xp2i has remained one of the most promising fire security markets in whole GCC area. In previous few years, the market has loved sturdy progress owing to rising construction market in the areas such as residential, retail, hospitality, public infrastructure, healthcare, and education. Also, with latest hearth incidences and emergence of high rise buildings the need for advanced fire security methods have surged in the country.
The newly constructed buildings or ongoing building could be geared up with advanced hearth safety systems, however, immense opportunities exist for the gamers in retrofit buildings segment which have traditional fire safety techniques.
In the 12 months 2015, the market for fireplace safety systems in Saudi Arabia declined because of slumping oil costs, which affected infrastructure/real estate spending and building actions. Moreover, most of the upcoming projects have been placed on hold by the federal government to reduce back the burden on the Saudi Arabia’s economic system.
According to 6Wresearch, Saudi Arabia’s hearth security market touched $577 million in 2015. The fireplace safety market in Saudi Arabia is anticipated to remain volatile until 2017, the place progress can be recorded submit 2017 with the recovery of the oil prices coupled with government spending.
Unlike Saudi Arabia, UAE, the second largest hearth security market in GCC region registered constructive development as a outcome of growing development actions for the upcoming Dubai World Expo 2020. The event is prone to entice 25 million vacationers, which is spurring the development within the areas of hospitality, public infrastructure, retail, leisure, etc. Also, authorities mandates are further fueling the growth of the market in UAE.
In total Saudi Arabia’s fire safety market, hearth protection methods have generated majority of the market revenues, wherein fireplace extinguishers, fire suppression techniques and fireplace pumps & controllers have led the market growth.
Over the next six years, Saudi Arabia’s fireplace security market could be pushed by the federal government obligatory rules and substitute of current fireplace safety methods. Residential and industrial verticals can be the important thing verticals the place major alternative markets exists.
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