Saudi, UAE, lead GCC's US$1.36 billion fire safety market
Saudi Arabia and the UAE are leading the upward trend for the fire safety systems market in the Gulf Cooperation Council (GCC), as stringent government regulations fuel demand for the replacement of existing and outdated equipment.
According to consultancy firm 6Wresearch, the GCC's fire safety systems market was worth US$1.36 billion in 2015, with Saudi Arabia (US$598.4 million), and the UAE (US$394.4 million) comprising 73 percent of the regional market. The other Gulf States of Bahrain, Qatar, Oman, and Kuwait accounted for US$367.2 million (27 percent).
6Wresearch said Saudi Arabia Fire Safety Systems And Equipment Market is projected to grow six percent annually from 2016 2020. By 2022, the market is estimated to be worth US$632.2 million, attributed to a recovery in the construction and real estate verticals.
Other factors driving regional demand for new fire safety systems include government and transportation sectors, residential, retail, and hospitality verticals, while Saudi's Vision 2030 and the upcoming Dubai Expo 2020 in the UAE is also likely to boost further growth.
The latest market updates were told to more than 100 fire, safety, and security industry professionals at a three-day Saudi roadshow promoting the upcoming Intersec exhibitions in Dubai and Jeddah.
Intersec, the world's leading exhibition for security, safety, and fire protection, runs from 22-24 January 2017 at the Dubai International Convention and Exhibition Centre, while Intersec Saudi Arabia will take place from 2-4 May 2017 at the Jeddah Center for Forums & Events.
In its 19th edition, Intersec 2017 will feature more than 1,300 exhibitors from 54 countries spanning over 55,000sqm of exhibition space, registering a 10 percent growth over the previous year.
The first edition of Intersec Saudi Arabia meanwhile is expected to host more than 100 exhibitors, including 22 launch partners; Al Alameya Group, Axis Communications, Bristol Fire Engineering Ã¢Â€Â“ Corodex, the British Security Industry Association, CP Plus, Dahua, Dorma + kaba, Draeger, Genetec, Hanwha Techwin, Harco Group, HID Global, Hikvision, Milestone, NAFFCO, Nedap, Pelco by Schneider Electric, Promise Technology, Smiths Detection, Tadween, NITIE, and ZMR.
Fire & Rescue is one of seven show sections at Intersec 2017 and has nearly doubled in size over the last four years. The section, which attracted 350 exhibitors in 2016, is expected to continue its growth trend in 2017, has attracted the likes of Apollo, BSI, Bristol, Chemours, Fike, Hochiki, Grupo Komtes, LPCB, NAFFCO, Oshkosh, Rapidrop, Scott Safety, Securiton, SFFECO, Siemens, UL, and Velox.
Other Key Reports Available:
Media Courtesy : Security News Desk