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FINANCIAL NEWS
GCC fire safety market expected to reach $3.15bn by 2020
31 Oct 2015
(MENAFN) he fire safety market in the Gulf Co-operation Council (GCC) is expected to grow at an average 15% to touch $3.15bn by 2020, according to a study.
The growth is predominantly driven by industrial and commercial investments, while segments such as retail, institutional buildings, and public infrastructure are also contributing to new demand, said Messe Frankfurt Middle East, quoting a study by Frost and Sullivan.
“With Dubai all set to host Expo 2020 and Qatar winning the bid to host the FIFA World Cup 2022, a whole lot of new projects have been announced with construction in full swing thereby resulting in a huge market opportunity,” said Messer Frankfurt Middle East.
“Continued investments in the industrial and commercial sectors are among the prime growth drivers of the GCC’s fire safety market, combined with the increasing stress by regional governments on the compliance with fire safety regulations in all new constructions,” said Ahmed Pauwels, chief executive of Messe Frankfurt Middle East.
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