Qatar’s security market is also expected to see strong growth in the coming years, as the construction sector continues to grow.
The Middle-Eastern country Qatar is currently in the middle of a regional diplomatic crisis that has been going on for more than two months now. On June 5, accusing the country of ties to terror groups, Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt imposed an unprecedented land, sea and air blockade.
Qatar has rejected the accusations but that has not helped it alleviate the tension in the region. Unfortunately, Qatar traditionally has relied on imports, most of which used to come from its blockading neighbors. The good news for the country is that it has spurred the local industry in efforts to become more self-reliant and sustainable.
For instance, Don Construction Products, a manufacturer and supplier of construction chemicals and building materials is seeing an increase in workload in the recent weeks, according to Al Jazeera. Khashif Aijaz of Don Construction Products reportedly said that the orders have increased and there is an above-proportional growth in the orders they are getting every day.
Interestingly, Qatar’s security market is also expected to see strong growth in the coming years, as the construction sector continues to grow. According to a report from 6Wresearch, the country’s fire safety systems and equipment market is expected to grow at a CAGR of 6.2 percent from 2017 to 2023 backed by huge infrastructural development activities.
The boom in the construction sector, which is seen across verticals, is mainly due to the upcoming FIFA World Cup in 2022.
The boom in the construction sector, which is seen across verticals, is mainly due to the upcoming FIFA World Cup in 2022. Construction in the areas of retail, hospitality, transportation, entertainment, and residential are expected to create key demand for these systems and equipment in the country. To build the world class infrastructure for the upcoming World Cup, US$203.35 billion are expected to be invested in the country. Qatar has multistory buildings which spurs the demand for fire safety systems and equipment.
“Fire Fighting Systems & Equipment holds major share in Qatar Fire Safety Systems & Equipment Market and is expected to dominate the market in the forecast period,” said Ravi Bhandari, Assistant Manager, Research and Consulting, 6Wresearch. “In Fire Fighting Systems & Equipment, fire sprinklers have played a role in its revenue generation. Further, the demand for Fire Detection & Alarm Systems have also increased due to growing number of fire incidences in the country and ensure timely evacuation of the individuals.”
Kanika Sharma, Research Associate at the firm added that in Qatar, smoke detectors are also witnessing growth and is expected to dominate the market in the forecast period in the fire detection segment. Government mandates and better thermal lag properties over other detectors have led to their demand across all the verticals.
“Planned investment worth $45 billion in Lusail City, $1.5 billion in Al Jawhara and $4.1 billion in Barwa would be made for the development of these cities, which would further drive the market for Qatar fire safety systems & equipment market,” Sharma said.