Saudi Arabia Fire Safety Market Reached $577 million in 2015

Saudi Arabia has remained one of the promising fireplace safety markets in whole GCC region. In last few years, the market has enjoyed strong growth owing to growing construction market in the areas corresponding to residential, retail, hospitality, public infrastructure, healthcare, and schooling. Also, with current fireplace incidences and emergence of high rise buildings the need for advanced hearth security techniques have surged within the nation.
The newly constructed buildings or ongoing building could be equipped with superior fire safety methods, however, immense opportunities exist for the players in retrofit buildings segment which have conventional fire safety methods.
In the 12 months 2015, the market for fire security systems in Saudi Arabia declined as a result of slumping oil costs, which affected infrastructure/real property spending and building activities. Moreover, many of the upcoming initiatives were put on maintain by the federal government to reduce the burden on the Saudi Arabia’s economy.
According to Verify , Saudi Arabia’s fireplace safety market touched $577 million in 2015. The fire security market in Saudi Arabia is expected to remain unstable until 2017, the place growth could be recorded publish 2017 with the recovery of the oil prices coupled with authorities spending.
Unlike Saudi Arabia, UAE, the second largest hearth safety market in GCC area registered optimistic progress due to growing building actions for the upcoming Dubai World Expo 2020. The occasion is prone to attract 25 million vacationers, which is spurring the construction within the areas of hospitality, public infrastructure, retail, entertainment, and so forth. Also, authorities mandates are additional fueling the growth of the market in UAE.
In overall Saudi Arabia’s fireplace safety market, fire safety systems have generated majority of the market revenues, whereby fire extinguishers, fireplace suppression techniques and hearth pumps & controllers have led the market growth.
Over the following six years, Saudi Arabia’s fireplace security market can be driven by the government mandatory regulations and substitute of existing fireplace security systems. Residential and industrial verticals can be the vital thing verticals the place major substitute markets exists.
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