Flexible Packaging Market is Beyond Just...
Posted in Construction by Adolf on Feb 11,2022 1262
In fact, the country is the largest market for facility management services in the Gulf Cooperation Council (GCC) region. The facility management market in Saudi Arabia has initiated the consolidation by inviting several premium companies to meet the expected increase in demand originating from various businesses and organizations in the kingdom.
Valuing the Saudi Arabia Facility Management Market
Saudi Arabia Facility Management market accounted for a value of US$22.71 billion in the year 2020 and is estimated to grow with a CAGR of 7.68% in the forecast years until 2026. The growth of the Saudi Arabia facility management market can be associated with increasing demand for facility management for large infrastructure projects and increasing construction in the country, which is further driving the growth of the Saudi Arabia facility management market in the upcoming 5 years. Additionally, the increasing penetration of the internet and rising demands for smartphones and their applications to avail facility management services are substantiating the growth of the Saudi Arabia facility management market in the future 5 years.
Also, the increasing industrialization and digitization of services also facilitate the growth of the Saudi Arabia facility management market in the forecast years until 2026. The rising number of market players functioning and providing facility management services also aid to the growth of the Saudi Arabia facility management market in the forecast period. Expanding demand for the services in corporate offices and expanding the tourism industry in the country further substantiates the growth of the Saudi Arabia facility management market in the upcoming 5 years.
The Saudi Arabia facility management market is segmented by service, end user, competitional analysis and regional distribution.
1) Based on services, the market is further segmented into property, cleaning, security, support, catering & others. Property sub-segment of the service segmentation is anticipated to register the largest revenue shares of the market and dominate the market segment in the upcoming 5 years on account of the increasing construction of commercial and residential complexes in the country. The rising population of the country is further anticipated to support the growth of the Saudi Arabia facility management market in the next 5 years.
The cleaning sub-segment is anticipated to draw significant growth in the future 5 years due to increasing demands from the high-rise corporate & residential sectors. Increasing demand and rising awareness among the population regarding hygiene is further expected to support the growth of the sub-segment as well as the growth of the Saudi Arabia facility management market in the forecast years.
2) Based on end user, the market is fragmented into commercial, industrial & residential. Commercial end users are expected to dominate the market in the future 5 years on account of increasing commercial complexes and corporate offices. The rising population of the country is expected to aid the growth of the residential sub-segment growth along with the growth of the Saudi Arabia facility management market in the forecast period.
3) Based on competition, some of the 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.
4) The regional market structure of Saudi Arabia Facility Management Market is segmented into 4 regions, namely – Makkah, Riyadh, Eastern Province and Rest of Saudi Arabia. To analyse and forecast Saudi Arabia Facility Management Market, both top-down and bottom-up approaches have been used. Moreover, a detailed and in-depth scrutiny of information was done to understand each policy and external or internal factor which could increase or decrease the demand for facility management services in Saudi Arabia. To extract data, primary surveys were conducted with key players and stakeholders in the industry. The future of major players was studied and projects which have commissioned in the country were identified.
The market research analysis offered by Bharatbook under the construction sector category, is useful in providing answers to several critical questions that are important for industry stakeholders such as facility management companies, service providers, customers, policy makers and which market segments should be targeted over the coming years in order to strategize investments and capitalize on the growth of the market.