Kuwait Facility Management Market: Regional Analysis and Forecast for 2018-2028Posted by Kumar on March 1st, 2023  The Kuwait Facility Management Market is anticipated to exhibit a strong CAGR between 2023-2028, as per the report by TechSci Research. The growing infrastructure development has resulted in an increased demand for Facility Management (FM) services, which are utilized in daily life by individuals, residential and commercial sectors alike. The use of FM services as and when required increases the lifespan of the facility. While freelancers have been providing FM services for many years, companies have now embraced Facility Management as a business with the latest equipment and technology, providing multiple services under one banner. Facility Management services include but are not limited to cleaning, catering, fire & security systems, civil & carpentry work, and pest control. Companies are also offering integrated services where a single team leads all services, making it easier for the clients. Facility Management is expected to be on the rise in Kuwait as the government has taken several key initiatives, such as Kuwait Vision 2035. Kuwait expects to increase urbanization with ongoing projects, and it is expected to increase the Facility Management Market in the country. As Kuwait is expected to increase its land area after Vision 2030, new cities and towns are expected to come up in the country, increasing the market as well as players in facility management. Kuwait also expects to increase itsr FDI in the country with vision 2030 and while also planning to diversify its economy from the oil & gas sector to other sectors such as financial sector and tourism.
In terms of service, the market is divided into Property, Cleaning, Security, Support, Catering & Others, with the property segment expected to dominate during the forecast period. The market is also segmented by type, with hard services and soft services being the two categories. During the projected period, the soft services segment is expected to dominate the market due to its basic requirement in all sectors. The COVID-19 pandemic has further increased the focus on cleanliness in facilities to protect people. The market is also segmented by industry into Organized and Unorganized, with the latter expected to dominate due to the fragmentation of the market and the presence of many small companies and freelancers who may not have skilled labor. Based on end user, the market is divided into Commercial, Residential, Industrial, and Public Sector, with the commercial segment expected to hold the largest market share during the forecast period due to the country's focus on expanding its construction projects and upgrading existing infrastructure. Finally, the market is segmented by sectors, with Education, Healthcare, Real Estate, Banking, Hospitality, Housing, and Others being the categories. The Real Estate sector is expected to dominate the market during the forecast period, as the country aims to build a smart city from scratch under the Kuwait Vision 2035, with an expected population of around 400,000 people.
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