CLEVELAND, March 16, 2016 /PRNewswire/ -- Sales of mechanical security products in the US are expected to rise 5.4 percent annually through 2020 to $6.1 billion. Growth will be driven by the large lock segment, which will benefit from continued gains in building construction spending. Advances in value terms will be aided by the ongoing shift to higher value electrified products, particularly door locks and door security hardware, which are used with electronic access control systems. These and other trends are presented in Mechanical Security Products, a new study from Freedonia Group, a Cleveland-based industry research firm.
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In 2015, locks accounted for more than 70 percent of mechanical security product sales. Sales of door locks dominate this segment and alone accounted for 60 percent of total mechanical security demand in 2015. Door locks are also expected to see the fastest growth of any mechanical security product, increasing 6.9 percent per year through 2020. Gains will be driven by rising demand for doors in both new construction and repair and renovations and further supported by routine replacement and upgrade sales. "Electromechanical door locks will continue to generate double-digit annual gains, rising to account for 17 percent of all door lock sales," notes analyst Katherine Brink.
Sales of door security hardware, including panic hardware and exit devices, represented 10 percent of mechanical security sales in 2015. As with locks, this segment will generate above average sales gains, rising 5.7 percent per year to nearly $600 million in 2020. Sales of these products will benefit from the strong demand for doors, as well as the increasing use of access control systems and related, more expensive, electrified door security hardware.
Security storage equipment, such as safes and vaults, was the second largest segment in 2015 with 14 percent of sales. This segment will see slower gains going forward. The primary market for many security storage products is the financial sector, and sales will be restrained by the declining number of banking and credit union offices. Demand for vaults will be particularly limited, as replacement sales are rare; however, some opportunities exist in new installations in other smaller applications, such as the quickly growing marijuana industry. Safes are expected to post better growth, as they benefit both from a wider pool of potential customers and rising interest in gun safes.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group