Posted On: 2018-11-28
Growing industrial segment coupled with surging hospitality sector are expected to boost the growth of fire safety systems and equipment market in Africa. According to the United Nations World Tourism Organization (UNWTO) in 2017, tourism sector in Africa registered higher growth as compared to Europe and Asia Pacific, exhibiting a rise of 9% as compared to the previous year. Moreover, flourishing oil & gas and chemical & petrochemical industries especially in countries such as Egypt, Algeria, and Nigeria are further advancing the market growth in the region.
According to 6Wresearch, Africa Fire Safety Systems and Equipment market is projected to grow at a CAGR of nearly 9.8% during 2018-24. Industrial and hospitality verticals contributed majority of the revenue share towards the overall fire safety systems and equipment market in Africa. Further, industrial segment is projected to exhibit higher growth during the forecast period, attributed to ramping up of crude oil production and exploration of new oil fields majorly in Nigeria, Republic of Congo, and Ghana.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "South Africa, Nigeria, and Egypt are the key countries contributing key market share towards fire safety systems and equipment market in Africa. Additionally, fire safety systems and equipment market in South Africa has witnessed steady growth over the past 2-3 years on account of large scale infrastructural development activities in the region. National Development Plan 2030 is likely to further complement the fire safety equipment market in the region."
"Besides South Africa, Nigeria, and Egypt, other countries contributing significantly towards Africa fire safety systems and equipment market are Kenya, Morocco, Algeria, Ghana, and Tunisia. African Development Bank, World Bank, and Government of Kenya are financing various infrastructure projects which is anticipated to spur the growth of fire safety equipment market over the coming years," Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "Amongst different types of fire extinguishers, dry chemical fire extinguishers captured major revenue share in 2017. The segment is likely to exhibit significant growth over the coming years owing to extensive usage across residential apartments, hotels, malls, educational institutes, and electrical facilities such as LV/HV rooms and switchgear rooms."
"In terms of various fire suppression systems, halocarbon agent systems bagged the largest revenue share with FM200 as the most preferred halocarbon agent. Further, halocarbon agent systems are preferably used in oil & gas and petrochemical industries, commercial setups, and server rooms," Suman added.
"Africa Fire Safety Systems and Equipment Market (2018-2024)" provides in-depth analysis of market dynamics. The report estimates and forecast the overall Africa Fire Safety Systems and Equipment market by types, verticals, and countries. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.