11 Aug Middle East fire protection market to experience double digit growth
The Middle East fire protection systems market is witnessing double-digit growth, making it one of the largest fire protection markets in the world, according to a new report by Frost & Sullivan.
Fierce competition and the implementation of new building codes has forced suppliers to embrace smart, integrated, digitally intelligent devices and solutions. Integrated and intelligent fire systems that sense, detect and prevent will usher in accelerated growth, leading to a shift from the traditional reactive-based suppression solution toward a more active detection module. New age intelligent fire systems offer integrated solutions by linking with equipment in the vicinity; sensing, gathering and analyzing data from the environment; and ringing the alarms to a possible fire.
“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 Middle East Fire Protection Market, Forecast to 2021, new research from Frost & Sullivan’s Automatic Identification & Security Growth Partnership Service, finds that the Middle East fire protection market is estimated to grow at a compound annual growth rate (CAGR) of 12.2 percent from a market size of $2.21 billion in 2015 to $4.40 billion in 2021, making it one of the largest fire protection markets in the world. The study 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.
“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.”