New York, US, Dec. 08, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Safes and Vaults Market Research Report: Information by Type, Function, Application, Industry and Region —Forecast till 2030”, the global safes and vaults market will reach USD 8.541.60 million at a 6.50% CAGR by 2030.
Safes and Vaults Market Analysis
The market for safes and vaults is expected to expand due to rising crime rates and concerns over the security of priceless assets. The safety of people's possessions is being put at risk by an increase in theft and burglaries. People are investing in safes and vaults to protect their assets from any mishaps as a result of the rise in personal asset theft. As a result, the global safes and vaults market is expanding due to an increase in crime and concerns over the security of valuable assets.
Growing Adoption in Healthcare Sector to offer Robust Opportunities
The market is expanding as a result of the rising demand from the healthcare sector for the storage of prescription drugs and other expensive medications. Over the past few years, thefts of drugs and medications have been reported more frequently in places like North America and Europe. In order to stop the illegal use of opioids, governing bodies are encouraging safe drug storage and supply.
Key Players
Eminent market players profiled in the global safes and vaults market report include,
- The American Security (US)
- Caradonna (France)
- Godrej (India)
- Gunnebo (Sweden)
- Diebold Nixdorf
- Incorporated (US)
- Alpha Safe & Vaults Inc(US)
- Kumahira Co. Ltd (Japan)
- Kaso (Finland)
- Safeguard Safes (Australia)
- Shinjin Safes (South Korea)
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Safes and Vaults Market Segmentation
The global safes and vaults market has been bifurcated based on industry, application, function, and type.
By type, traditional will lead the market over the forecast period.
By function, cash management safes will dominate the market over the forecast period.
By application, residential will spearhead the market over the forecast period.
By industry, banking will have the lions share in the market over the forecast period.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 8.541.60 Million |
| CAGR during 2022-2030 | 6.50% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Growing application of smart safes and vaults |
| Key Market Drivers | Increase in crime rate and concern about the safety |
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Restraints and Challenges
Unauthorized Key Duplication to act as Market Restraint
The unauthorized key duplication, low-cost substitutes, and rise in cashless transactions may act as market restraints over the forecast period.
Safes and Vaults Market COVID-19 Analysis
The COVID-19 pandemic has harmed the safes and vaults industry and is predicted to do so going forward. There are many dangers associated with the COVID-19 pandemic outbreak. In 2020, COVID-19 spread throughout the world and still has an effect on global economic activity. Global capital markets were disrupted and volatile due to COVID-19, which also contributed to an economic slowdown in 2020. The COVID-19 pandemic and the ensuing economic unpredictability had a detrimental effect on the safes and vaults market across a wide range of customers in most regions.
Governments all over the world have implemented COVID-19-related measures, including travel restrictions, business closures, bans on group gatherings and events, shelter-in-place orders, curfews, and advice to engage in social seclusion. These limitations have caused activity to weaken and manufacturing facilities to temporarily close. The pandemic's outbreak and the ensuing global ban on cross-border travel had a significant effect on the export and international trade of safes and vaults. Additionally, the initial period of the impact had an impact on the raw material supply. The installation of home safes had a significant impact on general sales and installation in the non-banking sector due to the virus's increased spread. The growth of the e-commerce sales channel had a positive effect on the safe and vault market. Neo-banking and branchless banking have gained popularity as a result of the pandemic, which will negatively affect the amount of safes and vaults sold.
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Regional Analysis
North America to Steer Safes and Vaults Market
North America is by far the largest region. Nations like the United States and Canada are among them. North America is one of the regions with the largest revenue contributions for safety systems because of the increase in retail outlets, which has aided in the market's expansion. For almost a century, safes and vaults has made a significant economic contribution to North America. As people look to protect their valuables from theft, natural disasters like earthquakes and floods, as well as man-made risks, it is also anticipated that the extraordinary COVID-19 epidemic will increase the demand for safes and vaults in the US. Increased R&D spending and the creation of cutting-edge safe technologies are anticipated to drive market growth during the projected period.
The rising demand for smart safes is expected to have a significant impact on the market for safes and vaults. Smart safes are more necessary to handle end-of-day deposits because non-banking retail outlets are more dependent on small-value transactions to generate significant amounts of cash flow. Due to the growing number of retail outlets, increased public awareness of security products, and established technological infrastructure, North America commands the largest market share globally.
APAC to Have Admirable Growth in Safes and Vaults Market
Over the forecast period of 2020–2027, Asia–Pacific is also anticipated to have the highest growth rate or CAGR. For the safes and vaults market in the Asia-Pacific region, factors like rising disposable income, increased cash management safes, investments in technological advancements, rise in theft, and natural disasters will create lucrative growth prospects. The Asia-Pacific region's safes and vaults market is examined across a number of countries, including China, Japan, India, Australia, South Korea, and the rest of the continent.
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As a result of the increasing use of cash management safes and significant players in countries like China, India, and Japan, it is regarded as the sector with the fastest growth in the entire world. The market for safes and vaults in the Asia Pacific is also expected to expand in the coming years as a result of the growing demand for contemporary products that feature high-tech features like biometric sensors, compact construction, lightweight materials, and high strength.
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