Facility Management is a bunch of services offered to a building or a facility to manage different operations that include physical aspects like HVAC (Heating, Ventilation, & Air Conditioning), plumbing & wastewater, catering, lighting & electrical, as well as soft services like housekeeping, security, etc. With the growing awareness about the benefits of these facility management services, several organizations in the United States are increasingly adopting them for in-house & outsourced operating models to enhance their overall efficiency.
The USA Facility Management Market is projected to grow at a CAGR of around 5.5% during the forecast period, i.e., 2022-27. The growth of the market is driven primarily by massive investments by the US government in developing different industries like construction, transportation, corporate, & hospitality, among others, i.e., surging the demand for facility management services to improve the overall operational efficiency & productivity of businesses with cost-effectiveness.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Region Covered||South, West, Midwest, Northeast, Others|
|Key Companies Profiled||Compass Group, Sodexo, EMCOR, Cushman & Wakefield, Trane, CBRE, Jones Lang LaSalle Incorporated (JLL), G4S PLC, ISS, Ecolab|
|Unit Denominations||USD Million/Billion|
Besides, with the swift expansion of the corporate sector and the increasing establishment of multinational companies & start-ups in the country, the US government is actively working on constructing more and more offices, which, in turn, is also augmenting the demand for facility management services.
Impact of Covid-19 on the USA Facility Management Market
The advent of Covid-19 in 2020 had a decelerating effect on most industries across the USA, and the Facility Management Market was no exception. The market underwent moderate effects of the crisis, principally due to the imposition of stringent movement restrictions & lockdown by the US government to curb the spread of this dreadful disease. Initially, while organizations were compelled to work from home, the demand for facility management services underwent a temporary decline and resulted in significant financial losses for the leading industry players.
However, the demand for these services escalated dramatically across the healthcare sector, principally to ensure utmost safety & hygiene in the facility while managing all the operations efficiently. It, in turn, displayed a positive effect on the market throughout the USA. Besides, with the gradually reducing number of Covid-19 cases, the USA government uplifted the restrictions and allowed the recommencement of business operations. It, in turn, propelled the demand for facility management services throughout the country to ensure safety & hygiene in facilities.