Building Maintenance Services Market size will grow at a CAGR of 8.50% from 2023-2030: Cognitive Market Research
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Introduction of?Building Maintenance Services Market
Building maintenance services have been driven due to the growing trend of predictive maintenance, another important development in building maintenance services that can be used to track assets and predict maintenance needs, which can revolutionize this service sector. In addition, due to boom in the real estate sector and government regulations for the safety of tenants enhance the expansion of the building maintenance service market.?
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the building maintenance services industry.?
For instance, in October 2019, CBRE Group, Inc. declared its appointment as the exclusive provider of international real estate services for Novartis International AG, one of the globe's leading pharmaceutical firms.
Key Insights from Building Maintenance Services Market Report
The Global Building Maintenance Services market size is USD 352.9 billion in 2022 and is expected to expand at a compound annual expansion rate (CAGR) of 8.50% from 2023 to 2030.
How are the Primary Drivers Fueling the building maintenance services market?
The market is characterized by the existence of a few established players and new entrants in the market. Many big players are growing their focus on the rising trends of the market. Players are diversifying their service delivery to maintain industry share. Key players are undertaking prominent initiatives to attract more considerable consumer bases and are developing their service portfolio into commercial settings to stay competitive in the global building maintenance services market.
In July 2023, the Delegation of the European Union to India is launching a call for tender using a negotiated procedure for Housekeeping and Manpower for building maintenance services. The company will be responsible for Housekeeping and Manpower for building maintenance services at the New Delhi office. The launch of the procurement procedure will be in August 2023.
Furthermore, in November 2021, Orion Group partnered with ColoradoScapes to deliver full-service landscaping maintenance for multi-family residential properties, office parks, homeowners' associations, and retail centers.
The building maintenance services market has revolutionized because of an upsurge in infrastructural investments. Government bodies across nations heavily invest in the building and infrastructural sector. Infrastructural growth heavily relies on three components, new building construction, renovation of existing buildings, and civil engineering. The market propensity for renovating existing buildings defines most services related to this industry, arrangements, and market growth. Governments across emerging countries are contracting with numerous private contractors, including service providers and numerous international players, to maintain the infrastructure clean and green, including smart building construction. Moreover, the growth of smart buildings is accelerated by increasing real estate investment.
United Nations data sets announced in May 2018 that 55% of the globe's population lives in urban areas, a ratio that is projected to expand to 68% by 2050. Projections show that urbanization, the gradual modification in residence of the population from rural to urban areas, integrated with the overall growth of the globe's population, could add another 2.5 billion individuals to urban areas by 2050, with near to 90% of this expansion is taking place in Asia and Africa
Due to the development of these smart buildings. There has been an increase in the need for these management services due to numerous buildings requiring cleaning and maintenance services in developed & growing economies.
Major Factors Restraining the Expansion of the Building Maintenance Services Market
Several large building maintenance service providers with a heavy initial investment in maintenance services hardly face challenges regarding the limited utilization of technology due to the long contracts. Additionally, the rapid expansion in the infrastructure sector demands more workforce, impacting the domestic market across the country. Furthermore, businesses are required to be fully aware of the advantages of facilities management. The issue stems from a requirement for more knowledge and adoption of the mandated technology.
Impact of COVID–19 on the Building Maintenance Services?Market
The COVID-19 pandemic hampered the real estate and building construction market all over the globe. The building maintenance service sector recorded a significant downfall in demand for the service throughout the lockdown period due to restrictions over industries and work from home trend during the global health crisis. However, the market is projected to witness a hike in demand for the service as the restriction has been removed and commercialization is growing in every industry, which is anticipated to expand the market over the forecast period
Building Maintenance Services Market Analysis:
Type Segment Analysis:
Landscaping is the building maintenance services market's most popular offering. The growing trend of more individuals examining sustainable landscaping and gardening procedures. This includes utilizing native plants, decreasing water usage, and using organic & natural fertilizers and pest control methods. The rising popularity of organic gardening and easy accessibility to cutting-edge landscaping products resulted from the rapid industrialization of the market.
According to Cognitive Market Research, pest control is the second-most popular product. Climate change is a major catalyst for the global demand for pest control services. Companies are developing unique technological solutions to improve service efficiency. Areas include route optimization, online sales, the use of smartphone apps to identify pests, mobile communication technologies to bring real-time technical help to the field, and smarter extranets to deliver greater management information for consumers, driving the market growth over the forecast period.
End User Segment Analysis:
Top Companies Market Share in Building Maintenance Services Industry:
索迪斯 , 世邦魏理仕 , ISS A/S , 戴德梁行 , BMS Building Materials Suisse , General Building Maintenance, LLC A Prichard Company , Able Services , National Facilities , EMCOR Group, Inc. , CBM Pte Ltd , and Others
Building Maintenance Services Industry News:
Building Maintenance Services Regional Analysis:
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According to Cognitive Market Research, North America dominated the market in 2022. It accounted for a share of more than 35% of the global revenue due to the presence of a large number of contractual cleaning services providers, such as Maid Brigade, Anago Cleaning Systems, Inc., and others, in the U.S. and Canada. Companies focus on expanding their cleaning services offerings in Canada and Mexico to increase their business revenues from the North American region. Furthermore, as offices, stores, and other commercial enterprises are increasing, the cost of in-house cleaning services places a rising burden on operating overheads. For instance, in 2019, Wiregrass Cleaning Services expanded its commercial cleaning services by launching customized packages for North American office spaces, retail spaces, and salons.
According to Cognitive Market Research, in the US, most commercial facilities have contractual service agreements with service providers to deliver their employees a clean and sanitized working environment. Furthermore, governmental assistance in building housing infrastructural facilities will likely increase the cleaning services demand among these facilities in the region.?
For instance, in January 2022, the United States Department of Agriculture (USDA) invested USD 1 billion to strengthen the rural community infrastructure in the U.S.
Frequently Asked Questions (FAQs)
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