In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Mechanical and Electromechanical Locks Market Report. The mechanical and electromechanical locks market by revenue is expected to grow at a CAGR of 5.
New York, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mechanical and Electromechanical Locks Market - Global Outlook & Forecast 2022-2027" - https://www.reportlinker.com/p05949204/?utm_source=GNW
79% during the period 2022–2027.
Emerging technologies such as the Internet of Things (IoT) and Machine Learning play a prominent role in digitalizing of locks. IoT is increasingly gaining momentum across various sectors and provides significant growth opportunities for electromechanical locks in the market. Smart electromechanical locks promote efficiency, save time, and provide a better experience to users. People are increasingly opting for smart products and are equipping their homes with devices that enable home automation. Hence, the continuous innovations to upgrade the electromechanical locks is likely to support the market growth.
The following factors are likely to contribute to the growth of the mechanical and electromechanical locks market:
• Wireless Access Control & Locking
• High Potential in Emerging Markets
• The emergence of New Technologies (IoT, AI/ML)
• Increasing Number of Smart Homes
• Growing Construction in the Commercial Sector
• Coworking Spaces Driving Demand for Digital Locks
• Demand for Electronic Access Control from the Hospitality Sector
• Mechanical and electromechanical locks have an established market worldwide, and their demand is also driven by the adoption of new doors in all buildings. Locks have always been a standard component in both residential and non-residential buildings, including commercial and industrial buildings and locks now have a long-established market.
• As the global construction industry rebounds from the impact of COVID-19, the market is expected to witness developments among high construction zones with some of the developments precipitating to local levels, allowing to create some degree of pull demand for new and innovative products.
• An increase in new hotels and rooms presents opportunities for both mechanical and electromechanical locks. The demand for electromechanical locks is driven by the growing need for digital access control capabilities in hotels.
MECHANICAL AND ELECTROMECHANICAL LOCKS MARKET SEGMENTATION
This research report includes a detailed segmentation by:
• Product Type
• The surge in the growth of the mechanical & electromechanical locks market in the Latin American region is mainly due to the new construction of small & medium scale corporate offices as well as replacement & renovation activities in the residential, industrial & educational segments.
• The demand for electromechanical locks is rising as part of renovation activities, especially in developed countries. These locks offer functionalities of image and video capturing and alarm settings from remote locations, which makes the market grow through its unique innovations.
• Mechanical locks also have adoption in automatic and glass doors as terminal locking systems. As in such doors, mechanical locks are installed to keep them closed when the premises are shut, for instance, retail outlets and corporate premises at night. Hence, such developments are also propelling the demand for mechanical locks across the globe.
Market Segmentation by Product Type
• Mechanical Locks
• Electromechanical Locks
Market Segmentation by Installation
• New Construction
Market Segmentation by End-User
• The vendors will pursue growth by acquisitions as numerous small-scale vendors are active in towns and small regions. These small vendors have a presence all over their marketplace, thus acquiring them gives an edge to the vendors to have a strong firm grip in the market.
• Due to the rising traction of innovative and high-quality mechanical and electromechanical locks in emerging countries, these markets hold high potential for the entry of multinational vendors, especially in the field of electromechanical locks.
• Market vendors must introduce and invest in various products to survive and succeed in a competitive environment. They must distinguish their offerings through a clear and unique value proposition to different end-user segments. Thus, to compete, the differentiation of the products will depend on providing an exclusive value proposition and a unique experience to end-users.
• ASSA ABLOY
• Master Lock
• Dormakaba Group
OTHER PROMINENT VENDORS
• Alban Giacomo
• Baldwin Hardware
• Deltana Enterprises
• DOM Security
• Dynasty Hardware
• Gretsch-Unitas (G-U)
• Guangdong Archie Hardware
• Hager Group
• Hampton Products International
• Kason Hardware
• Keyu Intelligence Co
• Lawrence Hardware
• PRIME-LINE Products
• Tell Manufacturing
• APAC has the highest potential for both electromechanical and mechanical locks, mainly driven by a surge in building construction activities in both rural and urban areas as well as rising demand for digital locks in replacement activities to accelerate the growth of the market.
• Driven by new construction in the residential and retail segments, the Middle East and Africa have a higher potential for mechanical locks than Europe and North America. The region is also expected to present profitable prospects for the electromechanical segment. However, the demand for electromechanical locks will be confined to selected countries and end-user segments.
Market Segmentation by Geography
o South Korea
• North America
• Latin America
• Middle East and Africa
o Saudi Arabia
o South Africa
KEY QUESTIONS ANSWERED:
1. What are the mechanical and electromechanical locks market size and growth by 2027?
2. Which region is generating the largest revenue in the mechanical and electromechanical locks market?
3. Who are the key players in the mechanical and electromechanical locks market?
4. What are the primary factors that is fostering the market growth for electromechanical locks?
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