Saudi Arabia Facility Management Market to Grow at 12% till 2024
Increasing
investments in large infrastructure projects and rapid consolidation of major
players in facility management market to fuel demand for facility management
services in Saudi Arabia through 2024
According to TechSci Research report,
“Saudi
Arabia Facility Management Market By Service, By End User, Competition, Forecast &
Opportunities, 2024”, the facility management market in
Saudi Arabia is projected to grow at a CAGR of around 12% during 2019-2024. The
growth is anticipated to be driven by rapid consolidation of companies operating
in the facility management market due to influx of international suppliers and rising
investments towards large-scale projects in the infrastructure sector.
Total spending in Saudi Arabia construction sector registered a growth rate of
10% during 2014-2018, which is expected to grow further in the coming years,
thereby driving demand in the facility management market during the forecast
period.
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Makkah province is anticipated
to dominate demand for facility management services in the country. The province
is the most popular region among both travelers and pilgrims visiting Saudi
Arabia as it houses two holy mosques, which are the holiest place for the Muslim community. Thus, the province registers one of
the highest number of visitors in the country. Also, it boasts majority of establishments
in the hospitality industry in Saudi Arabia. As of 2018, a total of 1,547 hotels
are operating and over 15,700 buildings are under construction in the province.
With the completion of these buildings, demand for facility management services
is expected to surge in the province.
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“Development activities in the real
estate sector directly influence the demand for facility management services.
Under its Saudi Vision 2030, Saudi Arabia government has planned to develop
housing units to cover around 50% of its citizens by 2020, increasing from nearly
30% in 2015. This development would certainly increase the need for MEP and
HVAC services in the country. Further, development of infrastructure projects
such as expansion of Makkah Haram, Haramain railway, and various universities,
hospitals, etc., is expected to propel the demand for facility management
services through 2024.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Saudi Arabia Facility Management Market By Service, By
End User, Competition, Forecast & Opportunities, 2024” has evaluated the future growth
potential of the 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 decisions. 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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