GCC Facility Management Market Research Report: By Service (Property, Cleaning, Security, Catering, Support, Environmental Management), End User (Commercial, Industrial, Residential), Mode (In-house, Outsourced) â€“ Industry Analysis and Growth Forecast to 2030
New York, March 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "GCC Facility Management Market Research Report: By Service, End User, Mode - Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p06036124/?utm_source=GNW
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.
Read the full report: https://www.reportlinker.com/p06036124/?utm_source=GNW
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