Kuwait facility management market to reach $2.05 billion by 2030

The Kuwait facility management market revenue is predicted to increase from $958.2 million in 2019 to $2,05 billion by 2030. Furthermore, the market is predicted to progress at a CAGR of 8.3 percent between 2020 and 2030 according to Research and Markets. With the rapid expansion of the hospitality industry, the demand for facility management services is growing explosively in Kuwait.

The flourishing tourism sector is generating huge demand for clean premises, which is, in turn, pushing up the requirement for facility management services and solutions in the country. Moreover, the government is launching initiatives and taking measures such as encouraging investments from private players, expanding the capacities of airports, and developing new attractions for boosting the tourism industry.

The commercial category will account for the highest revenue share in the Kuwait facility management market in the forthcoming years, because of the mushrooming requirement for clean and attractive facilities in order to attract a large number of visitors/customers. Moreover, the country is observing the launch of extensive programs aimed at the expansion of commercial centers, hotels, and malls. This will push up the requirement for facility management services in the coming years.

Depending on service, the market is categorized into cleaning, property, catering, security, environmental management, and support. Amongst these, the property category will record the highest growth in the market in the future, due to the various benefits offered by property management organizations such as the utilization of advanced technology and software for reducing the maintenance costs. Based on the type of property services, the industry is divided into mechanical and electrical maintenance and heating, ventilation, and air conditioning (HVAC) maintenance.

Out of these, the HVAC maintenance services will demonstrate the fastest growth in the Kuwait facility management market in the forthcoming years. It is safe to say that the demand for facility management services will soar in Kuwait in the future years, primarily because of the rapid expansion of the tourism and hospitality sectors in the country.