Middle East fire protection market to hit $4.4bn
The Middle East fire protection market is estimated to grow at a compound annual growth rate (CAGR) of 12.2% to $4.40bn in 2021 from a market size of $2.21bn in 2015, a report said.
According to the report titled The Middle East Fire Protection Market, Forecast to 2021 by Frost & Sullivan, participants should look towards untapped opportunities in retrofitting buildings and critical infrastructure with intelligent and integrated fire protection systems that analyse and sense the environment.
Automatic identification and security research analyst, Sagarina Rai, said: “Rising interest and investment in smart and safe city initiatives in the UAE will further boost demand for protection products. The biggest challenge for the 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 protection systems increases R&D expenditure and makes market entry difficult for new participants.
“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.”
The study covers fire protection market segments such as management systems, detection systems, response systems and analysis software. Vertical markets include oil and gas, commercial and residential, power and utilities, industrial and transportation.