The Kuwaiti facility management market is expected to grow at a CAGR of 8.5% between 2021 and 2030, owing to the booming hospitality sector and upcoming infrastructure projects in the country. According to P&S Intelligence, the industry was valued at $954.4 million in 2021, and it will generate $1,995.5 million revenue by 2030. In recent years, economic diversification has become a major trend in the market. To decrease its reliance on the energy sector, the government is focusing on increasing investments in the tourism, construction, and hospitality sectors to reduce its dependence on oil revenue.
One of the major growth drivers of the Kuwaiti facility management market is the flourishing hospitality sector, owing to the increasing footfall of tourists in the country. According to the WorldData, a total of 2 million tourists visited Kuwait in 2020. The government is encouraging private investments, constructing new attractions, increasing international promotion campaigns, and expanding airport capacity to boost the hospitality sector in the nation. The surging tourist footfall and soaring government support for the hospitality sector will result in the construction of hospitality units, which require facility management services to offer more comfort to customers.
The property category, within the service segment, accounted for the largest share in the Kuwaiti facility management industry in 2021. Whereas, the cleaning category is expected to register the fastest growth in the market throughout this decade. This will be due to the rising expectation for cleaning, germfree, and hygienic public spaces and workspaces, on account of the ongoing COVID-19 pandemic. To deal with the safety quotient of sanitation, enterprises and government organizations are using innovative scanners and sensors in facility management equipment.
With the presence of numerous players, the Kuwaiti facility management market is fragmented in nature, owing to which the competition has increased considerably. Nowadays, the market players are focusing on different strategic measures, such as contract wins and product launches, to gain a competitive edge. Some of the leading players in the market include Kharafi National for Infrastructure Projects Developments Construction and Services S.A.E., R&E Petroleum Co., and Fawaz Trading & Engineering Services Co. W.L.L.
Thus, the expanding hospitalization sector will steer the demand for facility management services in Kuwait.
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