Rising Infrastructure & Investments, Government Regulations and Upcoming Mega Events to Drive GCC Fire Safety Market
Fire Safety equipment are the core building blocks in modern building infrastructure. Growing number of high rise buildings, increasing number of fire incidences, stringent government regulations, rise in public & private building infrastructures have spurred the market for fire safety equipment across GCC countries.
According to 6Wresearch, GCC Fire Safety Market touched $1.1 billion in 2015, registering marginal growth over last year due to decline recorded in Saudi Arabian market primarily. The market growth previously estimated in 2015 was in double digit. However that was significantly downgraded to single digit in recent updates due to weak economic conditions. Various projects have been halted in Saudi Arabia and sharp decline in number of new construction contracts were witnessed in first half of 2016. This factor has significantly impacted the growth of entire GCC fire safety market. The market is forecast to grow at a CAGR of around 8% during 2016-22.
Saudi Arabia would continue to maintain its market leadership followed by UAE over the next six years. UAE and Qatar are anticipated to be the key driving countries for the growth of overall GCC region due to upcoming mega events such as Dubai Expo 2020 and FIFA World Cup 2022. More than $350 billion would be invested to build the supporting infrastructures for these upcoming events.
Apart from infrastructure development activities, rising number of fire incidences in various chemical plants and residential complexes have led the governments to revise the existing fire safety regulations. Significant changes in fire safety norms is expected especially in UAE to replace outdated fire safety equipment.
In GCC fire safety market, fire protection systems are the leading revenue generating segment led by fire extinguishers, fire suppression systems and fire pumps & controllers. However, key growth is exhibited in fire detection segment controlled by smoke detectors, gas detectors, heat detectors, etc.
Amongst all applications, residential and industrial have captured major pie in the overall market. In the coming years, growth of fire safety systems market would be dependent on construction industry, investments, government regulations and replacement in existing infrastructure.
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