Singapore Facility Management Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.54 Billion |
| Market Size (2029) | USD 4.13 Billion |
| CAGR (2024 - 2029) | 3.10 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Singapore Facility Management Market Analysis
The Singapore Facility Management Market size is estimated at USD 3.54 billion in 2024, and is expected to reach USD 4.13 billion by 2029, at a CAGR of 3.10% during the forecast period (2024-2029).
Singapore's prime position as a global transportation and logistics hub underscores its commitment to top-notch infrastructure and facilities management. As a pivotal gateway to Southeast Asia, Singapore has seen substantial investments in upgrading and maintaining its facilities. The Singaporean government has been instrumental in pushing the envelope on facilities management through agencies like the Building and Construction Authority (BCA) and the Housing and Development Board (HDB). They've rolled out stringent regulations and offered guidance to champion sustainable and efficient practices.
- Smart buildings epitomize the convergence of technology and real estate, prioritizing human experience. These structures leverage digital systems to boost efficiency, sustainability, and user satisfaction. In a smart building, management systems integrate into a single digital platform. This unified approach empowers asset owners to oversee building performance, prolong the structure's lifespan, and foster enhanced interactions among tenants. At the heart of a thriving smart building are its predictive capabilities, driven by artificial intelligence.
- Many service providers operating in Singapore have prioritized expanding their presence over the last decade in order to profit from the increasing need for facility management, particularly with the existing trend favoring the outsourcing of non-core activities.
- The Singaporean facility management market faces significant challenges due to its fragmented nature, characterized by the presence of numerous small to mid-sized local vendors. These vendors often specialize in specific sectors or services such as cleaning, security, or maintenance, which limits their ability to offer integrated, full-scale solutions. Unlike larger multinational players, these local vendors lack the resources and expertise that are critical for modern facility management practices. As a result, their operational efficiency and service offerings remain suboptimal, leading to limited scalability.
- In addition to this, considering the opportunities, the country has seen a surge in the number of possibilities to utilize facility management and corporate real estate in innovative ways. Also, the rising demand for IFM and outsourcing of non-core operations from emerging verticals and renewed emphasis on workplace optimization and productivity are further augmenting the growth of the market.
- The surge in infrastructure development investments can positively impact the Singaporean facility management services market. As new infrastructure projects are built, there is a rising demand for effective facility management to maintain, handle, and operate these facilities efficiently. This, in turn, can lead to the growth of facility management services as more organizations and government entities seek these services to ensure their assets' proper upkeep and functionality.
Singapore Facility Management Market Trends
Asset Management is Expected to be the Fastest Growing Segment
- Asset management within the market involves systematically maintaining, operating, and optimizing physical assets such as building structures, electrical systems, and plumbing to ensure their functionality, safety, and efficiency throughout their life cycle. It focuses on extending asset lifespan, ensuring operational efficiency, and managing the life cycle of these assets through preventive maintenance, inspections, and timely repairs.
- Asset management is driving the growth of the Singaporean facility management market, which is supported by increasing building development and the demand for advanced infrastructure management.
- Singapore's push toward becoming a smart city and its focus on sustainability and energy efficiency create opportunities for hard facility services, particularly in asset management. According to the World Population Review, Singapore ranked as one of the top smart cities with a motion index score of 79.52 in 2024.
- In August 2024, AtkinsRéalis Group Inc., an engineering services and nuclear company, was awarded the project management services contract by Singapore GP Pte. Ltd (SGP) for the Formula 1 Singapore Grand Prix, a key motor racing event, which is part of the International Automobile Federation's (FIA) series of the Formula One World Championship. AtkinsRéalis will provide cost management and construction management services involving over 50 contracts and 4,000 personnel to support the facilities' building, operation, and dismantling as part of its two-year contract. The mandate also includes health and safety, sustainability advisory, and digital and facilities management support to ensure the project is delivered to the highest quality and efficiency standards.
- Singapore is witnessing an uptick in large-scale construction projects, boosting the demand for facility management services. For instance, the development of the Punggol Digital District represents a major smart and sustainable initiative. It will feature a campus for the Singapore Institute of Technology and serve as a hub for cybersecurity and other digital industries. Another significant project is the expansion of Changi Airport, with the upcoming Terminal 5 expected to be completed by the mid-2030s, with construction ramping up in the 2024-2025 period.
The Commercial, Retail, and Restaurants Segment Holds Major Share
- As a global business hub, Singapore draws in multinational corporations, driving the demand for professional facility management services in its commercial spaces. With companies emphasizing boosting workplace efficiency more, facility management providers offer integrated services. These range from space optimization and energy management to advanced smart building technologies, all aimed at ensuring smooth operations.
- As e-commerce and omnichannel shopping gain traction, traditional retailers reimagine their physical stores. These retailers prioritize distinctive in-store experiences, necessitating sophisticated facility management to optimize environmental control, enhance customer comfort, and seamlessly integrate technology.
- Further, according to the report by Urban Redevelopment Authority Singapore, as of the third quarter of 2023, 9,505 thousand square meters of hotel rooms were in the pipeline, followed by single-user factory space, office space, and others. This represents the growth in the country's new commercial and residential sector, which has increased the demand for facility management services. These services encompass maintenance, security, cleaning, and energy management, ensuring that facilities operate smoothly. This demand encourages companies to enhance their service offerings, innovate, and adopt technology-driven solutions.
- Moreover, initiatives like the Singapore Green Plan 2030 underscore the government's commitment to sustainability. As a result, businesses are increasingly adopting eco-friendly practices. This shift amplifies the demand for energy-efficient and green building solutions from facility management companies, bolstering the growth of these sectors within the broader facility management market.
- In May 2024, Mondelez International, a US snacks and drinks company, inaugurated its Regional Biscuit and Baked Snacks Lab and Innovation Kitchen in Singapore. Positioned as a "strategic regional hub," this lab will complement the company's established Singapore Technical Centre.
Singapore Facility Management Industry Overview
The Singapore facility management market is fragmented, with the presence of diverse firms of different sizes. This market is anticipated to encounter a number of partnerships, mergers, and acquisitions as organizations continue to invest strategically in offsetting the present slowdowns that they are experiencing. Clients in this region are employing FM services to increase the ease of their business operations. The market comprises key solutions and service providers, such as ISS A/S, CBRE Group Inc., CBM Pte Ltd, ENGIE Services Singapore (Engie SA), and Sodexo Singapore Pte. Ltd. (Sodexo Group).
The FM vendors are incorporating a powerful competitive strategy by leveraging their expertise. In addition, they are spending a significant amount on advertising.
Major vendors in the market are further focusing on offering integrated solutions to attract consumers. FM vendors are incorporating technologies into their services, adding strength to their service portfolio.
Smaller and new vendors in the market are expected to focus on maintaining cost-benefit over major vendors, further intensifying the competition in the country. A significant share of the focus will be directed toward the private sector compared to the public sector in the country.
Quality certification, service offerings, costs, technical capabilities, and technology are important factors for attracting new contracts.
Singapore Facility Management Market Leaders
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ISS A/S
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CBRE Group Inc.
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CBM Pte Ltd
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ENGIE Services Singapore (ENGIE SA)
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Sodexo Singapore Pte. Ltd. (Sodexo Group)
*Disclaimer: Major Players sorted in no particular order
Singapore Facility Management Market News
- July 2024: SATS, a Singapore-based food service caterer catering to the airline industry and airport lounges, forged a new partnership with Japan's Mitsui & Co. Both companies emphasized that this collaboration marks a significant step toward enhancing the parties’ food-value chain footprints across Asia. Building on a prior memorandum of understanding (MoU) between SATS and Mitsui, the newly proposed partnership seeks to "develop and grow their respective food and retail solutions businesses.
- February 2024: Conrad Maintenance, a cleaning firm based in Singapore, welcomed SoftBank Robotics Singapore (SBRSG) as a new shareholder. SBRSG serves as the Asia-Pacific headquarters for SoftBank Robotics Group Corp. This partnership marked one of the initial collaborations in Singapore, aiming to revolutionize cleaning services into a sophisticated facility management service branded as Smart Business Transformation (SmartBX TM). SBRSG is set to bolster Conrad Maintenance's efforts to digitize cleaning services. By harnessing robotics solutions, artificial intelligence (AI), and Internet of Things (IoT) sensors, it aims to provide efficient, on-demand cleaning services, driving innovation in the cleaning industry.
Singapore Facility Management Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.1.1 Growth in the Commercial Real Estate Sector
4.1.2 Rise in Occupancy of Offices
4.1.3 Key Sustainability Trends Observed within the FM industry
4.1.4 Strong Emphasis on Green Practices and Safety Awareness
4.1.5 Growing Trend of Smart Buildings
4.1.6 Rise of Green Buildings and Practices Outlined by the Singapore Green Building Council
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products and Services
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of Macroeconomic Indicators on The Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Emphasis on Outsourcing of Non-core Operations
5.1.2 Increasing Investments in Infrastructure Development
5.2 Market Restraints
5.2.1 Fragmented Market with Several Local Vendors
5.2.2 Regulatory & Legal Changes
5.3 PESTEL Analysis
5.4 Regulatory Landscape and Legislative Framework for a Market Entrant
6. MARKET SEGMENTATION
6.1 By Service Type
6.1.1 Hard Services
6.1.1.1 Asset Management
6.1.1.2 MEP and HVAC Services
6.1.1.3 Fire Systems and Safety
6.1.1.4 Other Hard FM Services
6.1.2 Soft Services
6.1.2.1 Office Support and Security
6.1.2.2 Cleaning Services
6.1.2.3 Catering Services
6.1.2.4 Other Soft FM Services
6.2 By Offering Type
6.2.1 In-house
6.2.2 Outsourced
6.2.2.1 Single FM
6.2.2.2 Bundled FM
6.2.2.3 Integrated FM
6.3 By End-user Industry
6.3.1 Commercial, Retail and Restaurants
6.3.2 Manufacturing and Industrial
6.3.3 Government, Infrastructure, and Public Entities
6.3.4 Institutional
6.3.5 Other End-user Industries
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 ISS A/S
7.1.2 CBRE Group Inc.
7.1.3 CBM Pte. Ltd
7.1.4 ENGIE Services Singapore (ENGIE SA)
7.1.5 Sodexo Singapore Pte. Ltd (Sodexo Group)
7.1.6 Abacus Property Management Pte. Ltd
7.1.7 ACMS Facilities Management Pte. Ltd
7.1.8 Certis CISCO Security Pte. Ltd (Temasek Holdings (Private) Limited)
7.1.9 Compass Group PLC
7.1.10 Cushman & Wakefield PLC
7.1.11 Exceltec Property Management Pte. Ltd
7.1.12 Jones Lang LaSalle Incorporated (JLL Incorporated)
7.1.13 OCS Group International Limited
7.1.14 Savills Singapore (Savills)
7.1.15 Serco Group PLC
7.1.16 United Tech Engineering Pte. Ltd
7.1.17 UTiZ Facilities Management Services (UTiZ Global Ventures Pvt Ltd)
7.1.18 Vinci Facilities Limited
- *List Not Exhaustive
8. VENDOR POSITIONING ANALYSIS
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
Singapore Facility Management Industry Segmentation
Facility management includes various factors that impact organizational productivity and efficiency. FM includes management strategies and procedures for building management, infrastructure management for an organization, and general harmonization of an organization's work environment. This system standardizes services and streamlines operations for an organization.
The Singapore facility management market is segmented by service type (hard services [asset management, MEP and HVAC services, fire systems and safety, and other hard FM services], and soft services [office support and security, cleaning services, catering services, and other soft FM services ]), type (in-house facility management and outsourced facility management [single FM, bundled FM, and integrated FM]), and end-user industry (commercial, retail and restaurants, institutional, government, infrastructure, and public entities and industrial, and other end-user industries). The Market Sizes and Forecasts are Provided in Value (USD) for all the Above Segments.
| By Service Type | ||||||
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| By Offering Type | |||||
| In-house | |||||
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| By End-user Industry | |
| Commercial, Retail and Restaurants | |
| Manufacturing and Industrial | |
| Government, Infrastructure, and Public Entities | |
| Institutional | |
| Other End-user Industries |
Singapore Facility Management Market Research Faqs
How big is the Singapore Facility Management Market?
The Singapore Facility Management Market size is expected to reach USD 3.54 billion in 2024 and grow at a CAGR of 3.10% to reach USD 4.13 billion by 2029.
What is the current Singapore Facility Management Market size?
In 2024, the Singapore Facility Management Market size is expected to reach USD 3.54 billion.
Who are the key players in Singapore Facility Management Market?
ISS A/S, CBRE Group Inc., CBM Pte Ltd, ENGIE Services Singapore (ENGIE SA) and Sodexo Singapore Pte. Ltd. (Sodexo Group) are the major companies operating in the Singapore Facility Management Market.
What years does this Singapore Facility Management Market cover, and what was the market size in 2023?
In 2023, the Singapore Facility Management Market size was estimated at USD 3.43 billion. The report covers the Singapore Facility Management Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Facility Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Singapore Facility Management Industry Report
Statistics for the 2024 Singapore Facility Management market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Facility Management analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
