Future Mega Events, such as the 2020 World Expo and the 2022 Football World Cup are Expected to be Key Drivers for Spiked Demand for Electronic Security Equipments in the Region: KenResearch
Posted on 18 April 2017 by KenResearch defense and security,
Hajj is the annual Islamic pilgrimage to Mecca; a holy city of Muslims attracts millions of pilgrims every year. In 2013, Saudi Arabia government installed 1,700 CCTV cameras to monitor the crowd during this 5 day event.
There was high demand for quality apartments in Riyadh due to rising expatriates in the city and new apartments are fitted with state of art security surveillance, and fire protection system along with intrusion alerts system to increase the rent seeking capacity of the buildings during 2011.
Jeddah, Riyadh and the adjoining areas was the most important market for electronic security devices in the country due to huge volume of commercial and real estate development.
Personal disposable income of people living in Saudi Arabia had increased in the analysis period registering a 4 year CAGR of 5.6% from 2011-2015. This led to increased expenses on luxury goods and better living conditions along with increased focus on protection and safety of their loved ones and belongings. Many locals and residential interviewed had claimed to have installed intrusion alarms, fire detection system and CCTV’s in their premises. This percentage was higher in case of expats living in Saudi Arabia.
Riyadh the capital city of Saudi Arabia is the most important city in terms of market for electronic security devices as most of the major hospitality and commercial spaces in the country is located in this city and government has better infrastructure to check the implementation of related laws and regulations leading to increased sales as non conformity attracts fines.
Honeywell has managed to establish its name in both devices and services segment of the industry. Improved post sales services had major influence in attracting consumers to Honeywell products. Pelco is a subsidiary of Schneider Electric and majorly operates in the CCTV surveillance segment. It serves a range of sectors including airports, education, government, healthcare, and others. Siemens, Avigilon Corporation, Hikvision Digital Technology Co. Ltd., Samsung Techwin Co Ltd were some other major companies operating in Saudi Arabia electronic security market.
Saudi Arabia will offer foreign and local property developers partnership deals in a vast housing construction program that aims to build 1.5 million homes by 2022 to provide affordable housing to its citizen. This is expected to boost market for alarm and other security devices such as CCTV, intercom based access control and others in the country.
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