UAE AV market expected to grow to $707 million
A report by Euromonitor International (EMI) has predicted that the pro AV industry in UAE will be worth US$707 million by 2018, with economic growth, rising tourism and mega projects the current key drivers of growth in the marketplace.
The market in UAE expected to recover from a market slowdown causes by declining oil prices to reach a value of US$707 million by 2018, up nearly US$50 million from value of US$656.2 million value forecast for 2016.
The August 2016 research also predicted that the rise in projects will increase demand for AV equipment and services by nearly 8% in the next two years.
The factors behind the significant growth are reported as UAE government’s strong focus on diversification toward a service and tourism-oriented economy, with the completion of large-scale projects including the Guggenheim and Louvre Museums in Abu Dhabi, and Dubai’s Mohammed bin Rashid City also fueling demand for professional AV and lighting installations. On opening, the Mohammed bin Rashid City alone will bring 100 new hotels, five theme park attractions and a marine life park to the area.
In addition to hospitality, AV installations in government and the public sector are expected to rise as the region continues its investment in developing and upgrading infrastructure projects and services such as airports, metro stations, cultural, and religious institutions.