Growing Construction Sector Driving Facility Management Solutions Demand in GCC Nations

The construction industry in Gulf Cooperation Council (GCC) countries is observing significant growth due to the surging tourism activities and improving economic conditions. In recent years, GCC member nations have been allocating huge budgets to the construction sector, owing to which, the countries are adopting facility management solutions in abundance. The rising budgetary allocation to this sector can be attributed to the escalating focus of member nations on reducing their economic dependence on oil and gas revenue. 

Additionally, the flourishing travel and tourism industry is also expected to drive the GCC facility management market at a CAGR of 10.1% during the forecast period (2020–2030). The market was valued at $53,804.3 million in 2019 and it is projected to reach $137,297.8 million revenue by 2030. The growth of the travel and tourism sector is supported by the vision of the governments to divert their attention from the oil and gas industry to other industries. Moreover, the introduction of the new visa system of Saudi Arabia will attract over 100 million visitors to the country by 2030. 

According to P&S Intelligence, Saudi Arabia led the GCC facility management market in the recent past, owing to the flourishing tourism and infrastructure sectors in the country. Moreover, the surging investments being made by the government of Saudi Arabia in the construction and infrastructure sectors, primarily on account of their increasing focus on reducing the country’s economic reliance on the oil and gas industry, are fueling the installation of facility management systems in the nation. For instance, the launch of real estate initiatives such as the Red Sea Project by 2030 and Amaala by 2028 will fuel the installation of such systems in the country in the forthcoming years.

Therefore, the growing construction sector and expanding travel and tourism industry will augment the demand for  facility management services in the GCC in the coming years.

Comments

Post a Comment

Popular posts from this blog

Why Oxygen-Free Copper Market Opportunities Galore in APAC?

Image
 The major factors in the global oxygen-free copper market are skyrocketing demand for oxygen-free copper wires in the electronics & electrical industry and electric vehicles (EVs). This surging demand is owing to their ease of welding, renowned creep resistance, high impact strength, high thermal and electrical conductivity, and high ductility. The market is predicted to grow significantly in the coming years. The outbreak of COVID-19 had disrupted the entire circular economy, significantly reducing this market’s sales because of the ruptured logistical network, shutdown of electronic & electrical product factories, and reduced EV production. Within the grade system, the oxygen-free copper market can be bifurcated into oxygen-free electronic and oxygen-free categories. The latter bifurcation generated higher revenue in the market in the past, not only in terms of value but also in terms of volume. The category will continue to exhibit this trend in the coming years as well. T
Read more

How Will Rapid Industrialization Drive Hydraulic Equipment Demand?

Image
The Government of India completed the construction of 2,734 projects under the Smart City Mission till 2021. The government is currently working on the construction of 100 smart cities, 6 new ports and 14 coastal economic zones (CEZs). Likewise, Infrastructure Australia (IA) approved the construction of 44 new infrastructure projects in February 2021. The rising construction activities, on account of the booming population and mounting investments being made in the construction sector, will propel the need for hydraulic equipment in the coming years. Additionally, the rapid industrialization in developing countries will drive the hydraulic equipment market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $37 billion in 2020. For instance, the United Nations Industrial Development Organization (UNIDO) aims to offer institutional support to special economic zones (SEZs) and industrial and technology parks in Brazil. The UNIDO will help Brazil
Read more

Sales of Hexamine Set to Shoot Up in Coming Years

Image
The mushrooming usage of hexamine in several industries such as rubber, pharmaceutical, explosives, and fuels is a major factor responsible for its soaring sales across the world. Moreover, the booming population in several countries is pushing up the demand for medical and pharmaceutical products. This is due to the fact that the surging population is causing poverty, which is, in turn, propelling the incidence of various diseases such as neurological disorders and urinary tract infections. Apart from the aforementioned factors, the rising requirement for hexamine in the plastic industry is also contributing toward the surging sales of the material throughout the world. It is used in plastic synthesis and heavily required in the packaging and construction industries, on account of these industries being prominent end users of plastics. With the surging population level, the number of construction and infrastructural development projects is increasing rapidly in many countries around t
Read more