Press release
Facility Management Services Market in Nigeria Rising Business-Opportunities to Reach $12.7 billion by 2027
Nigeria Facility Management Services Market
The market growth is attributed to the rise in adoption of facility management services in commercial and industrial applications. The two major areas of Nigeria facility management services market are industrial and commercial sectors.
The commercial sector accounted for the maximum share in the market in 2019, owing to dominant use of facility management services such as cleaning, security, heating ventilation & air conditioning (HVAC), and electrical services in offices, malls, and government buildings. Further, growth in applications of facility management services in infrastructure projects and residential construction projects are expected to fuel the development of the market.
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According to a new report published by Allied Market Research, titled, the Nigeria facility management services market was valued at $8.4 billion in 2019, and is projected to reach $12.7 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027.
In addition, the facility management market in Nigeria is expected to have a promising future, owing to growth in investments in the infrastructure sector, which involves construction of new international airport and port, rail lines, and highways.
Scope of The Market -
Nigeria facility management services market was valued at $8.4 billion in 2019, and is projected to reach $12.7 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027. The commercial segment is estimated to generate around three-fourths share of the Nigeria facility management services market during the forecast period.
The novel coronavirus has undesirably affected a variety of facility management services, which include catering, security, plumbing, and electrical amongst others for the building industry.
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The adverse trends in the Nigerian economy is projected to worsen the growth of the Nigeria facility management services industry. Additionally, travel bans due to lockdown and absence of workforce have also influenced the demand for facility management services in Nigeria.
In Addition, reduced consumer demand and consumption has led to decline and stoppage of sales of facility management services in Nigeria during the current economic year. Hence, the facility management services market in Nigeria is anticipated to be adversely affected in 2020.
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Segments Based On:
By Service -
Cleaning
Security
Property
Catering
Others
By Application -
Residential
Industrial
Commercial
Retail
Healthcare
Educational
Government
Others
Market players-
IncludeAlpha Mead Group, Briscoe Properties Limited, Cxall Facilities Management, Eko Maintenance, FilmoRealty, Global PFI Group, Grandeur Real-Estate Company, Green Facilities Ltd., Libra Reliance Properties, Provast, Trim Estate & Facility Management Services, and Willco Property Management.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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