NEW YORK, May 08, 2019 (GLOBE NEWSWIRE) -- The GCC facility management market is predicted to grow at 9.4% CAGR during the forecast period with the market size reaching USD 86.8 billion by 2024. The market is driven by factors such as the mounting infrastructure developments and escalating tourism industry.
Escalating emphasis on non-oil sectors, the upsurge in a number of green buildings, growing hospitality sector in the country, mounting real estate market, the surge in project activity involved on tourism such as construction of resort, hotels and budget hotels chain, expanding investment by private and public entities for refining country’s infrastructure are further fuelling the growth of the market.
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Technological advancements such as the IoT, automation, smart buildings, and big data to drive the GCC facility management market
The market for facility management in GCC is primarily driven by technological advancements such as the Internet of Things (IoT), smart buildings, big data, building automation and 3D. The mounting connectivity technology and necessity of connected facilities would offer market players immense opportunities for facility management in GCC, which will drive their revenue growth. Moreover, the mounting complication in technology such as smart energy management and building automation further mounting the necessity of facility management services.
Explore key industry insights in 87 tables and 53 figures from the 135 pages of report, “GCC Facility Management Market Analysis and Forecast to 2024 - Industry Insights by Service (Property [HVAC Maintenance, Mechanical and Electrical Maintenance, and Others], Cleaning, Environmental Management, Security, Support, Catering, and Others), by Type (Hard, Soft, and Others), by Mode (Outsourced [Integrated, Single, and Bundled], and In-House), by End-User (Commercial, Industrial, and Residential), and by Country (Saudi Arabia, Qatar, U.A.E, Kuwait, and Rest of GCC)”
Property management services hold the largest share in the GCC facility management market
Among all services, property segment holds the largest share in the GCC facility management market due to its advantages such as minimal maintenance and repair price, reduced occupant turnover, support with taxes, rent collection, and small vacancy cycles. The catering segment is witnessing the highest growth in the market, owing to mounting tourism and hospitality industry. The property segment is further subdivided into heating, ventilation, and air conditioning (HVAC) maintenance, mechanical and electrical maintenance, and others (maintaining properties, space planning, and design, sales, and leasing, advertise rental properties, and asset management).
The different end users of, the facility management market are commercial, industrial, and residential. Of all these end users, the commercial category is predicted to witness the highest CAGR of 9.8% during the forecast period owing to escalating alertness among end users for commercial building maintenance to minimize expenditure.
Among all modes, the in-house segment accounted for the larger share in the GCC facility management market in GCC, due to elevated acceptance rate, long-standing existence, and comparatively low price. In addition, owing to the dearth of in-house expertise and a requirement to an emphasis on essential abilities, the need for outsourcing facility management services is mounting, which is creating abundant opportunities for the growth of the GCC facility management.
The outsourced segment is further subdivided into integrated, single and bundled. The integrated segment accounted for the largest share in the market, as it reduces complication by decreasing the number of service suppliers, and preserves a single point of contact.
The different type of facility management market is hard, soft and others. The hard category accounted for the largest share in the GCC facility management market due to the high cost. Moreover, the hard category requires expert knowledge and technical assistance. In addition, the upsurge in the construction amenities combined with the novel green and energy effective idea in the design of airports, shopping centers, hospitals, and others has led to swelling in the need of HVAC, maintenance services, and fire safety and security system further fuel the growth of the GCC facility management market optimistically.
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Saudi Arabia to remain the largest facility management market in GCC
Geographically, Saudi Arabia is the largest and observed to witness significant growth is the facility management market as the region the tourism industry is increasing. In addition, expanding construction activities, and rapid urbanization are also driving the growth of the Saudi Arabia facility management market.
Key players in the GCC facility management industry are investing in the development of advanced, which is strengthening their position in the market. EMCOR Group Inc., Emrill Services LLC., United Facilities Management, Khidmah LLC, Cofely Besix Facility Management, Kharafi National, Interserve plc, Imdaad LLC, Musanadah Facilities Management Co. Ltd., and Farnek Services LLC are some of the key players offering facility management in GCC.
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