Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the GCC Fire Safety Equipment Market, The GCC Fire Safety Equipment Market is projected to grow at a CAGR of around 3.26% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the GCC Fire Safety Equipment Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook Forecasts:
- Forecast Period: 2023-2028
- CAGR (2023-2028): 3.26%
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GCC Fire Safety Equipment Market Segmentation Breakdown:
The GCC Fire Safety Equipment Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Equipment Type
- Fire Extinguishers
- Fire Suppression Systems
- Fire Sprinkler Systems
- Fire Detection and Alarm Systems
Based on type, fire extinguishers held significant market share in the GCC Fire Safety Equipment market in 2022, owing to governments’ assertion and compliances regarding their installation in residential and commercial buildings to prevent any fire incidents.
- By End User
- Residential
- Commercial
- Industrial
- Hospitality
- Retail
- Oil and Gas
Based on End Users, Commercial sector held the major share in the GCC Fire safety equipment market in 2022.
Geographical Growth Insights:
By Country
- The UAE
- Saudi Arabia
- Qatar
- Kuwait
- Oman
- Bahrain
Saudi Arabia dominated the regional Fire Safety Equipment Market. However, the market witnessed significant growth owing to the government's goal to diversify its economy and is constantly framing favorable policies to attract greenfield investors.
MarkNtel Advisors Highlights Key Market Drivers for GCC Fire Safety Equipment Market:
Expansion of IT and Retail Sector to Drive Growth of Fire Safety Equipment Market
The massive industrialization and urbanization in the Gulf region countries such as the UAE, Saudi Arabia and Kuwait, etc., is fueling the need for sophisticated system to detect and prevent fires. In the UAE, the growth of retail sectors commercial spaces has been contributing to the demand for fire safety equipment. The construction of retail stores is rising significantly. According to the Majid Al Futtaim Group, a real estate and retail conglomerate, retail consumer spending in the United Arab Emirates increased by about 14% in 2022 compared to the same period in 2019.
In addition, favorable government policies such as the UAE Fire and Safety Code of Conduct and Saudi Arabia's SBC 801 Building Code Fire Protection Requirements mandate the implementation of firefighting equipment in new construction and renovation projects. reconstruction and renovation, promoting the growth of the sector in the coming years.
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A Comprehensive Analysis of Leading Companies in GCC Fire Safety Equipment Market
- Amerex Corporation
- Emirates Fire Fighting Equipment Factory LLC (FireX)
- Fike Corporation
- Honeywell International Inc.
- Minimax-Viking Gmbh
- NAFFCO FZCO
- Saudi Factory for Fire Equipment Co.
- Bristol Fire Engineering
- Johnson Controls (Tyco)
- Al Aman Fire
- Others
GCC Fire Safety Equipment Market Possible Restraint:
Slow Construction of Commercial Infrastructure Projects to Hinder Market Growth
Lack of new construction projects in the countries like Kuwait and Oman has hindered the market growth of Fire safety equipment in the recent years. Demand for fire safety equipment in Kuwait and Oman is highly driven by development of new construction projects in the country. However, in the recent years after covid-19 pandemic, both the countries are witnessing significant decline in the count of new construction projects which has affected the market growth of fire safety equipment in the region.
Further, during the historical period, oil prices stayed below fiscal breakeven for majority of countries in the gulf region. And, declining oil prices has further compelled oil driven economy of GCC nations to reduce liquidity in the market, resulting in reduced credit to fund construction projects. Thus, new construction activity slowed down in the gulf region in recent years resulting in affecting fire safety equipment market growth in the country.
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