The Saudi Arabia facility management market is predicted to grow at 9.4% CAGR during the forecast period with the market size reaching USD 51.9 billion by 2024. The market is driven by factors such as the mounting infrastructure developments and escalating tourism industry.
Leading projects such as Vision Saudi Arabia 2030, the upsurge in a number of green buildings, growing hospitality sector in the country, mounting real estate market, the surge in project activity involved on tourism such as construction of resort, hotels and budget hotels chain, expanding investment by private and public entities for refining country’s infrastructure are further fuelling the growth of the market.
The market for facility management in Saudi Arabia is primarily driven by leading projects such as Vision Saudi Arabia 2030; the Vision Saudi Arabia 2030 project was launched by the government to renovate the nation into a developed country. It would include new international airports, schools, electric substations, new cities and hospitals in the country. The government is taking initiatives to improve the standards of facility management across its estate. This offers market players immense opportunities for facility management in Saudi Arabia, which will drive their revenue growth.
Browse Market Insight and In-Depth TOC on "Saudi Arabia Facility Management Market – Analysis and Forecast (2014-2024)"
Among all services, property segment holds the largest share 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. The catering segment is witnessing the highest growth in the market, 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 (maintaining properties, space planning, and design, sales, and leasing, advertise rental properties, and asset management).
The different end users of, the facility management market are commercial, industrial, and residential. Of all these end users, the commercial category is predicted to witness the CAGR of 9.8% during the forecast period owing to escalating alertness among end users for commercial building maintenance to minimize expenditure.
Among all modes, the in-house segment accounted for the larger share in the facility management market in Saudi Arabia, due to elevated acceptance rate, long-standing existence, and comparatively low price. In addition, owing to the dearth of in-house expertise and a requirement to an emphasis on essential abilities, the need for outsourcing facility management services is mounting, which is creating abundant opportunities for the growth of facility management.
The outsourced segment is further subdivided into integrated, single and bundled. The integrated segment accounted for the largest share in the market, as it reduces complication by decreasing the number of service suppliers, and preserves a single point of contact.
The different type of facility management market is hard, soft and others. The hard category accounted for the largest share in the facility management market due to the high cost. Moreover, the hard category requires expert knowledge and technical assistance. In addition, the upsurge in the construction amenities combined with the novel green and energy effective idea in the design of airports, shopping centers, hospitals, and others has led to swelling in the need of HVAC, maintenance services, and fire safety and security system further fuel the facility management market optimistically.
Key players in the facility management industry are investing in the development of advanced, which is strengthening their position in the market. EMCOR Group Inc., Rezayat Group, Al Borj International, Khidmah LLC, Musanadah Facilities Management Co. Ltd., Saudi Oger Ltd., Interserve plc, Nesma Trading Co. Ltd., Enova Facility Management, and Petrojana are some of the key players offering facility management in Saudi Arabia.
Saudi Arabia Facility Management Market Coverage
Service Insight and Forecast 2014-2024
End User Insight and Forecast 2014-2024
Mode Insight and Forecast 2014-2024
Type Insight and Forecast 2014-2024
Facility Management Market by Region