UAE Commercial Interior Fit Out Market to Reach USD 2.5 Billion by 2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the UAE Commercial Interior Fit Out Market was worth USD 1.47 billion in the year 2021. The market is projected to grow at a CAGR of 8.4%, earning revenues of around USD 2.51 billion by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the UAE Commercial Interior Fit Out Market was worth USD 1.47 billion in the year 2021. The market is projected to grow at a CAGR of 8.4%, earning revenues of around USD 2.51 billion by the end of 2028. The UAE Commercial Interior Fit Out Market is booming because of the high growth of the commercial sector over the forecast period. Every year, a big number of people visit the UAE because it is one of the most popular tourist destinations on the planet. The UAE features various attractive and technologically advanced theme parks, skyscrapers, and retail malls, attracting a large number of local and foreign visitors regularly. Moreover, the UAE's top leaders invest much in the country's infrastructure development. The construction of luxurious hotels and restaurants, as well as the establishment of a huge number of beautiful workplaces and working spaces, are driving up demand for interior fit-out services in the UAE. Furthermore, UAE Commercial Interior Fit Out Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, skilled labor shortages and counterfeit designs as well as access to free internet tools and blogs, in turn, may act as a huge restraining factor for the market growth.
UAE's Growing Construction Industry is Fueling Market Growth
Since 2013, the UAE Government has made large investments in the nation's commercial infrastructure development to get the country ready for the eagerly anticipated Dubai Expo 2020. After the Expo, various commercial developments are being planned by both private and public investors in anticipation of significant foreign investments. Office space supply is accelerating in the commercial centers of the UAE to draw multinational corporations to establish offices there, creating opportunities for players in the commercial interior fit-out market to make the interiors employee- and employee-friendly. Additionally, a large ex-pat community and the UAE's ambition to encourage travel and tourism in the nation have drawn many worldwide brands to establish retail stores there, which has increased the demand for commercial interior fit-out professionals in the nation.
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Growing Preference for a Sustainable and Intelligent Built Environment
The younger generation in the UAE, which makes up a sizable portion of the population, is becoming more dependent on technology. Additionally, a healthier constructed environment has become crucial, especially in the wake of the COVID-19 pandemic, as individuals spend more time indoors than outdoors. As a result, the idea of smart and sustainable buildings is spreading throughout the nation's business sectors. In addition, the UAE government and the local governing bodies in Dubai and Abu Dhabi have developed and are enforcing green building laws, supporting the UAE's ambition to reduce its carbon footprint by 30% by 2030. As a result, a wealth of opportunities in green building design and appropriate installations are set to emerge for UAE Commercial Interior Fit Out Professionals.
Challenge: Shortages of Skilled Workers
Labor shortages in the design services sector were exacerbated by high rivalry among design services firms and a lack of adequately skilled staff. For example, as new technologies and standards entered the market, designers needed to upgrade their skill sets in terms of smartphones, tablets, and other IoT (Internet of Things) applications. Similarly, some interior designers and industrial design experts lacked the most up-to-date skill sets, resulting in fierce competition among interior design and industrial design firms for employees with the most up-to-date talents.
UAE Commercial Interior Fit Out Market - By Ownership
Based on the ownership, the UAE Commercial Interior Fit Out Market is segmented into Self-Owned, Rented, Hospitality, Commercial, Retail, Education, Healthcare, and Others. The self-owned ownership category led the market in 2021, accounting for 55.28 percent of the total market share. It is likely to continue its lead for the next five years. Owners of any residential, commercial, or industrial property desire to invest heavily in upgrading and remodeling the structure to keep it in good condition. Furthermore, by utilizing interior fit-out services, the interior of any living area becomes more visually appealing, making the selling or renting process easier for the owners of that space.
Impact of COVID-19 on UAE Commercial Interior Fit Out Market
The COVID-19 breakout has changed the rules of the game for most firms, including the interior design industry. The Covid-19 outbreak completely ruined the interior design industry. Due to the nationwide lockdown imposed by numerous governments, all interior design work, including new contracts and ongoing work, has been halted. When people's purchasing power fell, interior design became less important. People throughout the world were preoccupied with meeting their fundamental needs. Apart from that, the total shutdown halted all manufacturing, exports, and imports, disrupting the flow of raw materials and harming the economy. The labor deficit posed a variety of challenges to the market. Although the COVID-19 epidemic produced problems for the industry, it also gave growth potential. The considerable use of technology during the period, such as 3D render techniques and virtual designing supported the industry's recovery significantly.
The leading market players in the UAE Commercial Interior Fit Out Market are A & T Group Interiors, Al Tayer Stacks LLC, Horton Interiors, BW Interiors, Summertown Interiors, The Fitout LLC, ARKI Group Design LLC, Al Shirawi Contracting Company LLC, Xworks Interior LLC, Depa Plc, and other prominent players. The UAE Commercial Interior Fit Out Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
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