While evaluating the security characteristics of electronic locks and
mechanical locks, the latter seems to hold inferiority owing to
designing flaws, large area for surface impact, and lack of provision
for security upgrades. A recent study published by Future Market
Insights assesses the future prospects of global market for
mechanical locks. Key findings from this report reveal that by the
end of 2022, around US$ 7,160 million worth of mechanical locks are
anticipated to be sold across the globe. The report also forecasts
that for the assessment period, 2017-2022, the global mechanical
locks market is likely to attain growth at a moderate CAGR of
4.5%.
In the view of emerging technologies in the domain of physical
security, the future demand for mechanical locks is less likely to
witness steadfast growth. Adoption of smart locks, high-tech guarding
systems, and biometric access platforms continues to surge,
concurrently lowering the uptake for mechanical locks among
consumers. Even as a retail commodity, mechanical locks are
exhibiting a decline in terms of capturing the mass consumer appeal
which continues to opt for adamantine security products.
Demand for Interconnected Mechanical Locks to Remain Steady
According to the report, interconnected mechanical locks will
continue to gain grounds in the global market. Despite the moderate
expansion anticipated for the global mechanical locks market,
interconnected locks will bring in nearly US$ 1,880 Mn in revenues by
the end of 2022. Interconnected mechanical locks will continue to
find application in security of buildings, apartments, military
housing, and other residential facilities. Moreover, the demands for
interconnected locks are also expected to be influenced by their
precise lever actions and compatibility to handicapped requirements.
Easy installation and construction will also have a governing factor
in compelling manufacturers towards increasing production of
interconnected locks.
Competitive Landscape of Mechanical Locks Market
The report has profiled leading companies partaking in the growth of
global mechanical locks market. These companies are expected to aim
towards bringing cost-effectiveness in manufacturing of mechanical
locks by procuring quality raw materials through a robust supply
chain. Subjected to intrinsic engineering, manufacturing of
mechanical locks will continue to incur qualitative enhancement,
wherein apposite application of locksmithing knowledge and metallurgy
will play a pivotal. Companies namely, Serrature Meroni Spa, ASSA
ABLOY AB (key subsidiary - Mul-T-Locks), Dom Ronis, Allegion Plc,
Winkhaus Austria Gmbh, Yale Security Inc., Dormakaba Holdings AG, The
Eastern Company, Picard-Serrures, and ECO Schulte GMBH & Co. KG
are observed to remain prominent in the competitive landscape of
global mechanical locks market during the forecast period.
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The report also reveals that tubular locks will be a top-selling
product in the global mechanical locks market, and will register 5.6%
CAGR over the forecast period
On the basis of materials, stainless steel will be viewed as a
sought-after, revenues from which are projected to reach US$ 2,430 Mn
by 2022-end
Sales of grade level 2 mechanical locks will gain steady traction,
creating an incremental opportunity of approx. US$ 600 Mn between
2017 and 2022
In 2017, external facility security will be viewed a lucrative
application, revenues from which are expected to procure nearly
one-fifth share on global market value
Throughout the forecast period, North America will remain the largest
market for mechanical locks
Europe’s mechanical locks market is pegged to witness an absolute
dollar opportunity of more than quarter of billion dollars between
2017 and 2022
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