The fire safety market in the Gulf Co-operation Council (GCC) is expected to grow at an average 15% to touch $3.15bn by 2020, according to a study.
The growth is predominantly driven by industrial and commercial investments, while segments such as retail, institutional buildings, and public infrastructure are also contributing to new demand, said Messe Frankfurt Middle East, quoting a study by Frost and Sullivan.
“With Dubai all set to host Expo 2020 and Qatar winning the bid to host the FIFA World Cup 2022, a whole lot of new projects have been announced with construction in full swing thereby resulting in a huge market opportunity,” said Messer Frankfurt Middle East, which is organising the 18th edition of Intersec, which is taking place from January 17 to 19 next year at the Dubai International Convention and Exhibition Centre.
“Continued investments in the industrial and commercial sectors are among the prime growth drivers of the GCC’s fire safety market, combined with the increasing stress by regional governments on the compliance with fire safety regulations in all new constructions,” said Ahmed Pauwels, chief executive of Messe Frankfurt Middle East.
Saudi Arabia and the UAE are spearheading a GCC-wide surge in demand for fire detection and suppression equipment, as economic growth and increased construction activities put the region’s fire safety market on a double-digit growth path.
Fuelled by a residential construction boom, Saudi Arabia currently holds a 46% share ($644mn) of the $1.4bn Gulf’s fire safety market, while the UAE, with a 34 share ($476mn) is also ramping up demand with the help of developments planned for the Dubai Expo 2020.
According to the Council of Tall Buildings and Urban Habitat, by the end of 2015, the GCC will be home to 269 high-rise buildings with a height of more than 150 metres. Dubai, according to Emporis, a building information provider, is home to 911 completed high-rises, 88 of which stand taller than 180 metres.
“We have observed that connectivity is a key trend in the regional fire systems marketplace...The fire detection market has been more traditional and slow to incorporate such technologies in relation to other security fields but this will increase substantially in the coming years,” according to a top official of one of the participating companies.