Innovation and Compliance are Factors Boosting Growth in the Lock Industry - Arizton

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Nov 18, 2021, 11:00 ET

CHICAGO, Nov. 18, 2021 /PRNewswire/ -- Emerging technologies such as the Internet of Things (IoT) and machine learning have played an important role in how the day-to-day life and businesses function. Property security is an important aspect of daily humdrum of consumers. Digitization and automation have reached the security infrastructure market too and is going to drive the market in coming years. Digital technology has brought along with it many opportunities to create the perfect security solutions using things such as biometric scanners, thumbprint reading, digital security codes, and many more. All this new technology is still being scrutinized by cyber-thieves or hackers, which gives more reason to vendors to keep researching on creating improvised security solutions.

All these changes in consumer preferences and behaviours have caused several demand and supply chain disruptions in travel industry. All these have encouraged analysts at Arizton to publish exhaustive and data-driven insights on these current trends in the industry. Arizton has a dedicated vertical that focuses on consumer goods and retail technology across geographies. These market research reports cover a detailed analysis of the COVID-19-induced supply chain disruptions, innovations in technology, equipment financing, economic impact, and a detailed study of the competitive landscape.

Door Closer and Exit Devices Market - Global Outlook and Forecast 2021-2026

The growth of commercial spaces such as shopping malls, retail spaces, and offices is expected to support the growth of the global door closer and exit devices market. This is because most commercial spaces are implementing the latest infrastructure and technologies to improve the overall aesthetics of the space while also ensuring maximum security and convenience. The key players such as Allegion and ASSA ABLOY are manufacturing door closers and exit devices that meet these recently updated BS8300 requirements for low opening forces, CE marking, and compliance with fire regulations.

The door closer and exit devices market is expected to reach USD 4.55 billion by 2026, growing at a CAGR of 4.45%. The Net Zero Carbon Buildings Commitment aims at zero emissions in every building by 2050. This is likely to enhance the market opportunities for door closers in the country. After the recession phase, the hospitality industry will exhibit high demand for the latest infrastructure, high security, convenience, and improved aesthetics and this will also propel market growth.

U.S. Smart Lock Market - Industry Outlook & Forecast 2021-2026

The demand for smart locks is rising rapidly across the country owing to various factors such as rising safety concerns, growing interest in home automation, and increasing awareness of IoT and other technologies. In the industrial sector too, the transportation and logistics segments are increasingly adopting smart locks for greater safety and security of goods during transit. The smart deadbolt lock segment is expected to witness an incremental growth of USD 188.59 million during the forecast period. The smart deadbolt lock segment is expected to witness an incremental growth of USD 188.59 million during the forecast period.

The US smart lock market is expected to reach USD 1497.96 million by 2026, growing at a CAGR of 11.98%. The residential sector is the biggest contributor in the US smart lock market. The growing demand from the residential sector is attributable to the rapid development of smart homes and the increased construction of single-family and multi-family housing units across the country. Western and Southern US states are witnessing the highest growth rate in the construction of single-family and multi-family housing units. Companies have come up with new strategies to capture higher market shares such as introducing new features marketing and promotional activities, and building partnerships, and joint ventures.

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

The market for new locks and digital access control systems is mainly driven by demand for new access points, door installations, and renovation activities. Due to the trend of energy conservation, builders are integrating high efficiency doors in their portfolio. This will enable consumers to improve the thermal efficiency in their buildings, thus saving on energy expenses. Additionally, the innovations and investments in the market incline towards the same concern. The mechanical and electromechanical locks market is expected to reach USD 23.15 billion by 2026, growing at a CAGR of 4.79%.

The growth of the market is expected to be majorly driven by increasing end-user marker demand and traffic. The competition is currently stiff in the end-user segment, as many companies are looking to gain a first-mover advantage. For instance, Assa Abloy has partnered with Delhi International Airport, Lodha Group Builders, and Cisco to provide access control solutions. Thus, the vendors are looking to scale up their operations and expand to emerging markets as well. The vendors will pursue growth by acquisitions as there are numerous small-scale vendors which are active in towns, and small regions. These small vendors have presence all over their marketplace, thus acquiring them gives an edge to the vendors. For example, Dormakaba acquired the mechanical security business of Stanley Black & Decker in 2016 to strengthen its access control products and solutions.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers innovative research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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