Posted On: 2020-11-04
Fire fighting systems & equipment acquired the largest revenue share in the overall fire safety systems & equipment market in UAE- 6Wresearch
Owing to an increased demand for fire safety systems & equipment across the country as a result of increased government spending on infrastructure development, in preparation for Dubai Expo 2020 (now postponed to 2021), the fire fighting systems & equipment market revenues grew at a moderate pace during the period 2016-2019. However, the outbreak of pandemic COVID-19 that led to a halt in construction projects and suspension of economic activities due to the social distancing measures adopted in order to curtail the spread of corona virus, would result in a slowdown in market revenues during the year 2020. Recovery is expected in market revenues post-2020, with a gradual opening of economic activities and restart of construction projects.
According to 6Wresearch, UAE Fire Safety Systems & Equipment Market size is projected to grow at a CAGR of 2.0% during 2020-26F. On account of government efforts to revive the economy with stimulus packages being announced to support the small and medium-sized enterprises and other government initiatives such as Dubai’s industrial strategy 2030, Abu Dhabi Vision 2030 along with relaxation in COVID-19 curtailment measures, the UAE fire safety systems & equipment market revenues are anticipated to witness significant growth during the forecast period. Expected growth in the manufacturing industry and oil & gas sector is another primary factor that would augment the demand for fire safety systems and equipment market in UAE over the coming years.
According to Kanchan Negi, Senior Research Analyst, 6Wresearch, “Fire fighting equipment dominated the overall market for fire safety systems & equipment in UAE in 2019 and the segment is anticipated to lead the market during the forecast period as well since these systems are the first line of defense against a fire outbreak and other such hazards. Increased safety measures along with strict regulations regarding the fire safety systems in the country are the primary factors contributing to the rising demand for fire fighting systems & equipment. The fire detection & alarm systems is the second major contributor to fire safety systems & equipment market revenues in UAE as detectors and alarm systems are an essential component that detects fire at an early stage and raise an alert that helps in the safe evacuation of occupants in the premises.
The upcoming projects in the oil & gas sector such as Upper Zakum- Production Capacity Enhancement, Ruwais Refinery Complex - Third Grassroot Refinery, Fujairah Oil Storage Project and several other projects in the hospitality, residential and commercial sectors, would drive the market of fire safety systems & equipment over the coming years.” Kanchan further added.
According to Alpana Tyagi, Research Analyst, 6Wresearch, “Commercial offices and buildings sector accounted for major share in the market revenues of all major segments in UAE fire safety systems & equipment market in recent years and would continue to dominate the market over the coming years as well. Rise in the construction of commercial buildings such as office buildings, hypermarkets, and co-working spaces, where it is mandatory to install fire safety systems & equipment, has resulted in increased demand for fire safety systems & equipment across the country. The hospitality sector would register the highest growth rate in the coming years on account of the growing installation of fire detection and alarm systems due to upcoming construction activities in the sector for the Dubai Expo and rising tourism.
Growing industrial & the manufacturing sector in Dubai, Government policies and initiatives such as Dubai Plan 2021 and Dubai Industrial Strategy 2030 would boost the demand for fire safety systems & equipment across the country over the coming years.” Alpana concluded.
“UAE fire safety systems & equipment market (2020-2026F)" report provides an in-depth analysis with 27 figures and 19 tables, covered in 104 pages. The report estimates and forecasts the overall UAE fire safety systems & equipment market by types and applications. 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.