Why Commercial Sector Holds Largest Share in Qatar Facility Management Market?

The total revenue generated by the Qatar facility management market was $5,285.1 million in 2021, and it is likely to grow at a CAGR of 17.3% during 2021-2030, to reach $22,268.2 million by 2030. The increasing infrastructure development of the industry and expanding private sector and tourism industry are the key drivers for the market. The FIFA World Cup is also predicted to propel the growth of the market, with increased construction of malls, stadiums, and other pieces of infrastructure.

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The commercial category was the largest in the market in 2021, based on end user, in terms of revenue. Because of the large-scale growth in the construction of retail spaces and hotels, the upcoming FIFA World Cup 2022 will offer a push to the Qatar facility management market. Moreover, the outsourced category generated significant revenue in the market in 2021,under segmentation by mode of services. Outsourcing such services allows organizations to take their minds off menial tasks such as facility management and focus on their core area of business.

The Qatar facility management market is expected to grow quicker in the hard services category in the coming years, based on the type of service. This will be because of the country's rapidly growing construction industry, where these services ensure optimum comfort and convenience of residents, employees, and visitors. These services include plumbing and HVAC maintenance, which require some kind of technical knowledge for their execution.

In the years to come, the cleaning services category will witness the highest the Qatar facility management market CAGR in the coming years. The growing need for cleanliness and hygiene in commercial spaces, especially hotels, is credited for this development. With the emergence of the pandemic, there is a growing inclination of people toward cleanliness, which is giving opportunities to companies offering such services in the country.

The government is investing heavily in the development of infrastructure to enhance its economic growth prospects. In its 2021 budget, the Municipality and Environment Sector of Qatar allocated $7.0 billion in a large number of major infrastructure projects, including water and electricity networks and roads. Moreover, in 2020, the government announced plans to spend $58 billion for the development of varied sectors. The Qatar National Vision 2030 was launched in 2008 by the Qatar Government to boost the economy.

The idea behind the vision is to lessen the reliance of the country on the oil and gas industry, which currently accounts for the majority of the contribution to its GDP. However, the global outcry over the air pollution caused by the combustion of fossil fuels in industries, power plants, homes, and automobiles has impelled the world to shift to cleaner sources of energy. Thus, considering the gradual decrease in the demand for oil and gas in the coming years, Qatar is developing other sectors, such as IT, education, tourism, and manufacturing.

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The Qatar facility management market is competitive because of the existence of several key players. In recent years, the market players have secured contracts for facility management services, to attain a significant position. For example, CBM Qatar LLC, in June 2020, secured two facility management contracts from Al Kaabi Tower at Al Aaliya Street in Doha and the Embassy of the Republic of Singapore in Doha. According to the contracts, the company would offer cleaning, security, and MEP services for two years.

The market is prospering because of the increase in the construction of stadiums owing to the FIFA World Cup in 2022.

Browse more reports:

GCC Facility Management Industry - https://www.psmarketresearch.com/press-release/gcc-facility-management-market

Kuwait Facility Management Industry - https://www.psmarketresearch.com/press-release/kuwait-facility-management-market

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