The GCC Fire Safety Equipment market is projected to grow at a CAGR of around 3.26% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The factor attributing to the rising demand for this equipment in the GCC is the presence of the chemical as well as oil & gas industries. The existence of oil, gasoline, and other highly flammable & combustible materials poses a significant threat, such as fire incidents & several others in the mining, oil & gas industries. As a result, vendors are expanding their investments to create new fire suppression systems to safeguard the sites & industries from critical environments. In addition to this, the market's expansion was further accelerated by the growing demand for fire detection & prevention equipment, which is legally required to address & prevent such fire accidents in the GCC region.
Moreover, the boost in safety concerns in the region has also necessitated the strict enforcement of building safety regulations. This has led to a rise in the requirement for fire safety equipment in residential as well as commercial buildings. Hence, due to an upsurge in the number of properties in the countries, such as the UAE, Saudi Arabia, Oman, and others, the requirement for this equipment has also been enhanced. Along with it, the strict government-laid safety regulations & the rise in automation brought on by smart homes & construction projects are fueling the need for them.
In addition, the market noted high-quality fire safety installations, which are gaining market popularity as risk management strategies become increasingly integrated into oil & gas facilities. Products designed specifically for usage in oil refineries, gas processing plants, and other high-risk environments include a wide range of fire detection options. In addition, new technologies like IoT integrated solutions & wireless sensor networks are presumed to boost the market growth in the coming years, further states the research report, “GCC Fire Safety Equipment Market Analysis, 2023.”e?
Government’s Assertion & Compliances Regarding Installation of Fire Extinguishers to Accelerate their Sales
Based on Equipment Type, the market is further segmented into Fire Extinguishers, Fire Suppression Systems, Fire Sprinkler Systems, and Fire Detection & Alarm Systems. Among them, Fire Extinguishers are showing significant growth in the GCC Fire Protection Equipment market due to government claims & compliances regarding their installation in residential & commercial buildings to prevent fires. The Kingdom of Saudi Arabia & the UAE have emerged as market leaders due to strict government fire safety standards in these countries, the growing commercial sector, an increase in real estate projects, and rising demand in the transport sector.
Additionally, several civil defense departments in the GCC, such as the Dubai Civil Defense (DCD), have formulated numerous fire protection guidelines for commercial & residential construction companies in recent years. Hence, this includes the installation of fire extinguishers, which would accelerate the demand for such fire extinguishers over the forecast period.
The UAE to Acquire Significant Share Owing to the Development of Smart Cities
Geographically, the UAE Fire Safety Equipment market witnessed notable growth, owing to the government's goal to strengthen its economy by developing smart cities & constantly framing favorable policies to attract investors. The construction of smart cities, the rising hospitality sector, and the boom of the e-commerce industry have also accelerated the demand for fire safety equipment in these industries. Moreover, the other crucial factors that are likely to boost the market growth in the region include technological upgradation in fire-extinguishing equipment, ascending number of high-rise buildings, and significant usage across educational institutes, gas stations, chemical facilities, and retail & hospitality verticals.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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 are looking forward to strengthening their market position.
Key Questions Answered in the Research Report