India Facility Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted May 19, 2021 by statzyreports

The India Facility Management Market is anticipated to record a CAGR of 24%, over the forecast period (2021 - 2026).

 
 The growing emphasis on outsourcing of non-core operations and growth in the real estate sector is expected to drive the Indian market for facility management services. Along with this the government regulation on safety measures and environmental concerns to follow green practices is expected to drive the market.

- The country's facility management sector is a fragment, as most of the facilities in the country rely on in-house operations for their maintenance and building management processes.

- India has a dominant service sector which attracts a significant amount of foreign investment. According to IBEF, the country's IT firms generated the highest revenue during fiscal 2018 and stood at USD 167 billion. The government initiatives are expected to drive the growth of organized sectors in the country. Over the forecast period, the economic condition is expected to play a major role in channelizing the foreign investment and impact the market.

- The growing trend of outsourcing the non-core operations in the country is expected to increase the demand for Facility Management Services. Recently the Somnath Temple in Gujarat has been declared as the cleanest temple in the country under Swach Bharat Mission, BVG India Ltd holds the responsibility of maintenance of this temple.

- The government safety regulations and emphasis on green practices over environmental concerns across the country is driving the market. The Occupational Safety, Health and Working Conditions Code, 2019 which was introduced in Lok Sabha by the Ministry of Labour and Employment is expected to drive the organizations to adopt facility management services to focus more on their core operations.

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Key Market Trends

Steady Growth in Real Estate Sector is Expected to Drive the Market

- Owing to the increasing incomes and urbanisation due to the economic growth of the country is driving the market for real estate. According to IBEF, between 2009 and 2018, the country's real estate sector attracted institutional investments worth USD 30 billion. Along with this, the government allows 100% FDI for township and settlement development projects, this is expected to drive the market.

- The increasing demand for office space in the country is one of the factors which is driving the market; According to MoneyControl, the office leasing crossed 30 million sq ft during the first half of 2019. The growing number of offices is expected to drive the demand for facility management.

- The growth of flexible workplaces in the country are on the rise, feasibility and cost-effective nature of co-working spaces are attracting small and medium-sized organisations. According to NAREDCO, the cumulative area taken up by the co-working segment from fiscal 2017 to the first quarter of 2019 is 6.9 mn sq.ft.

- The adoption of facility management services is on the rise from the residential real estate sector as well. The growing number of apartment buildings in the country is driving the market.

Western Part of the Country is Expected to hold Dominant Market Share

- Owing to the presence of key cities such as Mumbai and Pune, the region is expected to contribute majorly for the growth and demand for Facility Management Market. The combined population of both cities comes to 15,627,580; based on world population revies data 2019.

- Mumbai is the highest co-working space leasing city amongst many other cities in the country; the city also has a significant number of offices of corporations. Recently Blackstone Group has agreed to buy 700,000 sq ft of prime office space in Mumbai's Bandra-Kurla Complex for INR 25 billion.

- The growth of commercial property in the region is expected to drive the market. Smartworks picked up 82,000 sq. Ft space on lease at Fleet House, a commercial property on Andheri Kurla Road in Mumbai. It also took an entire building (Maple Corporate Park) on lease in Noida.

Competitive Landscape

The major companies include Sodexo Facilities Management Services India Private Limited, BVG India Limited, ISS Facility Management, G4S India, Mortice Group PLC (TenonFM) and among others.

- July 2019 - Sodexo announced that it is in final discussion to take a strategic minority stake in Zeta, which has been partnering with Sodexo BRS India since 2017. The whole group is expected to benefit from Zeta's comprehensive technological suite of payment solutions.

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Issued By Statzy Market Research
Country India
Categories Technology
Tags india facility management market , india facility management market forecast , india facility management market share , india facility management market size
Last Updated May 19, 2021