Saudi Arabia'sCleaning Market Overview.
A Prosperous Market That Guarantee A True ROI…
Saudi Arabia's Commercial, Industrial and Residential Cleaning Services Market is anticipated to grow with a strong CAGR in forecast during the period 2024 – 2030. As Saudi Arabia's facilities and clean management market is projected to grow from $24.48 billion in 2023 to an impressive $43.48 billion by 2030. There are various factors which help to enhance the market of cleaning services for instance, Rising the building construction industry, growing tourism sector in order to achieve Saudi Vision 2030 among others are forecasting significant growth in the upcoming years (2024-2030). SAUDI CLEAN SHOW is the biggest Trade Show that gather industry leaders and innovators to explore the latest trends, cutting-edge products, and sustainable solutions from around the world in order to support the anticipated increase in cleaning industry manufactories and the cleaning services providers in Saudi Arabia.
SOURCE: TechSci Research
Promising Market…
Booming Tourism and Hospitality Sector
Saudi Arabia's tourism and hospitality industry has been on the rise due to significant expenditures made by nation in infrastructural growth. According to the Ministry of Tourism, Saudi Tourism Authority and Tourism Development Fund, Travel & Tourism Sector's GDP contribution is anticipated to be greater than 10% by 2030. By 2024, revenue is projected to reach US$2.93bn, and with an annual growth rate (CAGR 2024-2028) of 3.33%, the market volume is expected to reach US$3.34bn by 2028. Therefore, the cleaning industry leaders expect to boost the Saudi Arabia Cleaning service Market in the up-coming years.
Growing Smart Cities Concept
In line with the "Saudi Vision 2030" and city-level initiatives like the Read Sea Development Project and the King Abdullah Economic City, which promote sustainable infrastructure development, Saudi Arabia plans to establish several smart sustainable cities around the nation. Smart Cities, according to Saudi Arabia, are environmentally conscious urban construction projects that are technologically integrated with cutting-edge ICT) Information &Communication Technologies) and the Internet of Things (IoT). Saudi Arabia has made significant advancements in creating smart cities, with major initiatives including Al-Qiddiya, Entertainment City, the Neom, Al Faisaliah City, King Abdullah Financial District, Dahiyat Al Fursan, and transforming Makkah, Riyadh, Jeddah, Al-Madinah and Al-Ahsa into smart cities. As a result, the country planed smart, sustainable towns are being built to confirm with green building regulations. Such lofty objectives should provide plenty of opportunity for Saudi Arabia's licensed cleaning services businesses.
Growing Awareness Regarding Safe Work Environment
The COVID-19 pandemic has impacted attitude of people on hygiene and a safe working environment. The pandemic has increased the importance of cleaning services sector more than ever. This because facility management businesses and managers are being forced to hire more people and allocate more resources to limit the spread of viruses due to the rising need for sanitization and maintaining good hygiene everywhere. Hence, over the projected period of 2024 – 2028, Saudi Arabia, the market growth for cleaning services is expected to grow.
Upcoming mega projects enhance the cleaning services market across Saudi Arabia.
Saudi Arabia to establish a sovereign wealth fund with a USD 2 trillion cap as part of the Saudi Vision 2030 to finance the vision's accompanying development initiatives. This is likely to propel the cleaning services market across the nation.