An Incisive, In-depth Analysis on the Mechanical Locks Market
This study offers a comprehensive, 360 degree analysis on the Mechanical Locks market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Mechanical Locks market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Future Market Insights forecasts the global mechanical locks market to grow at a moderate pace during the assessment period, 2017-2022. The market is poised to reach US$ 7,160 Mn value towards the end of 2022, and register a subpar CAGR. The report has considered a range of factors influencing the dynamics of mechanical locks market, the impact of which has been gauged in deriving market size estimations and forecast. As high-tech guarding systems, smart locks and biometric access platforms continue to proliferate in physical security applications, mechanical locks face a challenge in gaining buyers’ interests in the ever-changing landscape of consumer retail.
Surge in Demand for Interconnected and Tubular Locks
Standard duty interconnected locks are designed for commercial applications, particularly for securing residential facilities such as apartments, buildings, and military housing. Solid feel, precise lever action, multiple architectural grade finishes, easy installation & construction, and compatibility with handicapped requirements are a few features of interconnected mechanical locks that give them the competitive advantage over other product-types. Manufacturing of interconnected mechanical locks is also valued considering all offerings in this product segment are durable, convenient and multi-functional. In 2017, around one-fourth share of revenues procured in the global mechanical locks market are anticipated to be accounted by sales of interconnected locks.
The demand for tubular locks is also expected to gain traction in the foreseeable future. Over the forecast period, tubular locks will be observed as fastest-selling products in the global mechanical locks market, and are pegged to register an above-average CAGR of 5.6%. While tubular locks are considered light duty compared to their cylindrical counterparts, mechanical lock manufacturers continue to extend their capacity for producing the former product-type. With distinctive latch bolts, tubular locks offer convenience in engagement of user while locking and unlocking. Cylindrical locks, on the other hand, are anticipated to witness a declining demand towards the end of the forecast period.
Stainless Steel Materials to Remain Sought-After
Between 2017 and 2022, stainless steel materials are anticipated to create an incremental opportunity of over half a billion dollars. By 2022-end, mechanical locks made of stainless steel are likely to net revenues worth US$ 2,430 Mn. Higher resistance of stainless steel locks against fire or heat, corrosion, and abrasive impact continues to influence their sales in the global market. Moreover, the strength-to-weight advantage of stainless steel materials contributes to reducing the manufacturing costs of such locks.
External Facility Security Applications to Procure close to US$ 1,400 Mn Revenues by 2022
The report also identifies lucrative applications for mechanical locks, wherein external facility security is expected to record steady revenue growth. By the end of 2017, door locking applications will contribute one-fifth of global revenues, while external facility applications will account for a 17.1% share. Europe is predicted to become the largest market for mechanical locks used in external security applications. With the lock-picking know-how on a rise, manufacturers are likely to shift their focus towards production of custom mechanical locks that uniquely offer simultaneous unlocking through multiple-key control deadbolts.
Mechanical Locks Market: Supply & Manufacturing Overview
Manufacturing mechanical locks is potentially subjected to intrinsic engineering. Suppliers play a key role in enhancing the production of mechanical locks wherein the quality of raw material paves way for new lock designs and cost-effective manufacturing. Going forward, engineering a high-quality mechanical lock will require an extensive knowledge on metallurgy, and on the locksmithing profession. Companies such as Serrature Meroni Spa, ECO Schulte GMBH & Co. KG, ASSA ABLOY AB (key subsidiary - Mul-T-Locks), The Eastern Company, Dormakaba Holdings AG, Yale Security Inc., Winkhaus Austria Gmbh, Allegion Plc, Picard-Serrures, and Dom Ronis are observed to remain key players in the expansion of global mechanical locks market through 2022.
Future Market Insights offers an exclusive market study on mechanical locks, and offers a forecast on its global prospects. The report, titled “Mechanical Locks Market: Global Industry Analysis (2012-2016) & Opportunity Assessment (2017-2022),” offers in-depth research and detailed insights on the global market for mechanical locks for a five-year assessment period, 2017-2022. Historical data encompassing the revenues procured by leading manufacturers of mechanical locks over the past five years has been aggregated and considered as a baseline for assessing forecast on market size and revenue shares.
The report covers a wide range of macroeconomic factors influencing the expansion of overall mechanical locks market, which includes an analysis of growth drivers, industry trends, untapped opportunities and acute restraints. Key developments of prominent market participants have also been assessed to understand the dynamic growth of global mechanical locks market till date, and offer a prognostic analysis on the market’s future. The report also incorporates analysis on changing consumer demands and evolving technologies that hold potential to transform the production and operability of mechanical locks.
Report Outline
To cover the wide scope of global mechanical locks market, the report is developed on a fragmented structure model. Executive summary of the report offers an abstract of key research findings compiled in the following sections, with a particular focus on regional insights. The report offers an overview of the mechanical locks market with a formal introduction to the market, a standard definition of mechanical locks, and a comprehensive précis on market size evaluations and annual growth rates.
The report further delivers analysis on cost structure & pricing, raw material sourcing strategies, distribution networks, and supply chain management. The report also offers an intensity map exhibiting the presence of market participants across different regions. Key players in the global mechanical locks market are profiled in the concluding sections of the report. This section offers a track of key developments on each market participant, and also showcases their current market standings.
Market Taxonomy
Key chapters in this report comprise of a segmented analysis & forecast on mechanical locks market. The global market for mechanical locks has been segmented on the basis of type, material, application, grade and region. Details on the taxonomy of global mechanical locks market have been illustrated in the table below.
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While offering a segmental analysis on the above, the report also provides cross-sectional data and country-specific forecast & analysis.
Research Methodology
Considering the undulating economies of multiple regions in the world, and given the characteristics of mechanical locks market, research analysts at Future Market Insights have employed robust methodologies, which are underpinned with extensive primary and secondary research. Quantitative data collected from designated company contacts and authoritative databases has been analysed through custom-made formulas and calculations. Qualitative insights have been infused with this data to offer a conclusive forecast on the growth of mechanical locks market over the foreseeable future. Metrics such as Year-on-Year (Y-o-Y) growth rates, compounded annual growth rates (CAGRs), absolute dollar opportunities, and revenue share percentage are used to interpret research findings & market size forecasts.
For the purpose of catering to a broader understanding, value estimations in this report have been universalised into US dollars (US$), wherein regional market size values have been converted by considering the 2017 currency exchange rates. The scope of research findings compiled in the report is to enable market participants devise long-term business strategies and increase their presence in the overall mechanical locks market. New market entrants as well as industry leaders can benefit from inferring to the forecast & analysis offered in this report.
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