Facility management (FM) services include building upkeep, utilities, maintenance operations, waste disposal, security, and so on. These services are further divided into hard facility management services and soft facility management services. Several reasons are projected to promote the adoption of FM solutions and services, including an increase in demand for cloud-based FM solutions and an increase in demand for FM systems integrated with intelligent software.
According to SPER market research, ‘Kuwait Facility Management Market Size- By Type of Facility Management, By Offering Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’state that the Kuwait Facility Management Market is predicted to reach USD 2.40 billion by 2032 with a CAGR of 8.74%.
Kuwait has seen several industrial expansion activities, increasing the demand for facilities management services. For example, numerous projects in Kuwait's infrastructure include electrical substations, internal highways with loading and unloading places, potable water networks, firefighting systems, irrigation, stormwater, and foul water, as well as their corresponding tanks. This boosted the demand for fire safety, electrical maintenance, technical support and maintenance, cleaning, HVAC, and other facility management services.
The significant construction of hospitals and tourism sites, which is required to attract visitors, is driving up demand for facility management services in Kuwait. Furthermore, the Kuwaiti government's $495 million agreement with the private sector for industrial, residential, and warehouse infrastructure development is a significant growth driver. Outsourcing facility management enables businesses to streamline operations and focus on core activities, with property services like mechanical and electrical maintenance and HVAC maintenance in high demand. The commercial sector, which includes hotels, retail, and education, is the main user of these services. The Kuwait Vision 2035 plan, which focuses on huge infrastructure development, is likely to provide further opportunities.
The Facility Management Market's expansion is likely to be hampered by a lack of technology competence, management awareness, and industry norms. Cyber disasters can cause more than simply financial loss; operational and reputational damage can be just as serious, if not worse. Knowing the cybersecurity threats surrounding building OT systems will enable facility managers and IT personnel to make more informed purchase decisions, deploy targeted OT security measures, and maintain greater cyber resilience across OT settings.
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Impact of COVID-19 on the Kuwait Facility Management Market
The COVID-19 epidemic has caused economic disruption due to subsequent lockdowns. It has also had an impact on the facilities management business. In contrast, post-pandemic, increased awareness of cleanliness, maintenance management, and security is likely to drive the market analysis in the near future. Even though the COVID-19 pandemic resulted in a significant decrease in demand for facility management services in Kuwait in 2020, service providers can expect a rapid rebound in the next years. With the general public being aware that the coronavirus can persist in the air and on exposed surfaces for a short period of time and infect everyone who comes into contact with it, the demand for cleaning and hygiene services has increased dramatically.
Kuwait Facility Management Market Key Players:
Additionally, some of the market key players are Al-Awsat United Real Estate Co, R & E Petroleum Co, Refrigeration Industries Co, Golf Engineering, Refrigeration Industries Co., Others.
Kuwait Facility Management Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type of Facility Management: Based on the Type of Facility Management, Kuwait Facility Management Market is segmented as; {In-house Facility Management, Outsourced Facility Management (Bundled FM, Integrated FM, Single FM)}.
By Offering Type: Based on the Offering Type, Kuwait Facility Management Market is segmented as; Commercial, Industrial, Institutional, Public/Infrastructure, Others.
By End User: Based on the End User, Kuwait Facility Management Market is segmented as; Commercial, Industrial, Institutional, Public/Infrastructure, Others.
By Region: This report also provides the data for key regional segments of Sulaibiya, Shuwaikh, Ardiya, Jehra, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Kuwait Facility Management Market Revenue
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