Facilities
Management Market: Snapshot
Cost reduction has become imperative in almost all sectors, be
it manufacturing, corporate, educational, or residential. Facilities management
has emerged as the ideal tool to offer high-quality services such as cleaning,
maintenance, and security at a low cost. The economic pressure that most
companies have been under is owing to consistently rising maintenance and
operation costs, which impacts the performance of the firm in the long run. The
improvement of business activities is also dependent on the effective control
of harmful gas emissions. Rising government regulations on waste management and
energy have compelled organizations to turn to facilities management in a bid
to improve the long-term sustainability of their businesses and the environment.
Fueled by these current and emerging trends, the global market
for facilities management is expected to report a 13.6% CAGR during the
forecast period. This market is expected to witness an upward growth in value
from US$606.4 bn in 2015 to US$1,887 bn by 2024.
Growing Europe FM Market Looks to Demand from Manufacturing
Industries
The global facilities management market comprises North America,
Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe is
by far the most prominent regional market for facilities management, with the
opportunity to be worth US$624.9 bn by 2024. Rising from a US$219.5 bn worth in
2015, the Europe market is projected to expand at a 12.5% CAGR therein. This
can be attributed to the growing demand for support and maintenance services by
manufacturing industries in the region and the surging demand for a variety of
technical services such as plant maintenance, fabrication, and HVAC. While the
U.K. is the largest revenue generator in this regional facilities management
market, Germany is expected to register the highest growth over the coming
years.
Asia Pacific is poised to witness the fastest growth by 2024,
clocking in a 15.5% CAGR during the forecast period. This FM market is
estimated to reach a worth of U$437.1 bn by 2024, fueled by the rapid
development of education and residential sectors and their demand for soft
services, such as catering, mailroom, pest control, cleaning, waste management,
and security. India and China are anticipated to witness flourishing growth in
the facilities management market thanks to the rise in soft service and
technical outsourcing in several industries.
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Corporate Sector Stands Out in Adoption of Facilities Management
Services
The facilities management market caters to several end-use
industries, namely government and public, manufacturing, retail and commercial,
corporate, healthcare, and educational and residential. The corporate sector is
the largest contributor to the overall revenue of the facilities management
market and also the fastest developing industry segment, registering an
impressive 15.1% CAGR from 2016 to 2024. This segment accounted for a 21.3%
share in the FM market by industry in 2015, propelled by the growing need to
support and maintain core services in corporate sectors such as IT and BFSI
(banking, financial services, and insurance). While North America and Europe
have been witnessing large-scale adoption of facilities management services in
the corporate sector, the MEA and APAC regions are expected to gain traction
thanks to the increasing adoption of outsourced FM services.
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