Report Ocean recently published an extensive intelligence report titled “GCC Fire Safety Equipment Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
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Furthermore, due to the presence of highly flammable and combustible materials like oil, gasoline, etc., the oil and gas, and mining sectors carry a high risk and are frequently exposed to fire accidents. Thus, vendors are increasingly investing in the development of new fire suppression systems to protect critical environments and investments across the sites. The rising requirement for proper fire detection and prevention equipment are legally required to address and prevent such accidents in the region which further led to escalate the market growth.
Along with this, the market also noted high-quality fire safety installations that are becoming more popular on the market as the risk management strategies increasingly becoming an integral part across oil and gas facilities. There are a variety of fire detection products designed specifically for use in oil refineries, gas processing plants and other high risk environments. Additionally, there are significant growth opportunities in this market due to the emergence of new technologies like wireless sensor networks and IoT integrated solutions which is expected to elevate the market growth in the forthcoming years.
Key Trend in the Market
Technology Integration in Fire-Fighting Equipment to Enhance Market Growth
The market is registering the integration of cutting-edge technology in fire safety equipment in recent years. Manufacturers are being prompted to incorporate cutting-edge technologies like the Internet of Things (IoT) in fire safety equipment with the objective to reduce risk to life and property posed by fires more easily and efficiently. These systems are mainly designed to detect the potential presence of fire in advance with the use of sensors by reading a building’s temperature. This preventive measure is becoming the reason for their preference over conventional fire safety systems. Thus, Internet of Things (IoT) integrated fire safety equipment is increasingly being installed during the construction of smart buildings.
Additionally, the residential and hospitality sectors are witnessing the emergence of promising technologies, such as smoke detectors outfitted with cutting-edge sensor technology that can differentiate between smoke produced by fire and smoke caused by cooking. In addition, technologies like visual image detection (VID) software, programmed to recognize pixels that are indicative of fire smoke and have the ability to alert residents and the fire safety department, is gaining traction in the market. These systems would strengthen the market growth in the upcoming years owing to an increasing number of hotels due to the growing tourism sector of the region.
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Market Segmentation
Based on 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. The Kingdom of Saudi Arabia and the UAE have been the market leaders in this industry due to stringent government norms regarding fire safety in these countries, growing commercial sector, increasing real estate projects, and soaring installation in the transportation sector.
Moreover, several civil defense departments across the GCC, such as the Dubai Civil Defense (DCD), have formulated numerous fire safety guidelines for commercial and residential builders in recent years. This involves the installation of fire extinguishers which would accelerate the demand for such extinguishers in the forecast period.
Based on End Users:
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. The rapid construction of commercial buildings such as corporate offices, hypermarkets & supermarkets, shopping malls, etc., in the region has positively impacted the demand for this equipment in the last few years. These sectors have majorly benefitted from the surging government initiatives to strengthen the non-oil economic sectors, such as tourism, e-commerce, IT industries, manufacturing facilities, etc. Thus, to ensure the efficient operation of these commercial faculties, the segment witnessed a surge in the demand for fire safety equipment in the GCC.
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Additionally, the launch of government initiatives like Abu Dhabi Economic Vision 2030, Qatar’s National Vision 2030 and Saudi Arabia’s Vision 2030, which aims to increase the tourist influx in the country, has led to growth in the commercial sector. The surge in the construction of malls, resorts, and other tourist attractions places in the country has led to an increase in the GDP through the tourism sector. Hence, it is projected that the GCC Fire safety equipment market would grow steadily during the forecast period due to the surging expansion of the commercial sector in the region.
Country Landscape
Geographically, the GCC Fire Safety Equipment Market expand across:
The UAE
Saudi Arabia
Oman
Kuwait
Bahrain
Qatar
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. It involves the development of smart cities and to expand its tourism industry, the rising number of warehouses brought on by the boom of the e-commerce industry, and a few other factors. The growth of these industries has accelerated the demand for fire safety equipments.
Moreover, the rising adoption of advanced fire safety measures by the end users industry. The other crucial factors that boost market growth include technological upgradation in fire-extinguishing equipment, ascending number of high-rise buildings, and significant usage across educational institutes, hospitals, research centers, public transport, and gas stations chemical facilities, and retail and hospitality verticals.
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Market Dynamics:
Key Driver: 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.
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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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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