New York, NY -- (SBWire) -- 08/26/2020 --Due to its massive skyscrapers, luxurious lifestyle, sprawling shopping malls, lavish resorts, guest houses, and hotels, and adrenaline-inducing adventure parks, the U.A.E. is rapidly becoming a major tourist destination. The rising tourist footfall is pushing up the requirement for facility management services in the country, thereby driving the advancement of the U.A.E. facility management market. As a result, the market is predicted to grow, in valuation, from $14,949.9 million to $34,959.4 million from 2019 to 2030, demonstrating a CAGR of 9.3% from 2020 to 2030.
The Dubai Expo 2020 is another important factor fueling the progress of the U.A.E. facility management market. The increasing number of construction activities, including the building of several metro stations, opulent hotels, and expansive shopping centers and renovation projects being launched all over the country as part of the Dubai Expo 2020 preparations, will massively bolster the expansion of the market in the future. This is because these settings and facilities would one day become operational and require a plethora of facility management services.
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Currently, the progress of the U.A.E. facility management market is being severely hampered by the COVID-19 pandemic. This is because the lockdown that has been initiated all over the country for controlling the spread of the virus has resulted in the shutting down of shopping complexes, mosques, manufacturing plants, hotels, and tourist attractions. This has, in turn, reduced the requirement for facility management services in the country. However, the growing public awareness of the disease and its various spreading modes is propelling the need for disinfection services, which is, in turn, causing gradual growth of the market.
U.A.E. Facility Management Market Segmentation Analysis
The catering category, under the service segment of the U.A.E. facility management market, would exhibit the highest CAGR in the market in the coming years. This is because of the thriving business sector in the country and the subsequent rise in the requirement for fresh and healthy food items amongst the employees.
In the past years, the highest growth in the U.A.E. facility management market, on the basis of end user, was demonstrated by the commercial category. This is credited to the fact that the provision of facility management services by specialized firms allows businesses to focus more on their operational areas and business processes without thinking about the maintenance of their physical assets such as manufacturing facilities, distribution centers, and offices.
The outsourced category, present under the mode segment of the U.A.E. facility management market, is predicted to register higher growth in the market over the next decade, mainly due to the increasing outsourcing of facility management services by businesses across the world. This is being done so that the businesses can fully focus on their operations.
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Presently, the hard category is exhibiting higher growth in the type segment of the U.A.E. facility management market. The hard services are highly technical in nature and thus, can only be offered by trained professionals. Due to this reason, the hard services are usually costlier than the other facility management services. As a result, the hard category is generating higher revenue in the market. Manufacturing firms are the biggest end users of these services, on account of the significantly high requirement for MEP (mechanical, electrical, and plumbing) services in the production facilities of these firms.
Market Players Focusing on Geographical Expansion for Attaining High Revenue Growth
The companies operating in the U.A.E. facility management market are rapidly setting up offices in various countries and regions in order to expand their global presence.
- For example, Emrill Services, a leading facility management services providing company in the U.A.E., set up one office each in Sharjah and Ras Al Khaimah in September 2019 in order to capitalize on the mushrooming requirement for facility management services in these emirates on account of the boom in the residential, hospitality, construction, and retail sectors.
Similarly, in Abu Dhabi, Farnek Services LLC began offering full protection services at commercial offices, shopping malls, industrial premises, hotels, and residential buildings in April 2017. The organization entered into an agreement with International Emirates Business Group (IeBG), according to which, it would offer security services in the capital city of the U.A.E.
Flourishing Tourism Industry to Power $34,959.4 Million Revenue in U.A.E. Facility Management Market by 2030