|Status : Published||Published On : Feb, 2019||Report Code : VREP3007||Industry : Energy & Power||Available Format :||Page : 102|
The Qatar facility management market is predicted to grow at 8.7% CAGR during the forecast period with the market size reaching USD 4.8 billion by 2024. Different services such as property, cleaning, environmental management, security, support, catering, and others are majorly contributing to the facility management market size. The market has witnessed significant demand for property over the last few years due to its advantages such as minimal maintenance and repair price, reduced occupant turnover, support with taxes, rent collection, and small vacancy cycles.
Insight by Service
Based on the service, the facility management market is categorized into property, cleaning, environmental management, security, support, catering, and others of which property holds the largest share during the historical period in the facility management market due to its advantages such as minimal maintenance and repair price, reduced occupant turnover, support with taxes, rent collection, and small vacancy cycles. Moreover, the catering segment is predicted to grow at the fastest growth during the forecast period owing to mounting tourism and hospitality industry.
The property segment is further subdivided into heating, ventilation, and air conditioning (HVAC) maintenance, mechanical and electrical maintenance, and others.
Insight by End User
On the basis of the end user, the Qatar facility management market is segmented into commercial, industrial, and residential. Of all, the commercial category is predicted to witness the highest CAGR of 9.0% during the forecast period and accounted for the largest share in the Qatar facility management market due to escalating alertness among end users for commercial building maintenance to minimize expenditure.
Insight by Mode
On the basis of mode, the Qatar facility management market is segmented into outsourced, and in-house. Of all, the in-house category accounted for the larger share in the market due to elevated acceptance rate, long-standing existence, and comparatively low price. The outsourced segment is further subdivided into integrated, single and bundled.
Facility management companies are placing prominence on providing integrated services as an alternative of standalone services, as it would facilitate them in growing their incomes as greater consumer inclination for integrated service offering.
Insight by Type
On the basis of the type, the Qatar facility management market is segmented into hard, soft and others. Of all, hard category accounted for the largest share in the Qatar facility management market due to the high cost.
The mounting infrastructural development in the country and escalating alertness regarding protection of assets are the major trends of the Qatar facility management market.
The mounting infrastructure-based development such as commercial buildings and residential construction projects, relocation to support the development of major construction programmes and upcoming FIFA cup 2022 in the country are the key factors leading to the growth in the Qatar facility management market.
Some of the other key factors driving the growth of the industry are mounting need for outsourced facility management services, leading projects such as Vision Qatar 2030, Qatar Rail Development Program (QRDP), and National Tourism Sector Strategy 2030, and upcoming international mega-events in the country. Owing to the upcoming international mega-events in the country such as the FIFA World Cup, Gulf Expo, International Conference on Environment and Natural Science and others are creating immense demand for facility management services in Qatar. The upcoming events would result, the need for hospitality services and infrastructure in order to provide accommodation resource for participants and guests from various countries.
Key factors hindering the growth of the Qatar facility management market are strict labor law and staffing policies.
Market players in the Qatar facility management industry are investing capital to develop technologically advanced systems. In January 2018, Mosanada Facilities Management Services received GORD accreditation for GSAS service provider in Qatar. In addition, in June 2016, ASTAD Project Management signed an agreement with Hemaya Security Services to develop and strengthen consultancy service in security.
Mosanada Facilities Management Services, Confident Enterprises WLL, CBM Qatar LLC, Cofely Besix Facility Management, Al Tamyoz Business Group, COMO Facilities Management Services, ASTAD, OCS Qatar LLC, Al-Asmakh Facilities Management WLL, Elegancia Hospitality & Facility Management Services, and Conservo Facility Management Co. WLL some of the key players offering solutions for facility management in Qatar.