Mechanical Locks Market Size Analysis, Future Growth Opportunities 2020 to 2023
Posted by Pradeep Zende on January 21st, 2020
Mechanical locks are generally used for security purposes. Several electronic locking devices require mechanical lock in case of power failure or system error. Owing to the deployment of mechanical locks at commercial, residential, and industrial spaces, the global mechanical locks market is expanding at a rapid pace. With growing security concerns across the globe, the need for high-security locking systems in commercial as well as residential spaces is increasing. Global mechanical locks market size research is presumed to garner USD 8.52 billion during the forecast period (2018-2023). The global market is predicted to demonstrate 4.80% CAGR owing to the rising demand for weatherproof padlocks in marine applications, asserts Market Research Future (MRFR).
With the growing demand for waterproof padlocks in marine applications, the market is estimated to flourish during the assessment period. The increasing consumer preference for deadbolt locks is further considered to stimulate the market growth. Also referred to as deadlocks, deadbolts can be opened by rotating the key. Deadbolts provide a higher level of protection than doorknobs with pin tumbler locks owing to its hardened steel bolts and advanced mechanism. Most of the burglaries involve forced entries which has further encouraged the consumers to shift to deadbolt locks, thereby propelling the market growth for mechanical locks market during the assessment period. Moreover, with the growing demand for two-way locks in emergency exits, the market is anticipated to foster in the coming years. The ease of use both at entry and exit points coupled with the prevention against self-locking is triggering the demand for two-way locks for emergency exits.
There have been rapid technological advancements in locks in the past few years. Consumers are shifting their preferences from mechanical locks to smart locks as they offer networked access control. This can dampen the market growth in the coming years.
The prominent players operating the global mechanical locks market are Spectrum Brands, Inc. (US), Allegion PLC (Ireland), Assa Abloy (Sweden), August Bremicker Söhne KG (ABUS) (Germany), Draper Tools Ltd (UK), DOM Security (France), Codelocks Inc. (US), Serrature Meroni SpA (Italy), EVVA Sicherheitstechnologie GmbH (Austria), Nuova Oxidal SRL (Italy). Product developments and acquisitions are core strategies of these players aiming to capture a larger share of the market. For instance, Assa Abloy is focusing on acquisitions to increase its consumer base. It acquired Shree Mahavir Metalcraft, a prime manufacturer of mechanical locks and architectural hardware fittings in India in 2017.
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The global mechanical locks market has been segmented on the basis of product type, grade, raw materials, and by region.
By mode of product type, the mechanical locks market has been segmented into padlocks, mortise locks, cylindrical locks, deadbolt, and others. Among these, the mortise locks segment is considered to witness a CAGR of 5.03%, and it is likely to garner USD 2,132.39 million during the assessment period. The Asia Pacific and Latin America regions are deemed to contribute the maximum to this segment’s revenue owing to various construction and renovation projects. On the other hand, the deadbolt segment is estimated to witness a CAGR of 5.41% over the forecast period to generate USD 1,275.61 million by 2023.
By mode of grade, the global mechanical locks market has been segmented into grade 1, grade 2, and grade 3. Among these, the grade 1 locks offer the highest security level and are rated for applications where they experience heavy use such as in schools, public buildings, and hospitals. The common grade 1 lock comprise mortise locks, cylindrical key and lever locks, locks used with electronic or other access control hardware, and supporting deadbolts.
By mode of raw materials, the global mechanical locks market has been segmented into stainless steel, copper, iron, aluminum, and others. Among these, copper is one of the most commonly used materials thanks to inherent mechanical characteristics of superior strength, hardness, and ductility, apart from providing easy processability. Iron is extensively used in the manufacturing of locksets as it offers cost-effectiveness.
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About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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