Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Mechanical and Electromechanical Locks Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global mechanical and electromechanical locks market is expected to grow at a CAGR of 5.43% from 2022-2028.
Market Trends and Drivers
Increasing Demand for Wireless Access Control & Locking
Electronic or digital access control system accessories and products, which were earlier dedicatedly utilized in commercial spaces, found unprecedented adoption in large hotel chains. It has become hard not to list any large hotel which hands out conventional keys for mechanical locks on room doors.
Electronic or digital access control locking systems have features such as high-end security, convenience, user activity management, smartphone connectivity, and other wireless access features that are anticipated to grow at a significant value in the upcoming years. Such factors are projected to support the mechanical and electromechanical locks market growth.
Rising Number of Smart Homes
Smart Home is a rapidly growing market due to the booming demand for energy-efficient and intelligent technologies enabling people to remotely control their residence appliances and other household systems. Thus, the growing demand for smart homes is expected to increase opportunities for electromechanical lock vendors as people are equipping their smart homes with various smart devices, such as smart locks.
Competitive Landscape
The global mechanical and electromechanical locks market is highly competitive, with many public and private companies. These vendors typically compete on key ranges such as product design, reliability, quality, support services, and price.
The instant technological advancements adversely impact the market vendors as consumers anticipate the continuous innovations and upgrades of products. The present scenario drives vendors to alter and enhance their unique value proposition (UVP) to achieve a strong market presence.
Key Company Profiles
- Allegion
- ASSA ABLOY
- dormakaba Group
- Geze
- Gretsch-Unitas
- Honeywell
- Hormann
- Master Lock
- NOVOFERM
- TECKENTRUP
Other Prominent Vendors
- ABUS
- Alban Giacomo
- Brisant-Secure
- Baldwin Hardware
- Cal-Royal
- Codelocks
- Deltana Enterprises
- DOM Security
- Dynasty Hardware
- Godrej
- 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
- Somfy
- Tell Manufacturing
KEY QUESTIONS ANSWERED:
1. How big is the mechanical and electromechanical locks market?
2. What is the growth rate of the global mechanical and electromechanical locks market?
3. Which region dominates the global mechanical and electromechanical locks market share?
4. What are the significant mechanical and electromechanical locks market trends?
5. Who are the key players in the global mechanical and electromechanical locks market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 331 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $19100.62 Million |
| Forecasted Market Value (USD) by 2028 | $26225.7 Million |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Key Topics Covered:
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 Premium Insights
6.1.1 Driving Factors
6.1.2 Product Segments - Lock Type
6.1.3 Segmentation by Installation Type
6.1.4 Segmentation by End-user
6.1.5 Competitive Landscape
7 Market at a Glance
8 Introduction
8.1 Overview
8.2 Driving Factors
8.2.1 Advances in Wireless Access Control System
8.2.2 Rising Global Construction Push the Demand for Digital Locking System
8.2.3 Fabricator Doors from Residential Sectors Boost Immense Growth for Electromechanical Locks Market.
8.2.4 Mechanical & Electromechanical Locks Global Market Review
8.2.5 Key Highlights of Global Residential Construction Sector
8.3 Value Chain Analysis
8.3.1 Raw Material Supplier
8.3.2 Manufacturer
8.3.3 Distributor/Wholesaler
8.3.4 Integrator/ Installer
8.3.5 End-User
8.4 Impact of Covid-19 and Russia Invasion
8.4.1 Pandemic Impacts in 2020 - 2022
8.4.2 Russia & Ukraine Global Impact
9 Market Opportunities & Trends
9.1 Increasing Demand for Wireless Access Control & Locking
9.2 Rising Housing Investments
9.3 Rising Emergence of New Technologies (Iot, Ai/Ml)
9.4 Increasing Number of Smart Homes
10 Market Growth Enablers
10.1 Growing Construction in Commercial Sector
10.1.1 Manufacturing Industry:
10.1.2 Hospitality:
10.1.3 Corporate Offices:
10.2 Increasing Demand for Digital Locks from Coworking Spaces
10.3 Immense Demand for Electronic Access Control from Hospitality Sector
10.4 Increasing Demand for Safety & Convenience
11 Market Growth Restraints
11.1 Growing Security Risks in Smart Devices
11.2 Increasing Restraints in Construction Industry
11.2.1 Interrupted Global Building Construction Industry
11.2.2 Non-Profitable Cost Trade-Off
11.3 Volatility in Raw Materials
11.4 Rising Turbulent Political & Trade Relations
11.5 Competitive Marketplace
12 Market Landscape
12.1 Market Overview
12.2 Geographic Insights
12.3 Market Size & Forecast
12.4 Five Forces Analysis
12.4.1 Threat of New Entrants
12.4.2 Bargaining Power of Suppliers
12.4.3 Bargaining Power of Buyers
12.4.4 Threat of Substitutes
12.4.5 Competitive Rivalry
13 Product Type
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Mechanical Locks
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 Electromechanical Locks
13.4.1 Market Overview
13.4.2 Market Size & Forecast
13.4.3 Market by Geography
14 Installation
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Replacement
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 New Construction
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
15 End-User
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Hospitality
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 Market by Geography
15.4 Corporate
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 Market by Geography
15.5 Retail
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.5.3 Market by Geography
15.6 Healthcare
15.6.1 Market Overview
15.6.2 Market Size & Forecast
15.6.3 Market by Geography
15.7 Residential
15.7.1 Market Overview
15.7.2 Market Size & Forecast
15.7.3 Market by Geography
15.8 Education
15.8.1 Market Overview
15.8.2 Market Size & Forecast
15.8.3 Market by Geography
15.9 Others
15.9.1 Market Overview
15.9.2 Warehouses
15.9.3 Government Sector
15.9.4 Transport & Logistics
15.9.5 Market Size & Forecast
15.9.6 Market by Geography
16 Geography
17 APAC
18 Europe
19 North America
20 Latin America
21 Middle East & Africa
22 Competitive Landscape
22.1 Competition Overview
22.1.1 New Doors Need New Locks
23 Key Company Profiles
24 Other Prominent Vendors
25 Report Summary
26 Quantitative Summary
27 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/un7l4b
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