Posted On: 2020-06-01
The energy management segment in the Kuwait building management system market would grow at a significate rate over the forthcoming period on account of the rising adoption of green buildings -6WResearch.
Kuwait Building Management System Market would witness steady growth over the coming period on account of the rising construction activities in the country which is apparent from the increase in the number of large-scale projects in commercial, transportation, energy, and urban development sectors. Moreover, the attractive tax framework of Kuwait such as customs-free equipment importation creates lucrative opportunities for foreign investments in the construction and retail sectors.
According to 6WResearch, Kuwait building management system market size is projected to grow at a CAGR of 5.4% during 2020-2026. Favorable government initiatives such as National Development Plan 2035 would boost the non-oil sector leading to infrastructural development across the country which would further drive the building management system market in Kuwait over the coming years. Moreover, rising environmental concerns coupled with the need to fulfill the sustainable development goals target of the country would increase the adoption of green buildings thereby leading to the increase in revenues for the building management system market in Kuwait. However, the spread of the pandemic, COVID-19 would lead to the economic slowdown which would affect every aspect of development in the country in 2020.
According to Prateek Gupta, Senior Research Analyst, 6WResearch, “Service sector holds a good share in the overall building management system market revenues during 2019 in Kuwait and is expected to grow at a significant rate over the forecast period on account of the various infrastructure modernization projects.”
“Rising demand for smart buildings would result in the growth of the professional service sector at a significant rate as a result of growing number of retrofit projects”, Prateek Gupta further added.
According to Swati Acharya, Research Associate, 6WResearch, “Several building regulations mandate the commercial entities to limit the greenhouse gas emissions which have further been supplemented by various initiatives such as Kuwait Vision Plan 2035 that would positively impact the energy management system in the forthcoming period.”
Kuwait Building Management System Market (2020-2026)" report provides an in-depth analysis with 18 figures and 6 tables covered in more than 70 pages. The report estimates and forecast the overall Kuwait building management system market by types, solutions, services, and applications. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.