The Gulf Cooperation Council (GCC) facility management market advance is propelled by the factors such as the soaring demand for facility management services for industrial units, commercial and residential buildings, and civil infrastructure units, and the increasing desire of governments to develop other sectors through plans like the Saudi Vision 2030, the U.A.E. Vision 2021, the Kuwait National Development Plan, and the Qatar National Vision 2030. These factors will, therefore, accelerate the market at a CAGR of 10.1% during the forecast period (2020–2030).
Besides, the magnifying focus on sustainable development is propelling the demand for facility management services in the Gulf region. The member nations are constructing environment-friendly buildings and utilizing green construction materials to attain a green and sustainable future. The unique benefits of green buildings include less emission of volatile organic compounds (VOCs), optimum utilization of natural light, and highly efficient heating, ventilation, and air conditioning (HVAC) systems that have boosted the demand for energy management, an integral part of facility management contracts.
Further, the service category of the GCC facility management market is categorized into property, security, environment management, cleaning, support, and catering. In 2019, the property category held the largest market share, due to the rising requirement for maintaining HVAC systems and electrical and mechanical equipment in newly constructed buildings in the GCC countries. The category is further divided into mechanical and electrical maintenance and HVAC maintenance. The demand for HVAC maintenance services is expected to surge in the coming years, due to the increasing usages of HVAC systems.
In recent years, Saudi Arabia has generated the highest demand for facility management services, due to the growth in the tourism and infrastructure sectors. Besides, the drifting focus of the Kingdom from the oil & gas sector to the construction industry has increased the adoption of these services in residential, commercial, and industrial units. Furthermore, P&S Intelligence projects that the market in Saudi Arabia will witness a high growth in future, owing to its key real-estate plans, such as Red Sea Project, Amaala, and Al Widyan.
Thus, the growing focus on infrastructure development and the rising number of green buildings will fuel the demand for these services in the foreseeable future.
Source: www.psmarketresearch.com
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