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Impact of COVID-19 on the Gulf Corporation Council (GCC) Facilities Management Market

Impact of COVID-19 on the Gulf Corporation Council (GCC) Facilities Management Market

  • December 2020
  • 48 pages
  • ID: 6018996
  • Format: PDF
  • Frost & Sullivan

Summary

Table of Contents

Although the COVID-19 pandemic has devastated the global economy, the GCC facilities management (FM) market has been among the lesser impacted industries.This study covers the reasons why and offers the results of the analyst’s extensive engagement survey (in collaboration with MEFMA) of key industry players active in the region.

In particular, companies from the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE) dominate the industry by market share and technology adoption.This study outlines the market’s growth potential, competitive environment, key disruptive trends, and growth drivers and challenges.

The research covers market demand and outlook for both hard and soft services across the region, considering the COVID-19 pandemic and in general terms. Extensive commentary is included on the impact of the pandemic, response strategies, and the resulting changes that will be adopted by industry stakeholders in the near future.In addition, this research explores the strategic imperatives and next steps service providers must consider, growth opportunities available to existing players and new entrants, and revenue forecasts. The product segments covered are residential cooling systems, light commercial cooling systems, and commercial cooling systems. The geographic coverage is confined to the GCC. The market is forecast to grow at a compound annual growth rate (CAGR) of 6.1% from 2019 to 2024. UAE is the fastest growing market in the region, followed by KSA. Artificial intelligence (AI) and robotics, machine learning, Internet of Things (IoT), and Industry 4.0 are the key technologies that are disrupting the industry as service providers continue to recognize the synergies and paybacks that technology implementation offers in both financial savings and operational efficiency.This research finds that the region was well prepared to handle the COVID-19 pandemic, and companies with robust business continuity plans were quick to rebound and capitalize on the opportunities presented.
Author: Nideshna Naidu

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