Growing Hospitality Industry coupled with Rise in Commercial Sector will Drive the growth of Oman Facilities Management Market: Ken Research
Posted on 21 July 2017 by KenResearch Manufacturing And Construction,
- Growing Commercial and retail sector in the country will create huge growth opportunities for facilities management services providers.
- Upcoming hotels in the country will drive the demand for facilities management solutions.
- Growth in healthcare industry will further increase the demand for facilities management services.
The hospitality industry in Oman has been growing over the years with the rise in hotels and hospitals in the country due to increasing inflow of expats. This has a positive impact on the hard facilities management services market. It is estimated that by 2020, the number of hotels in the country will amount to more than 20,000, owing to country’s tourism growth. The new hospitals, medical centers and clinics in the pipeline due to Oman’s Health Vision are expected to create opportunities for hard FM services industry and increase the demand in the coming year. There are various projects in pipeline including Sundus Rotana, Al Irfan International Hotel, Muttrah, Intercontinental Tilal Muscat, Four Star Hotel in Al Khuwair, Three stars Hotel in Duqm, Jumeirah Saraya Bandar Jissah Boutique Hotel and JW Marriott Hotel.
The commercial sector in Oman has been growing in recent years and is expected to grow further with the 9th Five Year Development plan and Vision 2020 of the country. Industrial sector has given a boost to the commercial sector in Oman with various projects developing in this sector, having a positive impact on the Oman Facilities Management market. Moreover the rising retail sector is one of the growth drivers for growth in the commercial sector. The increase in the number of commercial projects has led to increasing demand for facilities management services in the country. Few projects in pipeline include Palm mall, Ocean mall and Mall of Oman.
Ken Research in its latest study, Oman Facility Management Market Outlook to 2021 suggested the facilities management market in Oman is fragmented and still in a nascent stage which provides immense opportunity to global and local players to tap the market with technology advancements in the FM industry. This will further lead to various acquisitions and mergers in this industry making a positive impact on the market in terms of revenue generation.
Oman facilities Management market is estimated to register a positive CAGR during 2016-2021. Growing construction industry, increase in commercial and residential sector, growing awareness about facilities management services will be the key drivers for the growth of the facilities management industry in the country.
The report provided information on Oman facilities management market, Market segmentation of Oman facilities management, Future growth drivers & competitive landscape of few companies including Renaissance CSG, OIG, Como Facilities Management Services, QBG and EFS.
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Ankur Gupta, Head Marketing & Communications