Growing Hospitality Industry Coupled with Upcoming Infrastructure Projects will Drive the Growth of Kuwait Facility Management Market: Ken Research
Posted on 05 July 2017 by KenResearch Consumer Products and Retail,
- Growing retail industry in the country will create huge growth opportunities for facilities management services providers.
- Upcoming residential and commercial buildings in the country will drive the demand for facilities management solutions.
- Growth in the intelligent building management systems will further increase the demand for facilities management services.
Kuwait facility management market is expected to grow at a robust rate in coming future owing to the rising hospitality and retail industry in the country. Hotels and commercial sector continues to grow, driven by rising influx of business, leisure and religious tourists, which is expected to impact facilities management market in a positive manner. Moreover, Government is taking measures to bolster tourism activities in the region like encouraging private sector investments, building new attractions, expanding airport capacity, and increasing international promotion campaigns, which is consequently providing impetus to the hotel industry in the country with some players entering into the market with concept of hotel apartments. The hotels such as Boulevard hotel, Salmiya casa hotel, Arinza Tower, Marriott hotel and others are offering hotel apartment facilities in Kuwait. The tourism industry in Kuwait has increased at a robust rate during 2011-2016, which clearly advocates that hospitality industry of the country is growing at a high pace. Increased number of tourists demand for clean premises with availability of technologically advanced facilities, which has subsequently escalated the demand of facilities management services in the country such as housekeeping, security, cleaning, electrical and mechanical services and many others.
Moreover, Kuwait infrastructure market is expected to increase at robust rate. The number of upcoming projects especially in oil & energy sector, residential & commercial units, hotel industry and shopping malls will drive the economic growth of the country. Also, the expansion plans of many shopping malls (such as 360 malls) will amplify the demand for facilities management services. This will positively impact the demand for facilities management services in the country.
Ken Research in its latest study, Kuwait Facility Management Market Outlook to 2021 suggested Kharafi Nations, UFM, EFS Facility Management and Fawaz group will continue their dominance but have to face fierce competition from the counterparts. The companies in the industry have plans to develop innovative services and acquire small players.
Kuwait Facility Management market is estimated to register a positive CAGR during 2016-2021. Growing construction industry, upcoming real estate and hotel projects, 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 Kuwait facilities management market, market segmentation, future growth drivers & competitive landscape of major companies including Kharafi Nations, UFM, EFS and others.
Ankur Gupta, Head Marketing & Communications