The Gulf Cooperation Council (GCC) facility management market reached a value of $53,804.3 million in 2019 and is predicted to progress at a CAGR of 10.1% between 2020 and 2030. According to the estimates, the market will generate a revenue of $137,297.8 million by 2030.
The market is being driven by the rising requirement for facility management services in residential and commercial buildings, industrial units, and civil infrastructure projects.
Additionally, the launch of several development programs such as the Qatar National Vision 2030, the Saudi Vision 2030, the U.A.E. Vision 2021, and the Kuwait National Development Plan in GCC countries, on account of the government's plan to fuel the expansion of various sectors, is also propelling the advancement of the GCC facility management market. The construction sector is predicted to exhibit rapid expansion in the forthcoming years, on account of presence of favorable economic conditions and surging tourism activities.
As part of various strategic visions, the member nations in GCC are allocating high budgets to the construction industry. This will eventually push up the requirement for facility management services in the region in the forthcoming years. Moreover, these nations are focusing on decreasing their economic reliance on the revenue generated by the oil and gas industry. As per reports and surveys, the governments of GCC nations will increase their investments.
The rising requirement for sustainable development is another important factor fueling the progress of the GCC facility management market. The expansion of the travel & tourism industry is a major factor responsible for the rapid economic progress of the GCC countries. Supported by the implementation of government policies, the hospitality, tourism, and travel industries of the GCC countries are registering huge growth. Based on end user, the GCC facility management market is divided into residential, industrial, and commercial categories.
Amongst these, the commercial category recorded the highest growth in the market during the past few years, on account of the huge investments in commercial real estate in the region. The National Transformation Program (NTP) 2020 was launched in 2016 for meeting the objectives and aims of the Saudi Vision 2030. Under this initiative, huge investments are being made for the accelerating the development of the region's private sector. This is, in turn, propelling the demand for facility management services.
Globally, the GCC facility management market is predicted to demonstrate huge expansion in Saudi Arabia in the coming years. This will be because of the launch of several real estate projects such as the Al Widyan by 2020, Red Sea Project by 2030, and Amaala by 2028 in the country. These projects will provide immense growth opportunities for the players operating in the industry. Many global organizations are announcing partnerships and collaborations with domestic firms for expanding their customer base.
Hence, it can be said with full surety that the market will register huge growth in the future years, mainly because of the launch of various development programs and the expansion of the travel & tourism industry in the region.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction 4.1 Definition of Market Segments 4.1.1 By Service 188.8.131.52 Property 184.108.40.206.1 HVAC maintenance 220.127.116.11.2 Mechanical & electrical maintenance 18.104.22.168.3 Others 22.214.171.124 Cleaning 126.96.36.199 Security 188.8.131.52 Catering 184.108.40.206 Support 220.127.116.11 Environmental management 18.104.22.168 Others 4.1.2 By End User 22.214.171.124 Commercial 126.96.36.199 Industrial 188.8.131.52 Residential 4.1.3 By Mode 184.108.40.206 In-house 220.127.116.11 Outsourced 18.104.22.168.1 Integrated 22.214.171.124.2 Bundled 126.96.36.199.3 Single 4.1.4 By Type 188.8.131.52 Hard 184.108.40.206 Soft 220.127.116.11 Others 4.2 Market Dynamics 4.2.1 Trends 18.104.22.168 Regulatory and economic development in GCC countries 22.214.171.124 Evolution of outsourced facility management services 4.2.2 Drivers 126.96.36.199 Increasing construction activities in GCC countries 188.8.131.52 Rising number of green building projects 184.108.40.206 Growing tourism industry 220.127.116.11 Smart facility management using advanced technologies 18.104.22.168 Impact analysis of drivers on the market forecast 4.2.3 Restraints 22.214.171.124 Low awareness regarding facility management services 126.96.36.199 Workforce management issues 188.8.131.52 Impact analysis of restraints on the market forecast 4.2.4 Opportunities 184.108.40.206 Adoption of IoT 4.3 Impact of COVID-19 4.4 Porter's Five Forces Analysis
Chapter 5. GCC Market Size and Forecast 5.1 By Service 5.1.1 Property Services, by Type 5.2 By End User 5.3 By Mode 5.3.1 Outsourced Services, by Type 5.4 By Type 5.5 By Country
Chapter 6. Saudi Arabia Market Size and Forecast
Chapter 7. U.A.E. Market Size and Forecast
Chapter 8. Kuwait Market Size and Forecast
Chapter 9. Qatar Market Size and Forecast
Chapter 10. Rest of GCC Market Size and Forecast
Chapter 11. Competitive Landscape 11.1 Key Offerings of Key Players 11.2 List of Other Players 11.3 Strategic Developments of Key Players
Chapter 12. Company Profiles
EMCOR Group Inc.
Musanadah Facilities Management Co. Ltd.
Kharafi National for Infrastructure Projects Developments Construction and Services S.A.E