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Building Maintenance Services Market Report Overview
The global building maintenance services market size was USD 351600.0 million in 2021 and is expected to reach USD 779716.05 million in 2031, exhibiting a CAGR of 8.29% during the forecast period.
The term "building maintenance" refers to activities performed on residential and commercial properties to maintain and restore their functionality. Cleaning, landscaping, and electrical system maintenance are part of this process. The organization strives to provide its tenants with a safe, comfortable, and functional living environment at all times. The abovementioned services might be executed occasionally or regularly or as needed depending upon the contract between customers and the organization.
The building maintenance services market is fragmented by its variety of service types such as landscaping, interior building cleaning, pest control, exterior building cleaning, and power washing and others are contributing to the expansion of this market. Also, based on applications, commercial and residential building is the largest segment to influence the demand for the service. Therefore, the market is predicted to record a significant growth rate during the projection period.
COVID-19 Impact: Lockdown Restriction and Work from Home Reduce the Demand for the Service
The global COVID-19 pandemic has been unprecedented and staggering, with the building maintenance services market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The COVID-19 epidemic hampered the real estate and building construction market all over the world. Resulted, the building maintenance service sector recorded a significant downfall in the 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 during the projection period.
Latest Trends
"Introduction of FutureBus to Provide Essential Characteristics and Achieve Ribbon Interconnect Density "
The Growing trend of predictive maintenance is another important development in building maintenance services and facility management software can be used to track assets and predict maintenance needs beforehand which can be a revolution for 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. On October 29, 2019, CBRE Group, Inc. has announced its appointment as the exclusive provider of global real estate services for Novartis International AG, one of the world’s leading pharmaceutical companies.
Building Maintenance Services Market Segmentation
- By Type Analysis
According to type, the market can be segmented into Landscaping, Interior Building Cleaning, Pest Control, Exterior Building Cleaning, and Power Washing, Street and Parking Lot Cleaning and Maintenance, Swimming Pool Cleaning, and Others.
- By Application Analysis
Based on application, the market can be divided into Residential Building, Commercial Building, Public Building, and Other
Driving Factors
"Growing Need for Commercial Building Complex Upsurge the Demand for Maintenance Service to Propel Market Growth "
The driving factors of the building maintenance service such as rise in construction spending, renovation of buildings, and new creations. Also, growing industrialization, and urbanization in the Asia Pacific especially, in developing nations; China and India will raise the demand for the service in the continent which will help the market to grow globally. Along with this, increasing demand for commercial building complexes worldwide is the aspects that contribute to enhancing the demand for the service which will escalate the growth of the industry.
"Advantages of the Service in the Long Run Help Market to Boost the Demand for the Building Maintenance "
The building maintenance services market growth is driven by the benefits of the service which help the market to grow such as it saves time and money in the long run, keeping commercial or residential buildings in good condition, as well as, creates a great impression on prospects, Safeguards from the risk of any danger of dilapidated building which prevents expensive repairs in the future. These advantages of service are attributed to inflating the growth rate over the forecast period.
Restraining Factors
"Alternatives and New Entrants’ Presence May Threat Moderately to the Market Expansion"
Apart from the driving factors for the growth of the market, this market can be restrained by a high level of price competition in the industry that enables these services to be affordable to more potential users. Additionally, alternatives and new entrants present may give moderate threats which can impede the growth of the building maintenance service market.
Building Maintenance Services Market Regional Insights
"North America Leads the Market due to the Existence of High Building Infrastructure in the Region"
In terms of regional insights, North America dominates the market based on its revenue of the market. The building maintenance services market in the region is driven by factors for instance a constantly rising population all over the world, and an increase in the number of green/white certified commercial office spaces in North American countries such as Canada and the U.S. Besides this, several governments and private institutions are taking initiative to promote a clean environment. Along with this, the growing spending power of people to ameliorate their lifestyle leads them to use this service.
Key Industry Players
"Key Players Emphasis to Hire Skilled Workers and Advanced Equipment to Provide Outstanding Results "
The presence of prominent leading companies contributes to the expansion of the industry through their innovative techniques and advanced features of the service. Their skilled workmanship, highly advanced equipment, and complete satisfaction from clients or customers attribute to provide a top position in the market competition. Therefore, some players such as Pacific Maintenance Company, BMS Building Maintenance Service, General Building Maintenance, and Compass GROUP are the notable service providers which stimulate market growth with their best service packages and outstanding results. The majority of the building maintenance services market shares are owned by these key service providers of the market.
LIST OF TOP BUILDING MAINTENANCE SERVICES COMPANIES
- Pacific Maintenance Company
- BMS Building Maintenance Service
- General Building Maintenance
- Compass GROUP
- ISS
- Associated Building Maintenance Co
- Cushman & Wakefield
- Millennium Building Services
- Sodexo
- Able Services
- CBRE GROUP
- Cushman and Wakefield
- National Facilities Services
Report Coverage
This report describes the building maintenance services market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
|
Market Size Value In |
US$ 351600 Million in 2021 |
|
Market Size Value By |
US$ 779716.05 Million by 2031 |
|
Growth Rate |
CAGR of 8.29% from 2021 to 2031 |
|
Forecast Period |
2024-2031 |
|
Base Year |
2023 |
|
Historical Data Available |
Yes |
|
Regional Scope |
Global |
|
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global building maintenance services market expected to touch by 2031?
The global building maintenance services market is expected to touch USD 779716.05 million by 2031.
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What CAGR is the building maintenance services market expected to exhibit during 2024-2031?
The building maintenance services market is expected to exhibit a CAGR of 8.29% over 2024-2031.
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Which are the driving factors of the building maintenance services market?
The growing demand for commercial buildings due to urbanization particularly, in the Asia Pacific is the driving factor of the building maintenance services market.
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Which are the top companies operating in the building maintenance services market?
Pacific Maintenance Company, BMS Building Maintenance Service, General Building Maintenance, Compass GROUP, ISS, Associated Building Maintenance Co, Cushman & Wakefield, Millennium Building Services, Sodexo, Able Services, CBRE GROUP, Cushman and Wakefield, and National Facilities Services are top companies operating in the building maintenance services market.
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