The Gulf region’s fire-safety systems market is estimated to hit $3.15 billion by 2020, with an annual growth rate of 15 per cent, reveals a report.
The report, issued by the global analyst firm Frost & Sullivan, attributes the surge in regional fire-safety demand mainly to the industrial and commercial investments, while sectors such as retail, institutional and public buildings and infrastructure contribute to increasing the demand, reports Alriyadh Newspaper.
Saudi Arabia and the UAE topped Gulf states in the increasing demand for the equipment needed for detection and fire suppression, as the economic growth and the prosperity of real estate activity contribute to the growth of the fire safety systems market in the region.
Thanks to the boom of residential construction, the kingdom currently accounts for 46 per cent or $644 million of the total fire safety systems market in the Gulf, valued at $1.4bn, while the UAE accounts for 34 per cent or $476m, thanks to the increased demand due to the development projects of Dubai Expo 2020.
($1 = AED3.67, at the time of publishing)