China Facility Management Market to Grow at 8.57% CAGR By 2027
Growing influence of real estate players in China, smart cities
development, rapid infrastructure development to drive the China facility
management market through 2027.
According
to TechSci Research report, “China Facility
Management Market- By Region, Competition Forecast & Opportunities, 2017-2027,”
China
Facility Management Market is estimated to reach USD198.00 billion in terms of
value by 2027. Growth in the facility management market
is driven by rising demand for sustainable and energy efficient green building solutions,
technological integration, increasing focus on outsourcing and booming market
of internet of things. Moreover, surging demand for cyber and information security
management, growing usage of integrated workplace management system, and smart
cities development is also expected to impact the market growth.
Browse 74 market data Figures spread through 70
Pages and an in-depth TOC on "China Facility Management Market"
China
Facility Management Market is segmented based on Sector, Service, Application,
Enterprise Size, Service Delivery and region. Based on service, the market is segmented
into property, cleaning, security, catering, support and others. Property facility management segment held the
largest market share in 2021 owing
to easy credit conditions, increasing purchasing power parity and booming
housing sector in the country.
The
high market share of property and cleaning segments can be attributed to increasing
investments in the real estate sector in the country. The growth of the real
estate sector across the country is expected to have a positive impact on the
demand for property and cleaning services in the forecast period. Furthermore, favorable
social factors such as income level, literacy, rate, etc. are expected to benefit the property and cleaning facility
management market during the forecast period.
Based
on Sector, the market is bifurcated
into Organized and Unorganized. Unorganized sector dominates the market with
68.80% market share in 2021 and will grow at 8.38% CAGR in the forecast period.
Based on application, the market is segmented
into industrial, commercial and residential segments. Commercial segment is the
largest contributing segment by application owing to the growing digital transformation
of services in various industries. In China majority of companies that are
operational in the facility management market must deal with large geographical
areas. Therefore, many companies are looking for innovative solutions such as
streamlining communication to manage manpower and day-to-day operations. Artificial
intelligence, mobile internet and Internet of things have enabled harnessing of
real time data of different hard and soft services. Different companies
adopting these techniques can monitor and manage the workforce in near-real
time.
In the year 2020, to prevent the spread
of COVID-19, the government implemented lockdown which impacted the facility
management market. According to TechSci Research’s estimates, the market
suffered a decline of -4.56% in terms of value. This decline left a remarkable
depreciation in the market, but the market is currently reviving and is set to
overcome the descent in 2021-2022, owing to the increasing awareness of
cleanliness, security and maintenance. Furthermore, the facility management
service providers are offering end to end facility management services to
government and private sectors which allows them to work more efficiently in
the key areas.
On the basis of region, East-China accounted
for the largest share in China facility management market in 2021. Shanghai and
Jiangsu in East China are the two largest metropolitan areas in the country in
terms of development which are driving the facility management market.
Moreover, tourism activities in these regions are anticipated to contribute to
the growth in hotel and hospitality services, thus creating enough
opportunities for facility management services.
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CBRE Group, Inc., Jones Lang LaSalle
Incorporated (JLL), ISS Group, Sodexo, Cushman & Wakefield (China),
Colliers International Property Services Ltd., Synergis Holdings Limited, ESG
Holdings Limited, Shanghai Aideite Facilities Management Co., Ltd., ADEN are
among the major market players in the China facility management market. Companies
operating in the market are using organic strategies such as product
advancement through addition of new features, partnerships, mergers and
collaborations to boost their share in China Facility Management Market.
“Rising demand
for sustainable and energy efficient green building solutions, shifting trend
towards automated
building management solutions, such as smart buildings, and integration of facility
management in building design are driving the China Facility Management Market.
Moreover, booming Internet of Things (IoT) market, surging demand for cyber and
information security management and increasing usage of CAFM & BIM software’s
have
also been positively influencing the market. Continuance of such trends and
increasing awareness about cleanliness, security and maintenance are expected
to drive the China Facility Management Market in the coming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“China Facility Management
Market, By Sector (Organized, Unorganized), By Service (Property, Cleaning,
Security, Support, Catering & Others), By Application (Commercial, Industrial
and Residential), By Enterprise Size (Small, Medium, Large), By Service
Delivery (Bundled, Integrated, Single Service) and By Region, Competition Forecast &
Opportunities, 2017-2027” has evaluated the future growth
potential of China
Facility Management Market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in China
Facility Management Market.
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