The "Mechanical and Electromechanical Locks Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Mechanical and Electromechanical Locks Market Report
The mechanical and electromechanical locks market by revenue is expected to grow at a CAGR of over 4% during the period 2019-2025.
The global mechanical and electromechanical locks market is expected to witness moderate growth during the forecast period. The market for new locks and digital access control systems is mainly driven by the demand for new access points, door installations, as well as renovation activities to increase the security of homes and commercial premises, including retail, hospitality, recreational facilities. Most commercial spaces are implementing latest infrastructure and technology to improve aesthetics, while ensuring maximum security and convenience, which is boosting the demand for electromechanical and networked locking systems.
The demand for new safety system is driven by the installation of new fire-rated and energy efficient doors in developed countries, which boost the demand for mechanical and electromechanical locks. Fire rated as well as thermally efficient doors can prove highly beneficial for industrial spaces and investments in production sites are expected to contribute in the growth of the electronic locks market globally.
The rapid spread of the COVID-19 pandemic in early 2020 has greatly affected the global construction, manufacturing, and industrial outlook. The momentum for new orders and the expansion of industrial capabilities have reduced across the world both in terms of production. Stringent lockdowns from local and national governments have restricted supply, production, and logistics activities of finished goods.
The following factors are likely to contribute to the growth of the mechanical and electromechanical market during the forecast period:
- Wireless access Control and Locking
- High Potential in Emerging Markets
- Growing Construction in Commercial Sector
- Coworking Spaces Driving Demand of Digital Locks
The study considers the present scenario of the mechanical and electromechanical locks market and its market dynamics for the period 2019-2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.
The global mechanical and electromechanical locks market is dominated by several small and medium scale companies. In North America and Europe, domestic and long-established vendors enjoy high brand loyalty and strong market positions. Established large vendors offer locks with longer life cycles and an existing large base of installed systems present them with stable demand growth prospects in replacement activities as well. In emerging countries, regulatory standards for safety systems and strong national brands are less common. Moreover, with rising traction of innovative and high-quality mechanical as well as electromechanical systems growing in emerging countries, these markets hold high potential for entry of multinational vendors, especially in the field of electromechanical locks. Vendors are expected to pursue growth by acquisitions as there are numerous small-scale vendors.
- ASSA ABLOY
Other Prominent Vendors
- WSI Industries Inc.
- Gretsch-Unitas (G-U)
- Hager Group
- DOM Security
- Lawrence Hardware
- Dynasty Hardware
- Hampton Products International
- Tell Manufacturing
- Godrej Group
- Guangdong Archie Hardware
- Deltana Enterprises
- Kason Hardware
- PRIME-LINE Products
- KEYU Intelligence Co (HUNE)
- Alban Giamoco
Key Questions Answered
1. What is the mechanical and electromechanical locks market size and growth rate during the forecast period?
2. What are the factors impacting the growth of the mechanical and electromechanical locks market shares?
3. Which lock type/ end-user type/region is generating the largest revenue in the Europe region?
4. Who are the leading vendors in the mechanical and electromechanical locks market, and what are the Assa Abloy's market shares?
5. What is the impact of the COVID-19 pandemic on the mechanical and electromechanical locks market?
Opportunities & Trends
- Wireless Access Control And Locking
- High Potential In Emerging Markets
- Growing Construction In The Commercial Sector
- Coworking Spaces Driving Demand For Digital Locks
- Demand For Electronic Access Control From The Hospitality Sector
- Emergence Of Smart Homes Driving The Adoption Of Smart Locks
- Skepticism On Cybersecurity Hinders Electronic & Smart Locks
- Restraints Related To The Construction Industry
- Turbulent global political and trade relations
For more information about this report visit https://www.researchandmarkets.com/r/emkgxz
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