Posted On: 2017-06-05
Boom in construction sector on account of FIFA World Cup, 2022 in Qatar has fueled the growth of fire safety systems and equipment market in the country. Qatar has multistory buildings which spurs the demand for fire safety systems & equipment as these are essential to install to maintain the safety of all the individuals.
According to 6Wresearch, Qatar Fire Safety Systems & Equipment market is projected to grow at a CAGR of 6.2% during 2017-23. Qatar, being the host country for FIFA World Cup, 2022 is expected to witness growth in fire safety systems & equipment market owing to large number of construction activities across all the verticals. Construction in the areas of retail, hospitality, transportation, entertainment, and residential are expected to create key demand for these systems and equipment in the country. To build the world class infrastructure for the upcoming World Cup, $203.35 billion are expected to be invested in the country.
According to Ravi Bhandari, Assistant Manager, Research and Consulting, 6Wresearch, "Fire Fighting Systems & Equipment holds major share in Qatar Fire Safety Systems & Equipment Market and is expected to dominate the market in the forecast period. In Fire Fighting Systems & Equipment, fire sprinklers have played a role in its revenue generation.
Further, the demand for Fire Detection & Alarm Systems have also increased due to growing number of fire incidences in the country and ensure timely evacuation of the individuals," Ravi further added.
According to Kanika Sharma, Research Associate, Research and consulting, 6Wresearch, "In Qatar, smoke detectors are also witnessing growth and is expected to dominate the market in the forecast period in fire detection system segment. Government mandates and better thermal lag properties over other detectors have led for their demand across all the verticals.
Planned investment worth $45 billion in Lusail City, $1.5 billion in Al Jawhara and $4.1 billion in Barwa would be made for the development of these cities, which would further drive the market for Qatar fire safety systems & equipment market," Kanika Concluded.
Some of the major Companies in Qatar Fire Safety Systems & Equipment Market includes NAFFCO, SFFECO, Tyco, Chubb and Honeywell.
"Qatar Fire Safety Systems & Equipment Market (2017–2023)" report provides in-depth analysis with 66 figures and 10 tables covered in more than 135 pages. The report estimates and forecast the overall Qatar Fire Safety Systems and Equipment Market by Types, Verticals and Regions. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.