Facility Management (FM) Market in Kuwait 2019-2024 - Rising Investment in Construction Projects Spur Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jun 19, 2019--
The “Kuwait Facility Management Market by Service, by End User, by Mode, by Type - Market Size, Share, Development, Growth, and Demand Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The Kuwaiti facility management market is projected to attain a size of $3,077.7 million by 2024, advancing at a CAGR of 8.3% during the forecast period (2019-2024).
The main reason behind the growth of the market is rising investment in construction projects. Facility management means a professional service availed to take care of multiple disciplines in order to ensure the proper functionality of a building with the help of people, technologies, and processes.
Based on service, the Kuwaiti facility management market is divided into property services, security services, support services, cleaning services, environmental management services, catering services, and other services. Other’ services include furniture supply, utility management, reception staffing, and contract management. Among these, in 2018, the property services division made a revenue contribution of more than 25% in the market. These services offer various benefits, such as timely rent collection, better tenant retention, short vacancy cycles, and tax assistance. Due to these benefits, the demand for this service is increasing in the country.
In 2018, the commercial sector was the largest end user, with a 40% revenue share in the facility management market in Kuwait. These services are witnessing a rise in demand due to the surging awareness among end users on optimizing their commercial building management expenditure. Also, the market in the commercial sector is predicted to observe significant growth during the 2019-2024 period, mainly because of an increase in the number of malls, hotels, commercial centers, and other commercial sites.
On the basis of service type, the Kuwaiti facility management market is bifurcated into in-house and outsourced. In 2018, the in-house type dominated the market with a share exceeding 75%. The dominating position of the in-house service type is ascribed to its long-standing presence, comparatively high adoption rate, and low cost.
Based on type, the Kuwaiti facility management market is classified into hard, soft, and other services. In 2018, out of these, the hard services classification registered the largest share in the market, owing to its technical nature and its per-square-feet cost that is more than that of soft services.
The ‘Kuwait 2035’ vision is a plan aimed at the diversification of the national economy to minimize the dependence on oil revenues. Also, the plan focuses on boosting the private sector’s share in the country’s economy and escalating private investments in the expansion of the infrastructure sector.
Some of the key players in the Kuwaiti facility management market are O&G Engineering W.L.L., Kharafi National, Ecovert FM Kuwait, Fawaz Refrigeration & Air Conditioning Company, Al Mazaya Holding Company, R&E Petroleum Co, Refrigeration Industries & Storage Company, Al-Awsat United Real Estate Co, PIMCO, and United Facilities Management.
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
Chapter 5. Kuwait Market Size and Forecast
Chapter 6. Kuwait Facility Management End-User Capacity Analysis
Chapter 7. Kuwait Facility Management Workforce Analysis
Chapter 8. Competitive Landscape
Chapter 9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/c4ac6e
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Related Topics:Facilities Management
KEYWORD: KUWAIT MIDDLE EAST
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 06/19/2019 08:27 AM/DISC: 06/19/2019 08:27 AM