Huge Revenue Growth Predicted in Qatar Facility Management Market During 2020—2030

The increasing awareness among the enterprises in Qatar about the protection of the physical assets has led to a high demand for facility management services. Since physical assets require huge investments, effective asset protection minimizes the operational expenditure on them and helps companies in achieving profitability. The surging requirement for asset protection has encouraged facility management service providing companies to integrate infrastructure, sustainable environment, real estate, technology, and people to achieve optimum efficiency.

Moreover, the surging focus of the government on the diversification of its economy will drive the Qatar facility management market at a 16.4% CAGR during 2020–2030. The market was valued at $4,613 million in 2019, and it is expected to reach $21,975.1 million by 2030. The government plans to boost its economic growth through the Qatar National Vision 2030, which is based on four key aspects, namely environment development, economic development, social development, and human development. Qatar essentially aims to reduce its economic dependence on the oil and gas industry through this plan.

The service segment of the Qatar facility management market is categorized into property, security, cleaning, environmental management, support, and catering. Among these, the property category generated the highest revenue till 2019 due to a boom in the construction industry of the country. The Qatar National Vision 2030 and FIFA World Cup 2022 are giving a boost to the construction sector, which, in turn, is driving the demand for property management services to meet the requirements of the newly commissioned buildings in the nation.

These services are required in the commercial, industrial, and residential sectors for maintaining and managing the premises. According to P&S Intelligence, commercial facilities will be the fastest adopters of facility management services in Qatar, primarily on account of the growing need for clean and attractive spaces to attract tourists and locals. Besides, the surging awareness among end users about commercial building management, to maximize the operational expenditure, is accelerating the demand for facility management services in Qatar.

Thus, the growing awareness regarding asset protection and rising focus of the government on economic diversification will fuel the demand for facility management services in Qatar in the foreseeable future.

Source: www.psmarketresearch.com

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