Saudi Arabia Facility Management Market to Grow at 13% during 2017 – 2022
Increasing
investments in infrastructure projects and rapid consolidation of major players
to positively influence Saudi Arabia facility management market through 2022
According to recently released
TechSci Research report, “SaudiArabia Facility Management Market By Service, By Application, By Company Standard,
Competition Forecast & Opportunities, 2022”, the
facility management market in Saudi Arabia is projected to grow at a CAGR of around
13% during 2017 – 2022. Saudi Arabia is the largest market for facility management
services in the Gulf Cooperation Council (GCC).
Growth in the market is anticipated on account of increasing consolidation of companies
operating in the country’s facility management market
due to the influx of international suppliers coupled
with growing infrastructure-based developments.
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Arabia Facility Management Market"
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Growing construction sector is another major factor
aiding the country’s facility management market. During 2011 – 2015, the total spending
on construction sector in Saudi Arabia grew at a CAGR of more than 5%, and the same trend is expected
to continue in coming years as well, thereby propelling demand for facility
management services during forecast period. Saudi Arabia is also known as “The Land of
Two Holy Mosques’’. Large number of pilgrims visit Mecca and Medina every year
for Haj and Umrah, thereby generating growth opportunities
for hospitality and construction industries in the country. All these factors
are anticipated to drive Saudi Arabia facility management market through 2022.
Makkah province is anticipated to dominate facility
management market in the country during the forecast period. Jeddah, which is
located in Makkah province, is one of the major
business hubs of the country, thereby high concentration of population is
residing in the city. Moreover, increase in tourist footfall has made the
region one of the prominent travel destinations in the Middle East. As a
result, out of the total 35,770 rooms, which are under construction in Saudi
Arabia as of 2017, around 24,133 rooms are being constructed in Makkah. The
development of these rooms is expected to boost the demand for facility
management services in Makkah during forecast period.
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“Development
activities in real estate sector directly influence the demand for facility
management services. Under the Saudi Vision 2030, Saudi Arabia government has
planned to develop housing units to cover around 50% of its citizens by 2020. This
development would certainly increase the need for facility management services
in the country. Further, development of infrastructure projects such as
expansion of Makkah Haram, Haramain railway, various universities, hospitals, etc.,
is expected to propel demand for facility management services through 2022,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Saudi
Arabia Facility Management Market By Service, By Application, By Company
Standard, Competition Forecast & Opportunities, 2022” has evaluated the future growth
potential of 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 evaluation. 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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