The Kuwait facility management market projected to reach $2,848.7 million by 2023. The growth of the market is mainly driven by the increasing investment in construction projects in the country. Facility management refers to professional services covering multiple disciplines, in a bid to ensure functionality of the built structures through the integration of people, place, process, and technology.
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Insights on market segments
On the basis of service, the Kuwait facility management market is segmented into property services, cleaning services, security services, catering services, support services, environmental management services, and other services. Other services include reception staffing, utility management, furniture supplies, and contract management.
Property services is expected to be the largest category with an estimated contribution of more than 25% in the facility management market of Kuwait in 2017. Property services offer several benefits such as ensuring short vacancy cycles, rent collection, better tenant retention, assistance with taxes, and various others. Owing to such benefits, the demand for this service type is growing in Kuwait.
The commercial sector was the largest end user, with an estimated contribution of more than 40.0% in the Kuwait facility management market in 2017. This sector is showing increased demand for these services, owing to increase in awareness among end users to optimize expenditure on commercial building management. Also, the facility management market of Kuwait is expected to witness a significant growth among commercial end users, during the forecast period.
In terms of mode of service, the Kuwait facility management market is categorized into in-house and outsourced. In-house was the larger category with an estimated contribution of more than 75.0% in the facility management market of Kuwait in 2017. The leading position of in-house mode is attributed to its long-standing presence, comparatively low cost, and high adoption rate.
‘Kuwait 2035’ vision laying immense opportunities for market growth
The ‘Kuwait 2035’ vision is a strategic plan focussed on the diversification of the national economy to reduce the country’s dependence on oil revenues. The plan also aims at fueling the share of the private sector in the country’s economy and increase private investments in the development and expansion of the country’s infrastructure. It also expects to generate capital by developing the tourism industry, which will increase the economic output of the country and create tremendous opportunities for facility management market players in Kuwait.
Some of the major players operating in the facility management in Kuwait are Kharafi National, O&G Engineering W.L.L, Fawaz Refrigeration & Air Conditioning Company, EcovertFM Kuwait, Al Mazaya Holding Company, Al-Awsat United Real Estate Co., R&E Petroleum Co., Refrigeration Industries & Storage Company, PIMCO, and United Facilities Management.
KUWAIT FACILITY MANAGEMENT MARKET SEGMENTATION
By End User