ME fire protection market posts growth |
Gulf Today - 12 August, 2017
The Middle East fire protection systems market is witnessing double-digit growth, driven by growing construction activities, technology innovation, and accelerated fire protection expenditure by institutions and enterprises. Implementation of unified building codes across all end-user segments mandated by local authorities has further pushed the demand for fire protection products in the region.
The fiercely competitive market has forced suppliers to embrace smart, integrated, digitally intelligent devices and solutions; collaborate with industry stakeholders; and become top product service quality providers.
Integrated and intelligent fire systems that sense, detect and prevent will usher in accelerated growth. As end-user landscape and building dynamics are constantly changing, consumers demand technologically advanced but cost-effective products, 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. Consumers are aware of damage caused by fire and demand advanced products that prevent fire from catching and spreading, thereby minimizing loss.
“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 and other GCC countries 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 per cent 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.”