Posted On: 2021-04-05
Manned guarding holds the largest revenue share in 2020 in Qatar physical security services market - 6Wresearch
Qatar physical security services market had witnessed a considerable growth in recent years on account of rise in commercial sector, hotels, hospitals, residential sector and a remarkable jump in oil and gas sector. Additionally, manned guarding garnered the maximum share in revenues for the year 2020 and would maintain its dominance in coming years as well, owing to high demand from multiple sectors such as commercial, residential, retail, hospitals, oil and gas and majorly due to upcoming events such as FIFA World Cup 2022, and Qatar 7th International Cup- Weightlifting. Further, due to the pandemic spread of COVID-19 and the resultant nationwide lockdown, physical security services market witnessed a decline for the year 2020. However, with relaxation in lockdown measure, the economy began to show signs of recovery and the market revenues regained momentum in second half of the year. Hence, overall market in 2020 was not affected at a higher extent.
According to 6Wresearch, the Qatar Physical Security Services Market size is projected to grow at CAGR of 13.3% during 2021-2027F. Presently, southern region acquires the maximum share in the overall revenues of physical security services on account of higher residential and working-class population relative to other regions, couple with presence of more commercial offices and working places. Further, country is heading towards a mega event i.e., FIFA World Cup 2022, which would take place majorly in Doha i.e., southern region. Thus, the region would maintain its dominance in the forthcoming years, owing to rise in commercial sector, hotels, sports complexes, etc.
According to Mansi Bisht, Senior Research Analyst, 6Wresearch, “Based on applications, oil and gas sector registered the highest market share in the physical security services market for the year 2020 on account of expansion of North field project, Qatar gas plants, etc. Further, in forthcoming years, commercial sector would witness significant growth on account of increase in office spaces and rise in number of enterprises such as Dubai Doha towers, QIMC tower, etc. simultaneously, events sector would also augment in the coming years due to the upcoming FIFA world cup, Expo 2023 Doha, etc.”
According to Srajan Yadav, Research Associate, 6Wresearch, “Based on service types, manned guarding accounted for the highest revenue share for the year 2020 owing to increase in oil & gas sector and commercial sector, as manned guarding plays a pivotal role in these sectors. Further, in the forthcoming years, CCTV & electronic security services would show a significant growth in the market due to the rise in security concerns in residential sector. However, manned guarding would retain its dominancy in the forecast period due to increase in petroleum, commercial, retail sector, etc. with projects such as Qatar National Bank Tower and Al Quds Endowment Tower.”
Some of the major companies in Qatar physical security services market includes G4S plc, European Guarding and Security Services, Teyseer Group of Companies, Sama International Projects, and such other players.
Qatar Physical Security Services Market (2021-2027) report provides an in-depth analysis with more than 10 figures and 5 tables covered in more than 70 pages.” The report estimates and forecast the overall Qatar Physical Security Services Market by revenues, services types, application and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.