Cleanzine: your weekly cleaning and hygiene industry newsletter 16th May 2024 Issue no. 1114

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Contract cleaning services market to witness significant growth, projected to reach $479.51 billion by 2027

As per The Business Research Company's Contract Cleaning Services Global Market Report 2023, the global contract cleaning services market is set to experience substantial growth, with the market projected to increase from $345.85 billion in 2022 to $368.94 billion in 2023, representing a Compound Annual Growth Rate (CAGR) of 6.7%.

The market is anticipated to further expand to $479.51 billion by 2027, maintaining a CAGR of 6.8%. Key drivers of this growth include the escalating construction activities globally.

Drivers:
The market is being propelled by the rising construction activities globally. Construction involves various activities related to installing and assembling project tools and materials, often generating debris, dust, and hazardous materials. Contract cleaning services play a crucial role in ensuring the removal of these materials, contributing to a safe and healthy work environment. As construction activities increase, the demand for professional cleaning services rises to save time and enhance overall project efficiency.

For example, according to the Office for National Statistics in the UK, quarterly construction production increased by 0.3% in Quarter 2022 compared to Quarter 2022. The annual production of construction also climbed by 5.6% in 2022 compared to 2021, following a record growth of 12.8% in 2021. This data underscores the ongoing and robust growth in construction activities, driving the contract cleaning services market.

Trends:
Green cleaning emerges as a key trend in the contract cleaning services market, with major companies adopting eco-friendly practices to meet specific demands and sustain their market positions.

Developments:
In February 2021, REACT Group plc, a UK-based cleaning services company, acquired Fidelis Contract Services for approximately $6.1 million. This strategic acquisition positions REACT Group plc to increase its service scale and enhance profitability. Fidelis Contract Services, a UK-based commercial cleaning company, provides specialist cleaning services.

The report offers a comprehensive analysis of market trends, competitive landscapes and strategic opportunities. By staying informed about market dynamics and aligning strategies with emerging trends, stakeholders can make informed decisions to capitalise on the growing demand for contract cleaning services.

Contract Cleaning Services Global Market Report 2023 by The Business Research Company provides insights on the contract cleaning services market size, contract cleaning services market segments, contract cleaning services market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.

www.thebusinessresearchcompany.com

30th November 2023