Saudi Arabia has remained one of the most promising fireplace security markets in complete GCC region. In previous couple of years, the market has loved strong development owing to rising construction market within the areas similar to residential, retail, hospitality, public infrastructure, healthcare, and training. Also, with recent fire incidences and emergence of excessive rise buildings the need for advanced fire security techniques have surged within the nation.
The newly constructed buildings or ongoing development can be geared up with advanced fire safety methods, nonetheless, immense alternatives exist for the players in retrofit buildings phase which have traditional fireplace security techniques.
In the 12 months 2015, the market for fireplace safety techniques in Saudi Arabia declined as a outcome of slumping oil prices, which affected infrastructure/real estate spending and construction activities. Moreover, lots of the upcoming initiatives were placed on maintain by the federal government to reduce the burden on the Saudi Arabia’s financial system.
According to 6Wresearch, Saudi Arabia’s hearth security market touched $577 million in 2015. The hearth safety market in Saudi Arabia is expected to remain volatile until 2017, where growth could be recorded submit 2017 with the recovery of the oil costs coupled with government spending.
Unlike Saudi Arabia, UAE, the second largest fireplace security market in GCC region registered positive development as a outcome of growing building activities for the upcoming Dubai World Expo 2020. The event is prone to attract 25 million tourists, which is spurring the construction within the areas of hospitality, public infrastructure, retail, leisure, etc. Also, authorities mandates are additional fueling the expansion of the market in UAE.
In total Saudi Arabia’s hearth safety market, hearth protection systems have generated majority of the market revenues, whereby fire extinguishers, fire suppression systems and fireplace pumps & controllers have led the market growth.
Over pressure gauge following six years, Saudi Arabia’s fire security market could be driven by the government necessary regulations and replacement of existing hearth security techniques. Residential and industrial verticals would be the important thing verticals where main substitute markets exists.
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