Is Electromechanical and Mechanical Locks the Best Solution for Security?

27 August 2020

The rising demand for digital security and access control solutions is one the primary factors contributing to the growth of the electromechanical and mechanical locks market. With the global trend of energy conservation, builders are integrating high-efficiency doors in their portfolio, which enable consumers to improve the thermal efficiency in their buildings, thus saving on energy expenses. This is largely impacting the business and product strategies adopted by leading vendors in the global market. Furthermore, innovative locks types such as electromagnetic locks, networked locks, and jimmy and drill proof locks are finding a rising adoption in retrofitting activities across the globe. The rising number of smart homes will also propel the growth of the market over the next few years.

Read: Mechanical and Electromechanical Locks Market Global Outlook and Forecast 2020-2025

Key Insights Included in the Global Electromechanical and Mechanical Locks Market Report:

  1. Electromechanical locks segment to add revenue of over $3 billion, 1.7x more than mechanical locks during 2025.
  2. Electromechanical locks to present an absolute growth of around 51% during 2019-2025
  3. The global locks market is expected to gradually increase by 2022 and reach pre-COVID levels from 2023 through 2025.
  4. Replacement and retrofit segment accounted for over 65% of revenues of electromechanical locks across the globe.

How are Coworking Spaces Driving Demand for Digital Lock?

High-and fast-growing coworking spaces across new locations is changing landscape of the electromechanical and mechanical locks market. For instance, flexible working spaces accounted for around 18% of the total leasing activity in Central London in 2019. As such spaces will be developed by the lessee firms into coworking spaces, the demand for innovative digital access control solutions will rise in proportion. Hence, driving the demand for digital locks. The development of infrastructure 4.0 and government investments on infrastructure projects is creating vast opportunities for top vendors in the market. ASSA ABLOY, Dormakaba, and Allegion offering standard mechanical locks are investing to rapid advances in robotic technology, which could help boost their market share in the future.

Impact of COVID-19 on Electromechanical and Mechanical Lock Market

The rapid increase of COVID-19 across the globe has affected the construction as well as manufacturing industries. Demand for the locks have drastically affected as employees are working from home. Voluntary shutdown of factories has highly impacted the mechanical and electromechanical locks market globally. The vendors are focusing to get hold of the current situation. However, amidst the coronavirus outbreak, some construction activities are still expected to rebound positively in the market, such as R&D investment and renovation activities. In Europe and APAC region, the renovation and new construction activities are expected to see a stable increase, thereby contributing to the growth of both electromechanical and mechanical locks market.

FAQs About the Global Electromechanical and Mechanical Locks Market:

Q. What is the market size of electromechanical and mechanical locks?

A. The global electromechanical and mechanical locks market is projected to reach revenues of over is $23 billion by 2025.

Q. What is the market growth of electromechanical and mechanical locks?

A. The global electromechanical and mechanical locks market is projected to grow at a CAGR of over 4% during 2019-2025.

Q. What is the global market segmentation of electromechanical and mechanical locks?

A. The report includes market segmentation by type, installation, end-users, and geography.

Q. What is the market insight of electromechanical and mechanical locks?

A. Electromechanical locks segment to add revenue of over $3 billion, 1.7x more than mechanical locks during 2025.

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