Market Size of Kuwait Facility Management Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.26 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Kuwait Facility Management Market Analysis
The Kuwait Facility Management Market is expected to register a CAGR of 9.26% during the forecast period. Facility management consists of multiple factors that influence the productivity and efficiency of organizations. The new management system standard, conforming with the best industry practices, constitutes a benchmark for developing and driving effective strategic, tactical, and operational FM principles across the country.
- Moreover, Facility management (FM) includes management methods and techniques for building management, infrastructure management for an organization, and overall harmonization of the work environment in an organization. This system standardizes services and streamlines processes for an organization.
- The commercial entities cover office buildings constructed or occupied by business services, such as corporate offices of IT and communication, manufacturers, and other service providers. Due to the provision of necessary fitments, interiors, and commercial buildings, decoration, and management have gained significant importance, driving the country's commercial sector market.
- Kuwait's country has witnessed multiple industrial expansion activities, expanding the scope for facilities management services. For instance, the infrastructure works of many projects in Kuwait consist of electrical substations, internal roads with loading and unloading areas, networks for potable water, firefighting systems, irrigation, stormwater, and foul water, and their respective tanks. This increased demand for fire safety, electrical maintenance, technical support and maintenance, cleaning, HVAC, and other facility management services.
- Lack of technological expertise and management awareness and standards are expected to hinder the growth of the Facility Management Market. Cyber catastrophes can impact beyond just financial loss; operational and reputational harm can be just as bad, if not worse. Facility managers and IT staff can better position themselves to make informed purchasing decisions, implement targeted OT security measures, and maintain increased cyber resilience across OT environments by knowing the cybersecurity concerns surrounding building OT systems.
- The COVID-19 pandemic has resulted in economic turmoil owing to subsequent lockdowns. It has also impacted the facility management industry. Contrary to this, Post pandemic, the increasing awareness of cleanliness, maintenance management, and security is expected to drive the market study in the coming future.
