Posted On: 2020-03-31
Facility management system segment in Saudi Arabia is expected to witness substantial growth in the building management system market on account of the rise in infrastructural development projects coupled by the favorable government initiatives-6WResearch.
Significant growth in the construction of smart cities such as Neom City, Riyadh Tower which is underpinned by the government’s ambitious infrastructural development plan would drive the building management system market in Saudi Arabia over the coming years. Moreover, the rising awareness about the energy conservation would increase the adoption of LEED accredited buildings across the country as these systems ensure sustainable use of energy, thereby augmenting the demand for building management system market in Saudi Arabia.
According to 6WResearch, Saudi Arabia building management market size is projected to grow at a CAGR of 7.2% during 2020-2026. Saudi Vision 2030 and National Transformation Program 2020 are some of the favorable government initiatives that would help in strengthening the non-oil sectors such as construction, commercial and transportation sectors which would boost the demand for building management solutions over the forecast period.
According to Prateek Gupta, Senior Research Analyst, 6WResearch, “Despite the soaring oil crisis over the recent past, the government and the private players have been investing huge amount of money for the infrastructural development that includes expansion of railway lines, airports and metros coupled with the construction of new hotels and malls, as a result of which the demand for building management system market would pick up pace in the coming years.”
“The spread of COVID-19 pandemic would result in the overall economic slowdown on account of the falling oil prices which in turn would affect the growth of the building management system market in the country in 2020. However, the building management system market revenues in the country are anticipated to gain momentum during the second half of 2020 especially on account of the growth in the service and maintenance sectors”, Prateek Gupta further added.
According to Swati Acharya, Research Associate, 6WResearch, “Facility management systems is the leading revenue-generating segment in the overall building management system market in Saudi Arabia on account of the growth in the construction projects. Furthermore, Saudi Arabia is characterized by the extreme climatic conditions all year round requiring the continuous usage of the HVAC systems, thereby resulting in the positive impact in the growth of HVAC controls and lighting controls over the forecast period”.
Some of the key players in Saudi Arabia building management system market include Siemens AG, Johnson Controls International PLC, Schneider Electric SE and Honeywell International Inc.
Saudi Arabia Building Management System Market (2020-2026)" report provides an in-depth analysis with 28 figures and 9 tables covered in more than 70 pages. The report estimates and forecast the overall Saudi Arabia 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.