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.
Besides the aforementioned factor, the surging infrastructural development projects are also fueling the surge in the demand for facility management services in the country. Due to the soaring investments being made in various projects such as those related to processing facilities, oil and gas extraction, malls, and residential units, the requirement for facility management services is rising rapidly in the country. Additionally, many real estate development organizations in Kuwait are rolling out their facility management affiliates.
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Due to the above-mentioned factors, the popularity of facility management services is ballooning in Kuwait. This is fueling the expansion of the Kuwait facility management market. As a result, the market revenue is predicted to increase from $958.2 million in 2019 to $2,057.5 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 8.3% between 2020 and 2030. Based on end user, the market is divided into residential, commercial, and industrial categories.
Out of these, the HVAC maintenance services will demonstrate the fastest growth in the Kuwait facility management market in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. The main factor driving the advancement of the market is the presence of extreme weather conditions in the country that generate a huge demand for the renovation and refurbishment of the existing equipment in the commercial and industrial buildings for enhancing their efficiency.
Hence, 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.
Read more: https://www.psmarketresearch.com/market-analysis/kuwait-facility-management-market
