GCC: Annual façades spending to hit $12bn by 2024
Annual spending on building exteriors in the GCC will reach $12bn by 2024, according to a report from US-based Grand View Research
Annual spending on building exteriors in the GCC will increase from the current figure of $8bn to reach $12bn by 2024, according to a report from US-based Grand View Research.
The study, which was commissioned by dmg events, identified Saudi Arabia as the region’s largest building exteriors market. The kingdom accounted for 41.8% of the GCC’s overall façades market in 2015, with annual spending expected to rise to $5.5bn by 2024.
Growth in the buildings exteriors market will put pressure on GCC countries to focus on new low-energy architecture, according to the report’s authors.
Muhammed Kazi, exhibition director of dmg events’ Windows, Doors & Façades, commented: “The key factor expected to drive the façades industry is the need to lower heating and air-conditioning costs, and achieve greater energy efficiency.
“Façades give buildings a superior look, which is a big priority for corporate headquarters. But these impressive glass-fronted buildings consume the highest energy, and regulating their temperature is a big task.”
The study stated that growth in the GCC’s façades market will stem from a significant rise in the number of construction, refurbishment, and renovation projects driven by tourism and major events, such as the 2019 World Athletics Championship in Doha, Expo 2020 in Dubai, and the 2022 FIFA World Cup in Qatar.
Architects and developers should prioritise lower heating and air-conditioning costs to achieve energy efficiency, the report’s authors added.
“With massive development scheduled in the region, despite the decline in oil prices, there is now a big opportunity for architects and other design professionals in GCC countries,” said Kazi.
“This is especially the case in the UAE, which is the region’s largest user of energy on a per capita basis, with 70% of primary energy usage through buildings, mainly due to air conditioning and lighting,” he continued.
The Windows, Doors & Façades event will take place at Dubai World Trade Centre from 18-20 September, 2016.