The Kuwaiti facility management market is expected to reach $3,077.7 million by 2024, progressing at a CAGR of 8.3% during the forecast period, according to P&S Intelligence.
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 built structures through the integration of people, processes, and technologies.
Insights into the market segments
On the basis of service, the Kuwaiti facility management market is classified 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 were the largest category, with a revenue contribution of more than 25%, in the Kuwaiti facility management market in 2018. 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 the country.
The commercial sector was the largest end user, with a revenue share of more than 40.0%, in the Kuwaiti facility management market in 2018. 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 market for facility management services in the commercial sector is expected to witness a significant growth during the forecast period, owing to the expansion of hotels, commercial centers, malls, and several other commercial projects in the country.
In terms of mode of service, the Kuwaiti facility management market is categorized into in-house and outsourced. In-house was larger category, with a market share of more than 75.0% in 2018. The leading position of in-house mode is attributed to its long-standing presence, comparatively low cost, and high adoption rate.
On the basis of type, the Kuwaiti facility management market is categorized into hard services, soft services, and others. Hard services accounted for the largest market share in 2018, owing to the fact that these services are technical in nature and hence are expensive as compared to soft services, based on per square feet charges.
Browse report overview with 32 tables and 22 figures spread through 93 pages and detailed TOC on "Kuwait Facility Management Market by Service (Property [HVAC Maintenance, Mechanical & Electrical Maintenance], Cleaning, Security, Catering, Support, Environmental Management), by End User (Commercial, Industrial, Residential), by Mode (In-House, Outsourced [Integrated, Bundled, Single]), by Type (Hard, Soft) — Market Size, Share, Development, Growth, and Demand Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/kuwait-facility-management-market
‘Kuwait 2035’ vision laying immense opportunities for the 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 the Kuwaiti facility management market players.
Kuwait Facility Management Market Competitive Landscape
Some of the major players operating in the Kuwaiti facility management industry 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
Market Segmentation by Service
Market Segmentation by End User
Market Segmentation by Mode
Market Segmentation by Type