Kuwait Facility Management Market To Generate $1,995.5 Million Revenue by 2030
- Published: February 2022
The surging tourism & travel industry and the rising number of upcoming projects are propelling the Kuwaiti facility management market. Due to the aforementioned factors, the industry is projected to generate $1,995.5 million revenue in 2030, advancing at a CAGR of 8.5% during 2021–2030.
During the COVID-19 pandemic, the idle manpower due to scaling down, supply chain disruption, increased health and safety concerns of employees, high-cost allocation toward safety and wellbeing, and cost escalation due to increased spending for quarantine and isolation services have severely impacted the facility management industry in Kuwait. However, increased demand for cleaning, sanitization, and disinfection services; and security services for crowd management to do thermal screening and health checks at entry points of many government, hospitality, and commercial establishments will propel the need for facility management services in the country in the coming years.
Commercial End User Category To Witness Fastest Growth in Coming Years
The Kuwaiti facility management market is categorized into commercial, industrial, and residential, based on end user. Among these, the commercial category is expected to witness the fastest growth during the forecast period and hold the largest share till the end of this decade. This can be majorly attributed to the rising number of construction projects, which include infrastructural, power, energy, and housing projects. Moreover, the surging number of malls and hospitality facilities mainly due to the growing tourism industry in the country will lead to the rising demand for commercial facility management services.
Moreover, the market for facility management services in Kuwait is categorized into property, cleaning, security, catering, support, environmental management, and others, based on service. Among these, the property management category dominated the market in 2021, and it is expected to retain its position during the forecast period as well. This category can be mainly driven by the high demand for services, such as HVAC maintenance and mechanical & electrical maintenance, in commercial and industrial units.
Players Are Focusing on Different Strategic Measures to Gain Competitive Edge
Players in the Kuwaiti facility management industry have adopted different strategic developments, such as product launches and contract wins, to gain a competitive edge in the market. For instance, in August 2021, Al Mulla Cleaning and Maintenance Services (AMCMS), a member of Al Mullah Group Holding Company K.S.C.C., launched the brand name “ProClean”. Under this brand, the company has provided unsurpassed maintenance and cleaning services for a wide range of residential, commercial, and industrial projects in Kuwait.
Similarly, in December 2020, Kharafi National for Infrastructure Projects Developments Construction and Services S.A.E signed a facility management contract with Madinet Nasr for Housing & Development Company for the following scopes: Taj Sultan Residential Compound (MEP, security, landscape, and housekeeping & pest control), zone T – Taj City Residential Compound (MEP, security, landscape, and housekeeping & pest control), and Sarai Residential Compound (MEP).
Key enterprises in the Kuwaiti facility management market include Kharafi National for Infrastructure Projects Developments Construction and Services S.A.E, O&G Engineering W.L.L., Fawaz Trading & Engineering Services Co. W.L.L., EcovertFM Kuwait, Al Mazaya Holding Company, Al-Awsat United Real Estate Co., R&E Petroleum Co., Refrigeration Industries Co. (S.A.K.), PIMCO, United Facilities Management (UFM), Al Mulla Group Holding Company K.S.C.C., Kazema Global Holding Company, Universal Technical Co., and Alghanim International.