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Mideast Fire Protection Market to Hit $4.4bn

Posted On August 13, 2017

Mideast Fire Protection Market to Hit $4.4bn

The Middle East fire protection market is estimated to grow at a compound annual growth rate (CAGR) of 12.2 per cent from a market size of $2.21 billion in 2015 to $4.40 billion in 2021, a report said.

The study titled “The Middle East Fire Protection Market, Forecast to 2021” from growth partnership company Frost & Sullivan highlights revenue forecast by vertical sector, trends, drivers, restraints and opportunities. Market share and competitive analysis of major players, such as Tyco, UTC, NAAFCO, SFFECO, Honeywell International, Siemens AG, GSS Systems, and FIKE are also provided.

“Participants should look toward untapped opportunities in retrofitting buildings and critical infrastructure with intelligent and integrated fire protection systems that analyze and sense the environment,” said Automatic Identification & Security research analyst Sagarina Rai. “Rising interest and investment in smart and safe city initiatives in the United Arab Emirates, Qatar, and Abu Dhabi will further boost demand for fire protection products.”

“The biggest challenge for the fire protection systems market in the Middle East remains heavy research and development (R&D) cost to design fire detection equipment and suppression systems for each industrial vertical. Furthermore, as the region faces extreme weather conditions, designing and manufacturing geography-specific fire protection systems increases R&D expenditure and makes market entry difficult for new participants,” said Rai.

“While manufacturers are committed to acquiring the latest technology and adding new features, innovations in manufacturing technology can help reduce product costs and lead to greater adoption, providing a boost to market growth.”

Major trends and developments driving demand include:

  • Rapid economic development of large industries such as oil and gas, energy, utility, banking, financial services, and insurance;
  • Growing investment in construction, infrastructure, and power and utility sectors;
  • Focus on fire safety regulations, innovative technology, and enforcement of building codes;
  • Rise in smart fire detectors and suppressants;
  • A growing number of public-private partnerships;
  • High dependence on public projects;
  • A regional boost in tourism due to key global events;
  • High sales of new fire systems due to growing customer awareness; and
  • Boom in smart building automation systems integrated with fire protection products.

Frost & Sullivan's study covers fire protection market segments such as management systems, detection systems, response systems and analysis software. Vertical markets include oil and gas, commercial and residential, power and utilities, industrial and transportation.

 

Source: GDN Online

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