IMARC Group, a leading market research company, has recently releases report titled “Hard Services Facility Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global hard services facility management market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the hard services facility management market?
The global hard services facility management market size reached US$ 651.46 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 841.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.30% during 2023-2028.
What is Hard Services Facility Management?
Hard services facility management refers to the management and maintenance of the physical assets and structural components of a building or facility. This includes services related to electrical systems, plumbing, heating, ventilation, and air conditioning (HVAC), fire safety systems, and other mechanical and electrical utilities. The primary objective is to ensure that all these systems operate efficiently and safely, thereby providing a secure and functional environment for occupants. Hard services often involve tasks, such as regular inspections, preventive maintenance, repairs, and sometimes, complete replacements of systems or components. By maintaining the physical infrastructure, hard services facility management plays a crucial role in prolonging the life of a building and ensuring compliance with regulatory standards.
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What are the growth prospects and trends in the hard services facility management industry?
The rise in construction activities represents one of the key factors driving the growth of the market across the globe. This is primarily attributed to rapid urbanization which is increasing the need for effective facility management services to maintain these new structures, thus boosting the growth of the market. Stricter building codes and occupational safety regulations necessitate professional management of a facility’s hard services, such as electrical and fire safety systems, to ensure compliance. The increasing integration of technologies like IoT, AI, and predictive analytics enhances the efficiency of hard services by allowing real-time monitoring and predictive maintenance, thus making them more appealing to potential clients. The growing emphasis on sustainable and energy-efficient buildings, and hard services facility management plays a critical role in achieving these objectives by ensuring efficient operation of HVAC and other systems. Expansion in sectors like manufacturing, healthcare, and education also fuels the demand for hard services to maintain the complex systems in these facilities which is bolstering the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Service Type:
- Outsourced
- In-house
Breakup by Industry Vertical:
- Healthcare
- Government
- Education
- Military and Defense
- Real Estate
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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Who are the key players operating in the industry?
The report covers the major market players including:
- ABM Industries Inc
- AMEC
- Aramark
- CBRE Group Inc.
- Cushman & Wakefield plc
- EMCOR Group Inc
- Johnson Controls International
- Knight Facilities Management
- Mitie Group plc
- Sodexo
- Tenon Group
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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