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FM market projected to reach $5 trillion by 2032

According to the latest study by Global Market Insights, Inc. the facilities management market is set to grow from its current market value of more than $1Trillion to over $5 Trillion by 2032.

The global FM market is expected to attain robust growth through 2032 owing to the increasing demand for value-added services, finds the study. In addition, it reports that rising investments in the construction industry is likely to propel market growth over the review timeline.

Increased investment in the construction and real estate industries around the world is expected to boost the market growth. For instance, in May 2021, the Brazilian government announced plans to invest $50 billion in the infrastructure sector. As a first step toward economic recovery, the nation intends to sell concessions on assets like airports, highways, ports, and railways.

The study also states that the FM industry has been divided in terms of type, service, management service, application, and region.

Based on service, the management service segment held around 15 per cent revenue share in 2022 and is anticipated to expand substantially from 2023 to 2032. Management services assist firms in making the best use of their facility’s resources, including space and power. To assist firms in achieving quality, cost-efficiency, sustainability, and compliance, managed services enlist the assistance of qualified specialists who can organize various company tasks.

Under management service, the energy and utilities segment is poised to witness more than 13 per cent CAGR through the forthcoming years credited to the expanding tourist and hospitality industries. For their operations to be successful, businesses in the hotel and tourism sectors need a consistent and effective power supply. Energy and utility services oversee central heating & water plants, high voltage electric systems, water storage & pumping facilities, as well as the accompanying distribution infrastructure required to convey these services within an organisation.

With respect to application, the industrial sector is speculated to grow steadily over the review years attributed to the global industrialisation trend that is intensifying the market expansion for facilities management. Manufacturing companies are outsourcing the upkeep of mechanical and electrical systems that comply with regulations.

From the regional perspective, the Latin America facilities management market is set to garner nearly $713 billion by 2032 ascribed to the increasing efforts of multinational businesses to expand in Latin American nations like Colombia and Chile. The use of facilities management services in educational institutions, including schools, colleges, and universities, is a result of the expanding investment in the education sector.

Meanwhile, the Middle East & Africa facilities management market is projected to grow considerably owing to the constant implementation of construction works as part of the strategic plan of Middle Eastern nations is what is fuelling the rising commercial construction projects.

To read more on the report click here.

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