Saudi Arabia has remained some of the promising fireplace security markets in entire GCC area. In previous few years, the market has enjoyed robust growth owing to rising building market within the areas similar to residential, retail, hospitality, public infrastructure, healthcare, and education. Also, with latest fireplace incidences and emergence of high rise buildings the need for superior hearth safety methods have surged in the nation.
The newly constructed buildings or ongoing building would be outfitted with superior fire security methods, nonetheless, immense opportunities exist for the players in retrofit buildings segment which have conventional hearth safety methods.
In the year 2015, the market for hearth security techniques in Saudi Arabia declined as a end result of slumping oil costs, which affected infrastructure/real property spending and building actions. Moreover, lots of the upcoming tasks had been put on maintain by the government to scale back the burden on the Saudi Arabia’s economy.
According to 6Wresearch, Saudi Arabia’s fire safety market touched $577 million in 2015. The fire safety market in Saudi Arabia is expected to stay unstable till 2017, where development can be recorded post 2017 with the restoration of the oil costs coupled with authorities spending.
Unlike Saudi Arabia, UAE, the second largest hearth security market in GCC region registered positive growth due to growing building actions for the upcoming Dubai World Expo 2020. The event is more likely to entice 25 million tourists, which is spurring the construction within the areas of hospitality, public infrastructure, retail, entertainment, and so forth. Also, authorities mandates are further fueling the growth of the market in UAE.
In total Saudi Arabia’s hearth security market, fire protection techniques have generated majority of the market revenues, whereby hearth extinguishers, hearth suppression techniques and hearth pumps & controllers have led the market development.
Over the subsequent six years, Saudi Arabia’s fireplace safety market would be driven by the government mandatory rules and substitute of present fire safety systems. Residential and industrial verticals would be the key verticals the place major alternative markets exists.
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