Growing construction activities, demand for renovation, sustainable development, and rising smart cities concept are driving the demand for the UAE interior fit out market in the forecast period, 2023-2027.
According to TechSci Research report, “UAE Interior Fit Out Market – By Region, Competition, Forecast & Opportunities, 2017- 2027F”, the UAE interior fit out market stood at USD1589.01 million in 2021 and is anticipated to grow at a CAGR of 4.85% in the forecast period, 2023F-2027F. The rise in the foreign direct investments in developing the commercial and industrial sector and the growing tourism and hospitality industry are the key driving factors for the UAE interior fit out market. During the set-up of their firms or offices, foreign investors prefer to invest in the renovation of the existing buildings rather than in the purchase of new buildings. The owners of commercial buildings such as hotel chains prefer to regularly update their interior decoration with the current trend to attract more customers.
Also, the growing popularity of green buildings and the implementation of strict government regulations at the local level are accelerating the demand for certified interior fit out practitioners. The government of UAE is working to lower its carbon footprint by 30% by 2030 and thereby supporting the renovation and redecoration of the existing buildings to promote sustainable development in the country.
However, the project cost estimation and the challenges market players face in meeting customer expectations may restrain the UAE interior fit out market growth in the forecast period.
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The UAE interior fit out market is segmented into application, ownership, regional distribution, and competitive landscape.
Based on application, the market is divided into residential, hospitality, commercial, retail, education, healthcare, and others. The residential segment led the market in 2021 by capturing 26.99% of the overall market share. Supportive government policies and programs like Mohammed bin Rashid Housing Establishment, Sheikh Zayed Housing Program, Abi Dhabi Housing Authority, Emirati Housing Program in Abu Dhabi are some of the major programs that are driving the demand for the UAE interior fit market. The government of UAE launched a golden visa scheme to encourage foreigners to study, work and live in the country, which is expected to fuel the construction of residential buildings in the country. The growing residential sector is expected to accelerate the demand for interior fit out services over the next five years.
On the basis of regional analysis, Dubai dominated the market in 2021 by accounting for 45.70% of the total market share. Dubai is rapidly transforming and is investing in developing the retail and hospitality sector. Dubai CommerCity, One Za’abeel, Ciel Dubai are among the upcoming mega-budget projects, which are expected to attract many tourists into the country. The authorities in Dubai have set out the target to attract 23-25 million tourists every year by 2025 and expand the hospitality sector on a massive scale which is expected to create numerous growth avenues for the UAE interior fit out market in the forecast period.
Major market players operating in the UAE interior fit out market are:
- Bond Interiors LLC
- A&T Group Interiors
- Al Tayer Stocks LLC
- Xworks Interiors LLC
- Kinnarps Project Solutions LLC
- Summertown Interiors
- BW Interiors
- Al Nabooda Interiors LLC
- The Fitout LLC
- Al Shirawi Contracting Company LLC
- ARKI Group Design LLC
- Depa Plc
- Alec Fitout
- GDM Interiors
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“The growing hospitality and tourism industry, especially in Dubai and Abu Dhabi, is anticipated to create lucrative growth opportunities for the UAE interior fit out market in the forecast period. The strategies launched by the government, such as ‘Dubai Tourism Strategy 2025’ and ‘Dubai 2040 Urban Master Plan’, are expected to boost the growth of the travel & tourism industry. The commercial building owners prefer to take up the services of the interior fit out providers and upgrade their buildings into more visually appealing and advanced buildings. The huge number of ongoing infrastructure development projects and the growing popularity of smart cities in the country are expected to propel the growth of the UAE interior fit out market till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“UAE Interior Fit Out Market Segmented By Application (Residential, Hospitality, Commercial, Retail, Education, Healthcare, Others), By Ownership (Self Owned, Rented), By Region, Competition, Forecast & Opportunities, 2017-2027F”, has evaluated the future growth potential of UAE interior fit out market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in UAE interior fit out market.
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