Posted On: 2020-04-10
Smoke detectors are expected to hold the largest market share in revenue terms during the forecast period – 6W research.
Development of public infrastructure, government policies to support the establishment of new industries as well as large-scale investment in the power sector are some of the key drivers for the growth of the fire detection and alarm system market in Saudi Arabia. Government initiatives to reduce the dependency of many countries on the oil and gas sector and invest heavily in the domestic manufacturing sector including pharmaceutical, automobile, and food processing industries would also boost the demand of the aforementioned product in the market as their installation is a necessity in all the industries.
According to 6Wresearch, Saudi Arabia fire detection and alarm system market size is projected to grow at a CAGR of 4.2% during 2020-26. The fire detection and alarm system market in the region registered a decline during the first half of 2020 on account of the global economic slowdown caused by COVID-19, however, the aforementioned market is expected to recover post-2020. Fire detection and alarm system market in Saudi Arabia would increase due to reviving economic conditions due to changing government policies to support the establishment of new industries related to petrochemical, IT/ITeS, automotive manufacturing and development of public infrastructure along with the implementation of stringent rules and regulations for fire safety which would further augment the demand for fire detection & alarm systems in Saudi Arabia during the forecast period.
According to Prithu Chawla, Senior Research Analyst, 6Wresearch, “The smoke detectors dominated the fire detection and alarm system market in 2019 and is anticipated to continue dominating the market during the forecast period on account of increasing infrastructural development projects. Saudi Arabia is poised to invest $140 billion over the next 10 years for expanding and upgrading its transportation sector projects such as a $22 billion upcoming Riyadh Metro project which would also boost the demand for the aforementioned product during the forecast period. Further, government regulations and demand for smart home technology would also boost the growth of market revenues of smoke detectors in the coming years.”
According to Siddharth Saxena, Research Associate, 6Wresearch, “The beam detector segment would show a promising growth during the forecast period owing to their utility in high rise buildings such as warehouses, basketball courts, and movie theaters. The detectors are mostly used for commercial application due to higher technical performance and low cost as compared to smoke detectors.”
“Saudi Arabia Fire detection and alarm system market (2020-2026)" provides an in-depth analysis with 35 figures, covered in 70 pages. The report estimates and forecasts the overall Saudi Arabia fire detection and alarm system market by types. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.