Market Trends of GCC Interior Design Services Industry
This section covers the major market trends shaping the GCC Interior Design Services Market according to our research experts:
Saudi Arabia is Driving the Interior Design Market
Saudi Arabia's construction output will increase by 3.2% in 2022, with an additional annual average growth rate (AAGR) of 4% between 2023 and 2026. Despite global financial conditions having an impact on the sector, Saudi Arabia's construction industry remains the most successful in the MENA region. In 2022, the most valuable projects were given to the kingdom. This showed that it was serious about promoting economic diversification and changing the country in line with its Vision 2030.
For four years running, Saudi Arabia has maintained its dominance as the MENA region's strongest market with the greatest overall value of project awards. According to MEED Projects' tracking, Saudi Arabia held a 35% market share as of October 2022 with contract awards totalling USD 31 billion, compared to a total MENA value of USD 87 billion. The growth in the construction market in Saudi Arabia is driving the interior design market in Gulf Countries.
Hotel and Residential Sector are Dominating the GCC Interior Design Market
The state of the economy as a whole is highly correlated with interior design and fit-out, especially in the real estate market. Interior contracting and fit-out spending in the Gulf Cooperation Council (GCC) is expected to rise from USD 8,975 million in 2020 across all industries in 2021, to USD 10,160 million. The primary emphasis will be on residential and hotel projects planned for 2021.
In 2023, the UAE is expected to lead the share of interior and fit-out spending in the GCC Region, followed by the Kingdom of Saudi Arabia and Qatar.
