According to a new market report published by Transparency Market Research on the termite bait system products market for the forecast period of 2019-2027, the termite bait system products market is expected to reach a value of ~US$ 2.8 Bn by the year 2027.
Global Termite Bait System Products Market: Overview
- The global termite bait system products market was valued at ~US$ 1.8 Bn in 2018 and is expected to expand at a CAGR of ~5% from 2019 to 2027. The market is expanding significantly in terms of value. Growing termite damage in corporate and residential applications is driving the growth of the market.
- The termite bait system products market in Asia Pacific is growing rapidly. Technological advancements coupled with increasing investments by foreign players are driving the growth of the termite bait system products market in the region.
- North America is the largest termite bait system products market, accounting for ~40% share of the global market in 2018. The rising demand for pest control products coupled with growing consumer awareness about the ill-effects of chemical products is driving demand in this region.
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Termite Bait System Products Market: Driving Factors
- Property owners need to place trap stations, which are safe for people and pets. Households prefer to use environment-friendly solutions to deal with termite-related problems.
- Apartments in high-temperature regions require long-term protection from termite problems. Thus, the usage of termite bait system products is increasing.
- Various strategies utilized to control termite population include liquid chemical barriers and baiting stations. Liquid chemical barriers such as anti-agents are utilized to create hindrance around and under the structures to square potential courses of termite passage.
Termite Bait System Products Market: Key Challenges
- Baiting systems need to be inspected regularly to ensure the structure can properly monitor termite presence and assess the need for additional baits.
- Awareness of termite bait system products is low in different parts of the globe. This is expected to restrict growth opportunities in the market.
Termite Bait System Products Market: Competitive Landscape
- The termite bait system products market includes several players focused on the development of new products to cater to market demand.
- The report includes the below mentioned pointers of major players operating in the termite bait system products market: Company Overview Product Profiling Market Share Analysis (2018) Product Innovation Business Strategies/Recent Developments Technological Advancements Key Mergers & Acquisitions Expansion Strategies Company Financials