Saudi Arabia Facility Management Market is Expected to Surpass USD36.10 Billion by 2026
Increasing
investments in large infrastructure projects and increasing number of foreign
players in the Saudi Arabia facility management market to fuel demand for
facility management services in Saudi Arabia through 2026
According to TechSci Research
report, “Saudi Arabia
Facility Management Market By Service (Property, Cleaning,
Security, Support, Catering & Others), By End User (Commercial, Industrial
& Residential), By Region, Competition, Forecast & Opportunities,
2016-2026”, Saudi Arabia Facility Management market was valued at USD22.71 billion in
2020 and is forecast to grow at 7.68% CAGR during the forecast period, to reach
USD36.10 billion by 2026. In the Kingdom of Saudi Arabia, a high proportion of
facility management services are delivered using basic manpower supply
companies instead of facility management service providers. Although facility
management is being increasingly integrated in the designing of buildings which
helps builders to construct buildings that can be maintained efficiently over a
long period of time. Facility managers are consulted at the start of the design
phase to provide feedback on effective utilization of project area,
landscaping, fire and safety systems and lifecycle cost analysis of the
building in order to reduce the total cost of these services over the
building’s entire lifecycle.
On the basis of end user, the market can be
segmented into Commercial, Industrial and Residential. Commercial segment
dominates the market owing to rising demand from hotels, retail outlets, malls
and office buildings in the country, particularly in Riyadh, Jeddah, Makkah and
Madinah. Moreover, due to the COVID-19 pandemic, people are getting more
cautious towards cleaning and sanitization in the public areas. Riyadh and
Jeddah account for the majority of the development projects being undertaken in
the country’s commercial sector. For instance, in January 2019, Saudi Arabia
launched an infrastructure plan worth USD425 billion under Saudi Vision 2030.
This is aimed to develop the industries like energy, mining, and other
industrial projects.
Based on service, the market can further be
segmented into Property, Cleaning, Security, Support, Catering and Others. Property
and Cleaning services dominate the facility management market owing to growth
in the country’s industrial and commercial sectors, coupled with easy credit
conditions, increasing purchasing power parity and booming housing sector.
Saudi Arabia is focusing on diversifying towards
non-oil sectors in the coming years. Favorable socio-demographic factors such
as literacy level, income level, etc., and development in financial sector are
anticipated to benefit property and cleaning services market as a whole during
the forecast period.
Leading companies operating
in the Saudi Arabia facility management market include Saudi EMCOR Company Ltd
(EFS Facility Management), Khidmah LLC, Enova Facilities Management Services
LLC, Muheel Services For Maintenance & Operations LLC, Musanadah Facilities
Management Company Ltd., Al Mahmal Facilities Services, Al Khozama Facility
Management Services, Five Moons Company Ltd., Takamul AlOula Facility
Management, Al Borj Facility Management, Saudi Binladin Group Operation &
Maintenance, and others.
Browse 23 market data Figures spread through 70 Pages and an in-depth TOC on "Saudi Arabia Facility Management Market"
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On the basis
of region, the market can be segmented into Makkah, Riyadh, Eastern Province
and Rest of Saudi Arabia. Makkah and Riyadh cumulatively are anticipated to
dominate the demand for facility management services across the kingdom. Makkah
province is the most popular region among both travelers and pilgrims visiting
Saudi Arabia as it houses two holy mosques, which are the holiest place for the Muslim community. Riyadh is the
main financial hub and business center in the kingdom. Moreover, development of
major projects like King Abdullah Financial District (Riyadh), King Abdullah
Economic City (Makkah region), Jizan Industrial City (Jizan Province), Kingdom
City will increase the demand for facility management services in the coming
years as only large firms will have the capabilities to manage these buildings.
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“Saudi Arabia facility
management market is anticipated to grow at a steady pace during the forecast
period. However, the market saw a downfall due to the COVID-19 pandemic all
over the kingdom but the factors like increasing investments by big UAE
developers, mergers of big players and rapid construction going on in the
kingdom are anticipated to propel the demand for facility management services
across the country over the next five years. Moreover, increasing Government’s awareness
to buy operation and maintenance services are likely to make a huge difference
in the coming years as the government is by far the largest customer for the
facilities management services in the kingdom.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi
Arabia Facility Management Market By Service (Property, Cleaning, Security,
Support, Catering & Others), By End User (Commercial, Industrial &
Residential), Competition, By Region, Competition Forecast & Opportunities,
2016-2026” has evaluated the future growth
potential of the facility management market in Saudi Arabia and provided
statistics and information on market structure, industry behavior and trends.
The report includes market projections and demand forecasting. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
emerging trends along with essential drivers, challenges and opportunities
available in Saudi Arabia Facility Management Market.
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