2 August 2016 | Herpreet Kaur Grewal
Europe is the "most prominent regional market for facilities management" and could be worth US$624.9 bn (£472 bn) by 2024, according to a new market report.
The research by American firm Transparency Market Research states that the Europe market is projected to expand from its 2015 value of $219.5 bn by 12.5 per cent.
This expansion "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 UK is the largest revenue generator in this regional facilities management market, Germany is expected to register the highest growth over the coming years, it said.
Asia Pacific is poised to witness the fastest growth by 2024, with 15.5% of growth during the forecast period. This FM market is estimated to reach a worth of U$437.1 bn (£331 bn) by 2024, "fuelled 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 because to the rise in soft service and technical outsourcing in several industries, adds the report.