How Is The Global Hard Services Facility Management Market defined?
Hard services facilities management involves the maintenance and management of physical assets within a built environment. It includes services such as HVAC (Heating, Ventilation, and Air Conditioning) maintenance, plumbing, electrical systems management, and building fabric upkeep. These services ensure that a facility's infrastructure operates effectively, supporting the overall functionality and safety of the premises.
Hard Services Facility Management Global Market Report 2024 provides data on the global hard services facility management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The hard services facility management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Hard Services Facility Management Market Size Expected To Expand, And At What Annual Growth Rate?
The hard services facility management market has grown significantly, rising from $609.12 billion in 2023 to $644.31 billion in 2024, with a CAGR of 5.8%. Growth drivers include multinational corporate expansion, workplace safety focus, aging infrastructure, demand for customized services, and regulatory changes. The market is expected to grow to $810.73 billion by 2028 at a CAGR of 5.9%, driven by urbanization, smart building technologies, heightened focus on cybersecurity, green building initiatives, and remote work trends. Major trends include predictive maintenance, data-driven decision-making, reliance on outsourced facility management, and the adoption of agile work environments.
What Are The Key Drivers Fueling Growth In The Hard Services Facility Management Market?
The rapidly growing hospitality industry is expected to drive the growth of the hard services facility management market. The hospitality industry, encompassing accommodation, food services, and tourism, is expanding due to globalization, rising incomes, and a growing desire for leisure experiences. Hard services facility management is critical in maintaining infrastructure such as plumbing and HVAC systems in hotels and other hospitality venues, ensuring guest comfort and safety. For example, the American Hotel and Lodging Association reported an 11.1% improvement in U.S. hotel demand from 2021 to 2022, with hotel occupancy reaching 62.7%. The growth in the hospitality sector will continue to fuel the hard services facility management market.
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What Are The Principal Market Segments In The Global Hard Services Facility Management Industry?
The hard services facility management market covered in this report is segmented –
1) By Type: Mechanical, Electrical, Plumbing (MEP) Heating, Ventilation, and Air Conditioning (HVAC) Maintenance Services, Enterprise Asset Management
2) By Service Type: Outsourced, In-house
3) By Industry Vertical: Healthcare, Government, Education, Military And Defense, Real Estate, Other Industry Verticals
Which Emerging Market Trends Are Altering The Hard Services Facility Management Sector?
Key players in the hard services facility management market are innovating by offering digital platforms that enhance operational efficiency and enable predictive maintenance. Digital platforms provide integrated solutions for managing building assets. For instance, in September 2023, Johnson Controls International PLC, an Irish building technology firm, introduced the OpenBlue service called Ensuring Security Device Performance. This service integrates remote monitoring, cybersecurity, and predictive maintenance features, aiming to optimize customers' security systems.
What Is The Leading Region In The Hard Services Facility Management Market?
Asia Pacific was the largest region in the hard services facility management market in 2023. The regions covered in the hard services facility management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
