iCrowdNewswire Nov 4, 20201:00 AM ET
The Saudi Arabia facility management market is projected to generate a revenue of $76,244.9 million by 2030, increasing from $32,480.4 million in 2019, demonstrating a 9.3% CAGR during the forecast period (2020–2030), according to a study by P&S Intelligence. The key factors driving the growth of the market are the expanding tourism industry and rise in construction activities in the country. In terms of service, the market is divided into security, environmental management, property, support, cleaning, and catering.
Among all these, the property division is dominated the market in 2019 and is expected to account for the largest share of the market during the forecast period as well. These services remain in high demand, owing to the requirement for keeping the facility in prime condition. The requirement for electrical, HVAC, and mechanical maintenance services at properties has been high as well. Furthermore, the demand for space designing, planning, and asset management is also creating high requirement for property services.
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Based on end-use, the Saudi Arabia facility management market is categorized into residential, industrial, and commercial, out of which, the commercial category accounted for the largest revenue share of the market in 2019. The increasing investments in the commercial infrastructure sector and growing government support are leading to the increasing need for facility management services in the country. These services are being widely adopted for the management of large facilities, including shopping complexes, recreational spaces, offices, and theaters.
When type is considered, the Saudi Arabia facility management market is bifurcated into hard and soft services, between which, the hard services are projected to exhibit the higher CAGR during the forecast period. Since hard services are critical in nature, they are preferred widely in the country. The revenue contribution of these services is high owing to their expensive nature. As the preference for professional services in Saudi Arabia will rise, the bifurcation will register growth as well.
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The expanding tourism sector in the country is leading to the growth of the Saudi Arabia facility management market. The increasing tourism activities in the country are creating need for various services for maintaining a facility, providing security, and catering. In addition to this, the Ministry of Tourism of the country has announced plans for starting a tourism development fund, in June 2020. This will further result in the growth of the market during the forecast period.
The increasing focus of the country on economic diversification is a key trend in the Saudi Arabia facility management market. The government is increasingly being inclined towards reducing dependence on the oil & gas sector, and is developing a long-term economic plan for decreasing the dependence on hydrocarbons. Owing to this, the focus is predicted to shift towards the development of other public sectors, including infrastructure, education, recreation, and health. This is predicted to drive the demand for facility management services in the country.
Hence, the market is growing due to the expanding tourism sector and rising focus on economic diversification in the country.
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