Cleaning Services Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $74,299 million by 2022, registering a CAGR of 6.2% during the forecast period 2016-2022.Cleaning services market trends are expected to be progressive over the next few years.
Asia-Pacific is expected to grow at the fastest pace during the forecast period and account for around 30% of the overall cleaning services market revenue by 2022. The growth is primarily driven by the upsurge in demand from China, Japan, and India.
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Growth in number of dual income households, increased disposable income and rise in construction activities stimulate the growth of cleaning services market. However, intense competition among small and established players, to expand their market presence, is a major challenge for leading market players. Increase in number of working women and investment in real estate is expected to offer attractive opportunities for the growth of cleaning services market.
The cleaning services market is segmented by service type into commercial cleaning services (window cleaning, vacuuming, floor care, and other services such as kit cleaning and dusting) and residential cleaning services (maid services, carpet & upholstery, and other services such as polishing, vehicle cleaning, & appliances cleaning).
Commercial cleaning services accounted for the highest revenue of $37,217 million in the overall cleaning services market size in 2015, owing to huge demand of construction & post-construction cleaning services. Construction industries require cleaning services primarily for debris cleaning and pressure washing. Residential cleaning services segment is anticipated to witness faster during the forecast period, owing to its growing popularity among dual income households.
Among the different cleaning services within the commercial segment, floor care accounted for the maximum revenue in 2015. Popularity of floor care services has increased in the global market, owing to increased demand from various commercial sectors such as schools, hospitals, and large retail sectors. Vacuuming cleaning services is anticipated to witness the fastest growth, with a CAGR of 6.2% during the forecast period, owing to its increased demand for dust cleaning from various commercial sectors such as stadium and event venues.
Maid services accounted for the largest market share in the overall residential cleaning services market, while carpet & upholstery segment is expected to exhibit highest growth rate among the different services covered under residential cleaning services segments.
North America is presently the largest cleaning services market, and is anticipated to continue its growth at a notable pace, owing to changing consumer lifestyle and growth in number of working women, majorly in the U.S. From a growth perspective, Asia-Pacific is anticipated to witness the fastest growth, surpassing the North American cleaning services market by 2019. The growth would be driven by the increase in demand from countries such as China, Japan, and India. Popularity of such services has increased due to rise in economy and escalation in construction of commercial and non-commercial buildings, which is one of the major growth factors. Moreover, increased disposable income of individuals and rise in awareness towards higher education of girls is expected to increase the demand for various cleaning services in the region.
KEY FINDINGS OF THE CLEANING SERVICES MARKET STUDY
North America accounted for the maximum revenue of the global cleaning services market in 2015, followed by Asia-Pacific.
Asia-Pacific is expected to achieve the fastest growth rate from 2016 to 2022.
In the year 2015, commercial cleaning services market segment generated the highest revenue in the global cleaning services market.
Carpet & upholstery segment is anticipated to witness the CAGR in the overall residential cleaning services market, during 2016 – 2022.
In the commercial cleaning market, vacuuming is expected to grow at the fastest rate during the forecast period.
Partnership is one of the most widely adopted key growth strategies by existing market players. For instance, companies such as Stanley Steemer International, Inc., Aramark Corporation and Jani-King Inc. made several partnerships to expand their market and product line. The key players profiled in the report are ABM Industries Inc., The Service Master Company, LLC, CleanNet, Anago Cleaning Systems, Aramark Corporation, Sodexo, Jani-King Inc., Stanley Steemer International, Inc., Chem-Dry, and Pritchard Industries Inc.
This post was originally published on Trading Herald