to grow at the fastest CAGR of 7.4% throughout the forecast. The growth of this region in the cleaning services market can be attributed to the improvement in business infrastructure and rapid increase in economic growth over the last decade.

Key findings of the study

On the basis of type, the carpet and upholstery segment is projected to witness the highest CAGR of 7.8%, in revenue terms, during the forecast period.

On the basis of end user, the commercial segment is expected to dominate the market from 2021 to 2030.

The residential segment is expected to grow at a significant CAGR during the forecast period.

U.S. was the largest country, in terms of revenue generation for cleaning services in 2020.

Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 7.4% from 2021 to 2030

The cleaning services market is for the most part an organized market which is dominated by few players. The key players in the cleaning services industry relies on strategies such as product launch and acquisition to stay relevant in the global cleaning services market share. The key players profiled in the report are ABM Industries Inc., Analog Cleaning Systems, Aramark Corporation, Chem-Dry, Cleannet, Jani-King International, Inc., Pritchard Industries Inc, Sodexo, Coit Cleaning And Restoration Services, And The Servicemaster Company, Llc.

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Related Article:

https://www.prnewswire.com/news-releases/cleaning-services-market-to-reach-111-49-billion-globally-by-2030-at-6-5-cagr-allied-market-research-301438777.html

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