Chicago, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The mechanical and electromechanical locks market is expected to grow at a CAGR of over 5.79% during the period 2021−2027.
Scope of the Mechanical and Electromechanical Locks Market
| Report Coverage | Details |
| Market Size in 2022 | $17.57 billion |
| Market Size in 2027 | $24.63 billion |
| Largest Market | APAC |
| Fastest Market | Latin America |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Segments Covered | Product Type, Installation, End-User, and Geography |
| Companies Mentioned | Allegion, ASSA ABLOY, Honeywell, Master Lock, and Dormakaba Group |
| Geographic Analysis | 5 Region and 23 Countries |
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Key Highlights Offered in the Report:
- The rapidly changing technological landscape and the growing adoption of technology such as IoT, AI, ML, supported by the growing penetration of smart homes and increasing demand for wireless access control & locking is anticipated to push the market growth.
- Mechanical locks hold the highest share in the market. However, electromechanical locks are expected to observe the highest growth rate at a CAGR of 6.79% during 2022-2027.
- The growing demand for digital locks from coworking spaces and growing emphasis on safety and convenience is driving the demand for mechanical & electromechanical locks in the market.
- In terms of installation, replacement segment is leading the market and is expected to grow at a CAGR of 5.28% during the forecast period.
- The residential end user is estimated to observe the highest growth rate at a CAGR of 7.14% during the forecast period.
- The market consists of various vendors including ASSA ABLOY, Allegion, dormakaba Group, and others.
- The pandemic and subsequent lockdown has greatly affected the global construction, manufacturing, and industrial outlook. The momentum for new orders and expansion of industrial capabilities has reduced worldwide, both in terms of production and stimulation of new and replacement demand from all sectors.
Key Offerings:
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product type, installation, end-user, and geography
- Competitive Landscape – 5 key vendors and 28 other vendors
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Mechanical and Electromechanical Locks Market – Segmentation
- The demand for electromechanical locks is rising as part of renovation activities, especially in developed countries, as these locks offer functionalities of image and video capturing and alarm settings from remote locations.
- In 2021, the replacement segment for existing locking and access control systems accounted for a share of 65.09%. The demand for replacement doors is higher in renovation and retrofit activities and is prevalent across the globe, therefore, driving the demand for replacement locks.
- The demand for locks in the corporate segment is expected to grow at a steady rate from 2023 to 2027, as the global market overcomes the COVID-19 pandemic and corporate offices are back with full capacity. Hence, the segment is witnessing large investments in the construction of office spaces and renovation and retrofitting in access control systems.
Market Segmentation by Product Type
- Mechanical Locks
- Electromechanical Locks
Market Segmentation by Installation
- Replacement
- New Construction
Market Segmentation by End-User
- Hospitality
- Corporate
- Retail
- Healthcare
- Residential
- Education
- Others
Market Segmentation by Geography
- APAC
- China
- Japan
- South Korea
- India
- Australia
- Singapore
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Poland
- North America
- US
- Canada
- Latin America
- Mexico
- Brazil
- Argentina
- Peru
- Middle East and Africa
- UAE
- Turkey
- Saudi Arabia
- South Africa
- Kenya
Mechanical and Electromechanical Locks Market – Competitor Landscape
APAC and Europe are the leading markets in terms of installation of fenestration solutions in new buildings and demand for doors in renovation and retrofit projects. The demand for doors in new construction projects, especially from the corporate office and hospitality segments, is expected to constitute a significant share in the global mechanical and electromechanical locks market. As the current major stock of commercial buildings is energy inefficient, institutions and industries are increasingly adopting eco-friendly or green technologies to reduce the risk of environmental pollution and carbon footprint from buildings. Buildings have become exceedingly complex with the rising amalgamation of smart technologies and products. As the lifetime of buildings increases, so does the demand for reliable and innovative mechanical and electromechanical locks installed in new construction and replacement activities.
Prominent Vendors
- Allegion
- ASSA ABLOY
- Honeywell
- Master Lock
- Dormakaba Group
Other Prominent Vendors
- ABUS
- Alban Giacomo
- Brisant-Secure
- Baldwin Hardware
- Cal-Royal
- Codelocks
- Deltana Enterprises
- DOM Security
- Dynasty Hardware
- GEZE
- Godrej
- Gretsch-Unitas (G-U)
- Guangdong Archie Hardware
- Hager Group
- Hampton Products International
- ISEO
- Kason Hardware
- Keyu Intelligence Co
- Kiwi
- Lawrence Hardware
- Oubao
- Onity
- PERCo
- PRIME-LINE Products
- Rejuvenation
- SAFETRON
- Southco
- Tell Manufacturing
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Mechanical and Electromechanical Locks Market – Table of Contents
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of The Study
4.1 Market Segments
4.1.1 Market Segmentation by Type
4.1.2 Market Segmentation by Installation
4.1.3 Market Segmentation by End-User
4.1.4 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.1.1 Key Highlights of Global Residential Construction Sector
7.2 Value Chain Analysis
7.2.1 Raw Material Supplier
7.2.2 Manufacturer
7.2.3 Distributor/Wholesaler
7.2.4 Integrator/ Installer
7.2.5 End-User
7.3 Covid-19 Impact
8 Market Opportunities & Trends
8.1 Increasing Demand for Wireless Access Control & Locking
8.2 Growing Potential in Emerging Markets
8.3 Rising Emergence of New Technologies (IOT, AI/ML)
8.4 Increasing Number of Smart Homes
9 Market Growth Enablers
9.1 Growing Construction in Commercial Sector
9.2 Increasing Demand for Digital Locks from Coworking Spaces
9.3 Growing Demand for Electronic Access Control from Hospitality Sector
9.4 Increasing Demand for Safety & Convenience
10 Market Growth Restraints
10.1 Growing Security Risks in Smart Devices
10.2 Increasing Restraints in Construction Industry
10.2.1 Interrupted Global Building Construction Industry
10.2.2 Non-Profitable Cost Trade-Off
10.2.3 Volatility in Raw Materials
10.3 Rising Turbulent Political & Trade Relations
10.4 Competitive Marketplace
11 Market Landscape
11.1 Market Overview
11.2 Geographic Insights
11.3 Market Size & Forecast
11.4 Five Forces Analysis
11.4.1 Threat of New Entrants
11.4.2 Bargaining Power of Suppliers
11.4.3 Bargaining Power of Buyers
11.4.4 Threat of Substitutes
11.4.5 Competitive Rivalry
12 Product Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Mechanical Locks
12.3.1 Market Overview
12.3.2 Market Size & Forecast
12.3.3 Market by Geography
12.4 Electromechanical Locks
12.4.1 Market Overview
12.4.2 Market Size & Forecast
12.4.3 Market by Geography (2018-2027)
13 Installation
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Replacement
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography (2018-2027)
13.4 New Construction
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography (2018-2027)
14 End-User
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Hospitality
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography (2018-2027)
14.4 Corporate
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
14.5 Retail
14.5.1 Market Overview
14.5.2 Market Size & Forecast
14.5.3 Market by Geography (2018-2027)
14.6 Healthcare
14.6.1 Market Overview
14.6.2 Market Size & Forecast
14.6.3 Market by Geography (2018-2027)
14.7 Residential
14.7.1 Market Overview
14.7.2 Market Size & Forecast
14.7.3 Market by Geography
14.8 Education
14.8.1 Market Overview
14.8.2 Market Size & Forecast
14.8.3 Market by Geography (2018-2027)
14.9 Others
14.9.1 Market Overview
14.9.2 Warehouses
14.9.3 Government Sector
14.9.4 Transport & Logistics
14.9.5 Market Size & Forecast
14.9.6 Market by Geography (2018-2027)
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