Global Mechanical and Electromechanical Locks Market Outlook & Forecast Report 2022-2027 Featuring Key vendors - Allegion, ASSA ABLOY, Honeywell, Master Lock, & Dormakaba Group

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May 06, 2022, 08:00 ET

DUBLIN, May 6, 2022 /PRNewswire/ -- The "Mechanical and Electromechanical Locks Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The mechanical and electromechanical locks market by revenue is expected to grow at a CAGR of 5.79% 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.

SEGMENTATION ANALYSIS

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.

GEOGRAPHICAL ANALYSIS

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.

VENDOR ANALYSIS

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.

SNIPPETS

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.

KEY GROWTH FACTORS

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

PROMINENT VENDORS

Allegion
ASSA ABLOY
Honeywell
Master Lock
Dormakaba Group

OTHER PROMINENT VENDORS

ABUS
Alban Giacomo
Brisant-Secure
Baldwin Hardware
Cal-Royal
Codelocks
Deltana Enterprises
DOM Security
Dynasty Hardware
GEZE
Godrej
Gretsch-Unitas (G-U)
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
Tell Manufacturing

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview
7.1.1 Key Highlights Of Global Residential Construction Sector
7.2 Value Chain Analysis
7.2.1 Raw Material Supplier
7.2.2 Manufacturer
7.2.3 Distributor/Wholesaler
7.2.4 Integrator/ Installer
7.2.5 End-User
7.3 Covid-19 Impact

8 Market Opportunities & Trends
8.1 Increasing Demand For Wireless Access Control & Locking
8.2 Growing Potential In Emerging Markets
8.3 Rising Emergence Of New Technologies (IOT, AI/ML)
8.4 Increasing Number Of Smart Homes

9 Market Growth Enablers
9.1 Growing Construction In Commercial Sector
9.2 Increasing Demand For Digital Locks From Coworking Spaces
9.3 Growing Demand For Electronic Access Control From Hospitality Sector
9.4 Increasing Demand For Safety & Convenience

10 Market Growth Restraints
10.1 Growing Security Risks In Smart Devices
10.2 Increasing Restraints In Construction Industry
10.2.1 Interrupted Global Building Construction Industry
10.2.2 Non-Profitable Cost Trade-Off
10.2.3 Volatility In Raw Materials
10.3 Rising Turbulent Political & Trade Relations
10.4 Competitive Marketplace

11 Market Landscape
11.1 Market Overview
11.2 Geographic Insights
11.3 Market Size & Forecast
11.4 Five Forces Analysis

12 Product Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Mechanical Locks
12.3.1 Market Overview
12.3.2 Market Size & Forecast
12.3.3 Market By Geography
12.4 Electromechanical Locks
12.4.1 Market Overview
12.4.2 Market Size & Forecast
12.4.3 Market By Geography (2018-2027)

13 Installation
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Replacement
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market By Geography (2018-2027)
13.4 New Construction

14 End-User
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Hospitality
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market By Geography (2018-2027)
14.4 Corporate
14.5 Retail
14.6 Healthcare
14.7 Residential
14.8 Education
14.9 Others
14.9.1 Market Overview
14.9.2 Warehouses
14.9.3 Government Sector
14.9.4 Transport & Logistics
14.9.5 Market Size & Forecast
14.9.6 Market By Geography (2018-2027)

15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview