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Kuwait Facility Management Market Segments: By Service (Property [HVAC Maintenance, Mechanical & Electrical Maintenance], Cleaning, Security, Catering, Support, Environmental Management and Other Services); By End User (Commercial, Residential & Industrial) By Mode (In-House & Outsourced [Integrated, Bundled, Single]); By Type (Hard, Soft and Others) Regions; - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Kuwait Facility Management Market to surpass USD 2363.4 Million by 2030 from USD 921.3 Million in 2019 at a CAGR of 9.00% throughout the forecast period, i.e. 2020-30.
For a long period, Facility Management has become one of the influential sectors' yearnings for maximum recognition. The development began about a few decades ago when end-users considered the option of outsourcing the operation, maintenance, and other non-core activities related to the facility to a professional company that formed a new industry called FM. Today, FM has grown as a consumer delight by using advanced technology and modular building models to accommodate various needs, giving way to managing facilities. FM Services are classified into two main types: Hard Services: Electrical, Mechanical, Plumbing, HVAC, Fire Safety, and other systems/solutions related to construction maintenance. Cleaning, Security / Staffed Guards, Landscaping, Waste Collections, Pest Control, Rope Entry, Catering, and other related services are included.
Kuwait Facility Management Market to surpass USD 2363.4 Million by 2030 from USD 921.3 Million in 2019 at a CAGR of 9.00% throughout the forecast period, i.e. 2020-30. Growth in the country's market is driven by the increasing use of facility management services in commercial buildings, residential construction projects, infrastructure projects, and industrial projects. As various projects are underway, the demand is expected to expand in Kuwait countries, following governments' strategic measures to accelerate demand development in the coming years.
Kuwait Facility Management Market is segmented by service into property services, cleaning services, security services, catering services, support services, environmental management services, and other services. The cleaning services segment accounted for the larger market share in 2019 and is expected to be the fastest-growing category during the forecast period owing to their growing demand in the country’s hospitality and service industries.
Kuwait Facility Management Market is segmented by mode into outsourced, and in-house. Based on mode, the greater market share was accounted for by the in-house group due to the high acceptance rate, long-standing presence, and comparatively low price. The dominance of the in-house mode of service is driven by the fact that a large number of businesses are still operating through internal facility management teams or professionals who maintain their properties regularly.
The growing hospitality industry in the country
country's rising hospitality industry and increasing investment in upcoming infrastructure projects are the key drivers that are expected to propel the Kuwaiti facility management sector to expand. Kuwait's increasing real estate industry and the young people's per capita income are also leading to high-quality residential options, resulting in increased demand for companies to operate these facilities. The country is focused on reducing its economic dependence on revenues from oil and gas, which is one of the main drivers of increased investment in hospitality.
Upcoming infrastructure projects
Increasing investment in upcoming projects, especially in residential and commercial units, shopping centers, and others, would reinforce the country's demand for facility management services. Mega-building projects in these economies and rising government spending to further build better and smarter infrastructure offer enormous opportunities for market players in facility management to expand their businesses in the region. Local and regional players are leveraging the business opportunity to provide these assets with maintenance facilities. Kuwait's real estate development firms are also launching their affiliates. Thus, infrastructure development would have a positive effect on the growth of the Kuwaiti facility management industry.
Lack of competent professional resources
The main constraint in the Kuwaiti facility management sector is the lack of qualified technical resources. As facility management is a labor-intensive industry, the recruitment of professional workers is a challenge for service providers. This complicates the work of these firms, as their programs are entirely workforce-based. Efficient technical tools provide consumers with effective distribution and quality services. Also, as businesses rely on expatriate employees, employee immigration laws and regulations are a major challenge faced by market players in the region. ?
EMCOR Group Inc.
KUWAIT Facility Management Market Segments:
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