The latter appears to secure inferiority due to large area for surface impact, designing flaws and lack of provision for security updates, while evaluating security properties of mechanical and electronic locks. Future prospects of global market for mechanical locks has been assessed in the report published by Research Report Insights. According to the report, approximately US$ 7,150 Mn worth of mechanical locks are estimated to be sold across the world by the end of 2022. The global mechanical locks market is estimated to exhibit a moderate CAGR over the forecast period.
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Factors Influencing Growth of the Market
The demand for mechanical locks is likely to witness steadfast expansion, in the view of developing technologies in the domain of physical securities. Adoption of high-tech guarding, biometric access platforms and smart locks continues to remain sough-after in the market, decreasing the uptake of mechanical locks among consumers, concurrently. Mechanical locks are witnessing decline in terms of gaining mass consumer appeal that continues to opt for adamantine security products, even as a retail commodity.
Interconnected locks are likely to remain sought-after in the market, according to a report. Interconnected locks are estimated to secure nearly US$ 1,900 Mn in terms of revenues by the end of assessment period, despite the moderate expansion of the total mechanical locks. Interconnected locks will gain traction in securing apartments, buildings, military housing and rest of the residential facilities. The interconnected locks are likely to remain sough-after owing to their precise lever action and compatibility to handicapped requirements.
Ease of manufacturing and construction of interconnected locks is likely to lead manufacturers in rising production of these locks.
Highlights from the Report
The tubular locks are expected to be top selling product in the market, reflecting steady CAGR during the assessment period.
Stainless steel, by material type is likely to remain forefront in the mechanical locks market, securing over US$ 2,400 Mn by the end of 2022.
Grade level 2 mechanical locks will create an incremental opportunity of nearly US$ 600 Mn during the forecast period.
External facility security segment, by application type is expected to be most lucrative segment in the market, revenues from which will hold approximately one-fifth value share of the overall market.
North America will remain most attractive region in mechanical locks market throughout the assessment period.
Asia-Pacific excluding Japan region is estimated to contribute significantly in generation of revenues by the sales of mechanical locks globally.
Some prominent market players are expected to focus on cost-effectiveness in manufacturing mechanical locks by obtaining better quality raw materials through large supply chain. ECO Schulte GMBH & Co. KG, Serrature Meroni Spa, Dom Ronis, Allegion Plc, Picard-Serrures, Winkhaus Austria Gmbh, Dormakaba Holdings AG, Yale Security Inc., The Eastern Company, and ASSA ABLOY AB (key subsidiary – Mul-T-Locks) are some leading market players in the competitive landscape of the market throughout the assessment period.