Dublin, June 19, 2019 (GLOBE NEWSWIRE) -- The "Kuwait Facility Management Market by Service, by End User, by Mode, by Type - Market Size, Share, Development, Growth, and Demand Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Kuwaiti facility management market is projected to attain a size of $3,077.7 million by 2024, advancing at a CAGR of 8.3% during the forecast period (2019-2024).
The main reason behind the growth of the market is rising investment in construction projects. Facility management means a professional service availed to take care of multiple disciplines in order to ensure the proper functionality of a building with the help of people, technologies, and processes.
Based on service, the Kuwaiti facility management market is divided into property services, security services, support services, cleaning services, environmental management services, catering services, and other services. 'Other' services include furniture supply, utility management, reception staffing, and contract management. Among these, in 2018, the property services division made a revenue contribution of more than 25% in the market. These services offer various benefits, such as timely rent collection, better tenant retention, short vacancy cycles, and tax assistance. Due to these benefits, the demand for this service is increasing in the country.
In 2018, the commercial sector was the largest end user, with a 40% revenue share in the facility management market in Kuwait. These services are witnessing a rise in demand due to the surging awareness among end users on optimizing their commercial building management expenditure. Also, the market in the commercial sector is predicted to observe significant growth during the 2019-2024 period, mainly because of an increase in the number of malls, hotels, commercial centers, and other commercial sites.
On the basis of service type, the Kuwaiti facility management market is bifurcated into in-house and outsourced. In 2018, the in-house type dominated the market with a share exceeding 75%. The dominating position of the in-house service type is ascribed to its long-standing presence, comparatively high adoption rate, and low cost.
Based on type, the Kuwaiti facility management market is classified into hard, soft, and other services. In 2018, out of these, the hard services classification registered the largest share in the market, owing to its technical nature and its per-square-feet cost that is more than that of soft services.
The 'Kuwait 2035' vision is a plan aimed at the diversification of the national economy to minimize the dependence on oil revenues. Also, the plan focuses on boosting the private sector's share in the country's economy and escalating private investments in the expansion of the infrastructure sector.
Some of the key players in the Kuwaiti facility management market are O&G Engineering W.L.L., Kharafi National, Ecovert FM Kuwait, Fawaz Refrigeration & Air Conditioning Company, Al Mazaya Holding Company, R&E Petroleum Co, Refrigeration Industries & Storage Company, Al-Awsat United Real Estate Co, PIMCO, and United Facilities Management.
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Service
1.3.2 Market Segmentation by End User
1.3.3 Market Segmentation by Mode
1.3.4 Market Segmentation by Type
1.3.5 Analysis Period
1.3.6 Market Data Reporting Unit
1.3.6.1 Value
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By Industry Participant
2.2.1.2 By Company Type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Service
4.1.1.1 Property Services
4.1.1.1.1 HVAC Maintenance Services
4.1.1.1.2 Mechanical & Electrical Maintenance Services
4.1.1.1.3 Other Services
4.1.1.2 Cleaning Services
4.1.1.3 Security Services
4.1.1.4 Catering Services
4.1.1.5 Support Services
4.1.1.6 Environmental Management Services
4.1.1.7 Other Services
4.1.2 By End User
4.1.2.1 Commercial
4.1.2.2 Industrial
4.1.2.3 Residential
4.1.3 By Mode
4.1.3.1 In-House
4.1.3.2 Outsourced
4.1.3.2.1 Integrated
4.1.3.2.2 Bundled
4.1.3.2.3 Single
4.1.4 By Type
4.1.4.1 Hard
4.1.4.2 Soft
4.1.4.3 Others
4.2 Market Dynamics
4.2.1 Trends
4.2.1.1 Economic Diversification
4.2.1.2 Increasing Investment in the Tourism Industry
4.2.2 Drivers
4.2.2.1 Growing Hospitality Industry in the Country
4.2.2.2 Upcoming Infrastructure Projects
4.2.2.3 Impact Analysis of Drivers on the Market Forecast
4.2.3 Restraints
4.2.3.1 Lack of Competent Professional Resources
4.2.3.2 Impact Analysis of Restraints on the Market Forecast
4.2.4 Opportunities
4.2.4.1 The Kuwait 2035 Vision
4.2.4.2 Increasing Demand for Outsourced Facility Management Services
4.3 Porter's Five Forces Analysis
Chapter 5. Kuwait Market Size & Forecast
5.1 By Service
5.1.1 Property Services, by Type
5.2 By End User
5.3 By Mode
5.3.1 Outsourced Mode, by Type
5.4 By Type
Chapter 6. Kuwait Facility Management End-User Capacity Analysis
6.1 Commercial End User, by Capacity
6.1.1 Office Capacity
6.1.2 Retail Capacity
6.1.3 Hotel Capacity
6.2 Residential End User, by Capacity
6.3 Industrial End User, by Capacity
Chapter 7. Kuwait Facility Management Workforce Analysis
7.1 Workforce Analysis, by End User
7.2 Workforce Analysis, by Mode
Chapter 8. Competitive Landscape
8.1 Market Share Analysis of Key Players
8.2 Key Players and Their Offerings
Chapter 9. Company Profiles
9.1 Kharafi National
9.1.1 Business Overview
9.1.2 Product & Service Offerings
9.2 O&G Engineering W.L.L.
9.3 Fawaz Refrigeration & Air Conditioning Company
9.4 EcovertFM Kuwait
9.5 Al Mazaya Holding Company
9.6 Al-Awsat United Real Estate Co.
9.7 R&E Petroleum Co.
9.8 Refrigeration Industries & Storage Company
9.9 PIMCO
9.10 United Facilities Management
9.11 List of Other Players
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