Kuwait Facility Management Market To Witness Revenue Jump Between 2021 and 2030

The Kuwait facility management market value stood at $954.4 million in 2021, and it is predicted to surge to $1,995.5 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 8.5% from 2021 to 2030. The market is being driven by the soaring real estate development activities and burgeoning requirement for managing these newly developed facilities in the country. Moreover, the Kuwaiti government is launching new infrastructure projects, which is also fueling the expansion of the market.

The booming hospitality industry is one of the major market growth drivers. The increasing tourist footfall is creating the requirement for clean premises, which is subsequently pushing up the need for facility management services in the country. Moreover, the government is taking several measures, such as expanding the capacity of airports, developing new attractions, launching international promotion campaigns, and encouraging huge private investments, in order to boost the tourism industry, which is driving the demand for facility management services. 

Besides, the launch of massive infrastructure development projects is also supporting the growth of the Kuwait facility management market. The surging investments being made in these projects are bolstering the requirement for facility management services. For example, the growing requirement for public housing is predicted to fuel residential construction. Moreover, many real estate development organizations in Kuwait are launching their facility management affiliates, thereby propelling the progress of the market. 

Depending on end user, the Kuwait facility management market is classified into residential, commercial, and industrial. Out of these, the commercial category is predicted to dominate the market in the coming years. This will be because of the growing requirement for clean and attractive facilities in order to attract more visitors and customers in the country. Additionally, the country is witnessing rapid development of commercial centers, hotels, malls, and various other establishments, under its economy diversification plan.

The players operating in the industry are rapidly winning contracts in order to strengthen their presence. For example, ENGIE Services Kuwait signed a contract in January 2020 in order to offer integrated facility management services at Taiba Hospital. Kharafi National for Infrastructure Projects Developments Construction and Services S.A.E, EcovertFM Kuwait, O&G Engineering W.L.L., Al-Awsat United Real Estate Co., United Facilities Management, PIMCO, Refrigeration Industries and Storage Company, R&E Petroleum Co., and Fawaz Trading & Engineering Services Co. W.L.L. are some of the other leading market players.

Hence, the demand for facility management services will skyrocket in Kuwait in the coming years, primarily because of the increasing tourist footfall and infrastructure development activities in the country.

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