Jun 16, 2023   SOURCE: BusinessWire

Global Mechanical and Electromechanical Locks Market Outlook & Forecast to 2028: Increasing Demand for Wireless Access Control & Locking Drives Growth - ResearchAndMarkets.com

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 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.

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

Market Dynamics

Opportunities & Trends

  • Increasing Demand for Wireless Access Control & Locking
  • Rising Housing Investments
  • Rising Emergence of New Technologies (Iot, Ai/Ml)
  • Increasing Number of Smart Homes

Growth Enablers

  • Growing Construction in Commercial Sector
  • Increasing Demand for Digital Locks from Coworking Spaces
  • Immense Demand for Electronic Access Control from Hospitality Sector
  • Increasing Demand for Safety & Convenience

Growth Restraints

  • Growing Security Risks in Smart Devices
  • Increasing Restraints in Construction Industry
  • Volatility in Raw Materials
  • Rising Turbulent Political & Trade Relations
  • Competitive Marketplace

MarketSegmentation

by Product Type

  • Mechanical Locks
  • Electromechanical Locks

by Installation

  • Replacement
  • New Construction

by End-User

  • Hospitality
  • Corporate
  • Retail
  • Healthcare
  • Residential
  • Education
  • Others

by Geography

  • APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Singapore
  • Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • North America
  • The U.S.
  • Canada
  • Latin America
  • Mexico
  • Brazil
  • Argentina
  • Peru
  • Chile
  • Middle East and Africa
  • UAE
  • Turkey
  • Saudi Arabia
  • South Africa
  • Kenya

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

For more information about this report visit https://www.researchandmarkets.com/r/ahwzs9

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