Panama Facility Management Market Size

Panama Facility Management Market Analysis

The Panama Facility Management Market is estimated to register a CAGR of 6.2% from 2022 to 2027.

• The market comprises different players, majorly offering services like property management. Different multinational companies have started entering the market to add to the quality options for the services available. The market space is growing with the various industries directing the demand and overall growth. Panama's fast-gaining economy is witnessing new construction and offices, generating the need for professional facility management companies for efficient operations.
• For instance, in January 2022, ecoligo GmbH announced the expansion in Panama to offer solar-as-as-service, leveraging the proximity to Costa Rica, favorable legal conditions, stable economy, reliable EPC partners, and high grid electricity prices, providing perfect conditions for the company's expansion in the country. Such multinational companies slowly expand to the Panama market in different sectors, setting up their regional offices, which creates demand for the facility management market.
• The government is also trying to enhance trade prospects through different steps. For instance, in June 2021, according to The Rio Times, the Panama government celebrated five years of neo-para max locks inauguration. The expansion through the neo-para max locks was a USD 5.5 billion project for the Panama Canal, connecting more than 140 maritime routes and 1,700 ports in 160 countries. The canal contributed USD 1.8 billion to the national treasury in 2020. Such promising strategic moves and trade advantages in Panama are attracting more investments internationally to strengthen Panama's economy, creating scope for the market.
• However, some hiccups in the form of natural disasters might hinder the development. The economic variations worsen the conditions due to the international trade and interdependent variables. According to the world bank, Panama's GDP dropped to -17.9% in 2020. But, it is forecasted to gain 6.5% in 2022. The enhancement in infrastructure will also attract companies, creating scope for the facilities management market.
• Further, the government is working and taking help to resume the economy on prospering grounds after the COVID-19 pandemic. For instance, in March 2022, the World Bank reported that the World Bank Board of Directors approved a Development Policy Loan of USD 100 Million, with a Catastrophe-Deferred Drawdown Option (DPL with Cat DDO). The funds have been allocated for relief, and restabilization of the population hit worse by the pandemic. The government is also taking measures to resume economic growth and benefit every directly and indirectly impacted sector.