Dubai, UAE: The Middle East's US$1.9 billion fire safety systems and equipment market will see solid growth over the next six years, with new government regulations around life safety and fire protection along with large scale infrastructure investment among the key market drivers.
A November 2018 report by analysts 6Wresearch estimates the Middle East market for firefighting systems, fire detection & alarm systems, and emergency exit & lighting, will be worth US$3 billion by 2024, growing at a compound annual growth rate of nearly eight percent.
The report stated the regional market witnessed a slight decline during 2014-2016, however from 2017 demand has picked up, aided by recovering oil prices and government economic diversification initiatives aimed at reviving the construction sector.
Additionally, revised fire and life safety codes, such as those rolled out by the UAE Civil Defence in 2016, has helped growth in passive fire-rated products in new buildings and infrastructure, while adding further impetus to the retrofitting segment, where newer systems in line with current regulations are replacing older systems.
6Wresearch's report was published ahead of the Intersec exhibition, the world's leading trade fair for security, safety, and fire protection, taking place from 20-22 January 2019 at the Dubai International Convention and Exhibition Centre.
Media Courtesy : Emergency Live