Saudi Arabia fire safety systems and equipment market has witnessed robust growth until 2014 on account of large scale infrastructural development in the country. However, the market has declined post 2014 due to financial crisis as a result of low crude oil prices. The kingdom's budget deficit stood at $98 billion in 2015 and $79 billion in 2016. Conditions are likely to revive in late 2017 and market would become stable with investments being made in tourism and oil & gas sector.
According to 6Wresearch, Saudi Arabia Fire Safety Systems & Equipment market is projected to grow at a CAGR of 5.6% during 2017-23. The market is projected to witness a steady growth post 2017 with the expected recovery of crude oil prices. Saudi Government has proposed ‘Saudi Arabia Vision 2030’ wherein it is declared that the government would invest in non-oil sectors. Key developments are likely to take place in the retail, commercial, hospitality and petrochemical and chemical industries.
According to Ravi Bhandari, Assistant Manager, Research and Consulting, 6Wresearch, "Fire Fighting systems & equipment dominates the Saudi market in revenue terms, in which fire sprinkler systems holds the major share followed by fire suppression systems.
Clean agent suppression system is the most preferred fire suppression system in Saudi Arabia and are mostly preferred in oil & gas, petrochemical industries, telecommunication facilities and commercial setups such as data centers and server rooms.," Ravi further added.
According to Kanika Sharma, Research Associate, Research and consulting, 6Wresearch, "Fire detection and alarm systems is anticipated to register highest growth in the forecast period with smoke detectors capturing major share of the market, generating demand from commercial and industrial sectors.
It is anticipated that investments in the petrochemical industry would thrive the economy and the projects would recommence which were put on hold due to the downfall in the economy, this in turn would drive fire safety systems and equipment market in future, Kanika Concluded.
Some of the major Companies in Saudi Arabia Fire Safety Systems & Equipment Market includes SFFECO, Heba, Tyco, NAFFCO and Honeywell.
"Saudi Arabia Fire Safety Systems & Equipment Market (2017-2023)" report provides in-depth analysis with 68 figures and 8 tables covered in more than 140 pages. The report estimates and forecast the overall Saudi Arabia Fire Safety Systems and Equipment Market by Types, Verticals and Regions. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.