Saudi Arabia has remained one of the promising fireplace security markets in entire GCC area. In last few years, the market has loved sturdy development owing to rising development market in the areas corresponding to residential, retail, hospitality, public infrastructure, healthcare, and education. Also, with latest hearth incidences and emergence of high rise buildings the need for advanced hearth safety systems have surged within the nation.
The newly constructed buildings or ongoing construction can be geared up with superior hearth security methods, nevertheless, immense opportunities exist for the players in retrofit buildings phase which have traditional hearth safety techniques.
In the 12 months 2015, the market for hearth security methods in Saudi Arabia declined as a end result of slumping oil costs, which affected infrastructure/real property spending and development activities. Moreover, most of the upcoming tasks have been placed on hold by the government to scale back the burden on the Saudi Arabia’s financial system.
According to 6Wresearch, Saudi Arabia’s fire security market touched $577 million in 2015. The fire safety market in Saudi Arabia is predicted to remain risky until 2017, the place development would be recorded publish 2017 with the recovery of the oil costs coupled with government spending.
Unlike Saudi Arabia, UAE, the second largest fireplace safety market in GCC region registered constructive progress due to growing construction activities for the upcoming Dubai World Expo 2020. The occasion is likely to appeal to 25 million tourists, which is spurring the development within the areas of hospitality, public infrastructure, retail, entertainment, and so forth. Also, government mandates are additional fueling the expansion of the market in UAE.
In general Saudi Arabia’s fireplace security market, fireplace safety systems have generated majority of the market revenues, whereby fireplace extinguishers, fire suppression methods and fireplace pumps & controllers have led the market progress.
Over the next six years, Saudi Arabia’s fireplace security market could be pushed by the federal government mandatory rules and substitute of existing hearth safety methods. Residential and industrial verticals could be the key verticals the place main alternative markets exists.
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