STRENGTHENING OF NON-OIL SECTORS AS WELL AS GROWING AWARENESS TOWARDS FIRE HAZARDS WOULD DRIVE THE GROWTH OF MIDDLE EAST FIRE SAFETY SYSTEMS AND EQUIPMENT MARKET
Posted On: 17-02-2020
6Wresearch has recently published a new report titled "Middle East Fire Safety Systems and Equipment Market (2018-2024)" provides in-depth analysis with 385 figures and 41 tables covered in 551 pages. The report estimates and forecast the overall Middle East Fire Safety Systems and Equipment market by type, verticals and countries. The report also provides an unbiased and detailed analysis of the on-going trends, opportunities, high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
Expanding construction industry along with stringent regulations pertaining to fire safety in buildings would fuel the growth of fire safety systems and equipment market in Saudi Arabia, Qatar, UAE and other countries across the Middle East region. Further, government initiatives such as Saudi Vision 2030, UAE Vision 2021 and Oman Vision 2020 are expected to boost the construction of public infrastructure projects. This factor would drive the demand for fire safety systems and equipment market in the Middle East region during the forecast period.
According to 6Wresearch, Middle East Fire Safety Systems and Equipment market revenues are projected to grow at a CAGR of 7.8% during 2018-24. Firefighting systems and equipment captured majority of the market share on account of high demand from commercial and hospitality sectors. The fire safety systems and equipment market registered robust growth until early 2014, however, the oil price slump that followed in later months affected the construction industry and thereby slowed down the installation of fire safety systems and equipment across the region.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "the commercial sector, which includes office space, bureaucratic buildings and public infrastructure such as airport and ports are expected to grow rapidly due to government efforts towards strengthen the non-oil economy. Additionally, the construction of hotels, malls and other tourist infrastructure would receive boost on account of upcoming mega events, namely FIFA World Cup 2022 and World Expo 2020 in Qatar and UAE respectively, with the former witnessing an approximate spending of $500 million per week for infrastructure development by the government. This is expected to increase the requirement for equipment such as fire sprinkler and fire suppression systems."
"The fire detection and alarm systems market is projected to grow at a brisk pace during the forecast period on account of their wide applicability across industrial and retail sectors," Ravi further added.
According to Akash Jain, Research Associate, 6Wresearch, "Mega projects such as the $20 billion Dahiyat Al Fursan residential project (Saudi Arabia), $37 billion Yas Island Development (UAE) and Le Meridien Lusail hotel (Qatar) are already in pipeline. These are expected to support the growth of fire safety systems and equipment market as international standards dictate the installation of fire safety systems and equipment market in such projects."
"Addressable fire alarm systems occupy a huge share of the market and are preferred over conventional fire alarm systems due to various advantages these offer such as cost savings and reliable panel communication," Akash concluded.
Some of the key players in Middle East Fire Safety Systems and Equipment market include- Tyco, UTC, NAFFCO, Fike and Minimax-Viking.