Gulf Cooperation Council Facility Management Market Size, Growth and Forecast Report 2030 | P&S Intelligence

The Gulf Cooperation Council (GCC) facility management market revenue stood at $53,804.3 million in 2019, and it is predicted to surge to $137,297.8 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will exhibit a CAGR of 10.1% from 2020 to 2030 (forecast period). This is credited to the surging requirement for facility management services in residential and commercial buildings, industrial units, and civic infrastructure projects. Additionally, the market is also being propelled by the launch of several development projects, such as the Qatar National Vision 2030, Saudi Vision 2030, U.A.E. Vision 2021, and Kuwait National Development Plan.

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The expansion of the construction industry in GCC countries is positively impacting the progress of the GCC facility management market. This is ascribed to the rising tourist footfall and implementation of favorable economic conditions. As part of various strategic visions, GCC member countries allocated high budgets to the construction industry, which is boosting the demand for facility management services. Moreover, these countries are focusing on mitigating their economic reliance on the oil and gas sector, which is also fueling investments in the construction industry.

Besides, the burgeoning requirement for sustainable development is also propelling the GCC facility management market. The popularity of eco-friendly buildings and construction materials is surging sharply, on account of the growing push toward sustainability. Moreover, the governments of several GCC countries are providing support to various green projects to mitigate environmental degradation. Additionally, the benefits of green buildings, such as highly efficient heating, ventilation, and air conditioning (HVAC) systems, few volatile organic compound emissions, and optimal use of natural light, are also driving the demand for facility management services in GCC.

Depending on end user, the GCC facility management market is divided into residential, industrial, and commercial categories. Out of these, the commercial category contributed the highest revenue to the market in the past, owing to the increasing investments in commercial real estate. The National Transformation Program (NTP) 2020 was launched in 2016 for meeting the Saudi Vision 2030's objectives. Under this plan, huge investments are being made to facilitate the development of the private sector, which is, in turn, predicted to create immense growth opportunities for the players operating in the industry.

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Globally, the Saudi Arabia will exhibit rapid expansion in the GCC facility management market in the forthcoming years. This is ascribed to the launch of various real estate projects in the country, such as Amaala, the Red Sea Project, and AI Widyan, which are predicted to be completed by 2028, 2030, and 2020, respectively. These projects are predicted to create lucrative growth opportunities for facility management service providers in the coming years. Furthermore, the growing public awareness about the benefits of facility management is also contributing to the growth of the market in the country.

Thus, the demand for facility management services will soar in the GCC in the years to come, mainly because of the rising tourist activities and booming construction industry in the region.

Browse more related reports:

Global Facility Management Market Report - https://www.psmarketresearch.com/market-analysis/facility-management-market

Kuwait Facility Management Market Report - https://www.psmarketresearch.com/market-analysis/kuwait-facility-management-market

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