Property Sector to Dominate the Kuwait Facility Management Market in the Forecast Period
Government initiatives, along with a growing number of projects in real estate, are propelling the Kuwait Facility Management Market growth in the forecast period.
According to TechSci Research report, “Kuwait Facility Management Market - By
Region, Competition Forecast & Opportunities, 2018-2028,” the Kuwait
Facility Management Market is expected to register a robust CAGR during the forecast period, 2023-2028.
Infrastructure
development has increased the demand for Facility Management (FM) services.
These services are useful in a person's day-to-day life as they are used in
residential, commercial, and other sectors. With FM services being taken from
time to time whenever necessary, the owner can expect the facility's lifespan
to increase by a few more years. The services of Facility Management are being
used since many years provided by freelancers but with technology and
investment, companies have taken facility management as a business equipped
with the latest equipment and technology while providing not one but many
services under one company banner. Several services but not limited to
cleaning, catering, fire & security system, civil & carpentry work,
pest control are a part of facility management. Companies are also providing integrated
services where all services are led by a single team making the work with client
easier.
Facility
Management is expected to be on the rise in Kuwait as the government has taken
several key initiatives, such as Kuwait Vision 2035. Kuwait expects to increase
urbanization with ongoing projects, and it is expected to increase the Facility
Management Market in the country. As Kuwait is expected to increase its land area
after Vision 2030, new cities and towns are expected to come up in the country,
increasing the market as well as players in facility management. Kuwait also
expects to increase itsr FDI in the country with vision 2030 and while also
planning to diversify its economy from the oil & gas sector to other
sectors such as financial sector and tourism.
Browse
over XX market data Figures spread through 70 Pages and an in-depth TOC on the "Kuwait Facility Management Market"
The Kuwait Facility
Management Market is segmented into service, type, industry, end user, sectors,
region and competitive landscape. Based on service, the market is divided into Property,
Cleaning, Security, Support, Catering & Others. During
the projected period, the property segment in the service type is expected to
dominate the market.
Based on type, the market is segmented into hard
services & soft services. During the projected period, the soft services segment
in the type is expected to dominate the market. Most of the soft services shall be found in
all the sectors, whether be it residential, commercial, industrial, as these
services are the basic requirement. COVID-19 pandemic has made people focus on
the cleanliness of their facilities in order to protect themselves.
Based
on Industry, the
market is segmented into Organized, Unorganized. During
the projected period, the unorganized segment is expected to dominate the market.
Unorganized sector dominates the market as the market is fragmented, and there
are a lot of small companies including some freelancers operating in the market.
Most of these small companies have only a handful labors and they might not be
skilled labors.
Based on End User, the
market is segmented into Commercial, Residential, Industrial, and Public
Sector. During the projected period, the commercial segment in the service type held the
largest market share. The country is expanding its projects for
construction of new buildings and upgrading its existing infrastructure.
Based on Sectors, the market is segmented
into Education, Healthcare, Real Estate, Banking, Hospitality,
Housing, and Others. The Real Estate segment is expected to dominate the market
in the forecast period of 2023-2028. Under the Kuwait Vision 2035, the country
focuses on building a smart city from scratch expecting to reside around 400,000 people.
Key market players in the Kuwait Facility Management Market: -
- PIMCO Kuwait
- Kharafi national FM
- EcovertFM Kuwait
- Al Mazaya Holding
Company KSCP
- ENGIE Services General
Contracting for Buildings Company WLL.
- United Facilities
Management Company K.S.C.C
- Alghanim International
General Trading & Contracting Co. W.L.L. (Falghanim)
- Al Mulla Group
- Tanzifco Company W.L.L
- O&G Engineering W.L.L.
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"An increasing
number of infrastructure projects has ensured that Kuwait, an oil-based
economy, shall diversify its economy and thus look towards other sectors as a
source of income. This, in turn, gives the facility management market an
opportunity to grow in the forecast period. The Kuwait Vision 2035 shall make
way for new projects in the upcoming period” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Kuwait Facility Management Market By
Service (Property, Cleaning, Security, Support,
Catering & Others), By Type (Hard Services and Soft Services), By Industry (Organized and Unorganized), By
End User (Commercial, Residential, Industrial, Public Sector), By Sectors
(Education, Healthcare, Real Estate, Banking, Hospitality, Housing, Others) By
Region, Competition Forecast
& Opportunities, 2018-2028,” has evaluated the
future growth potential of Kuwait Facility Management Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities Kuwait Facility Management Market.
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