Press release
Mechanical Locks Market: Demand for Tubular & Interconnected Locks to Gain Traction
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.
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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.
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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.
About Us
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.
FMI’s research and consulting services help businesses around the globe navigate the challenges in a rapidly evolving marketplace with confidence and clarity. Our customised and syndicated market research reports deliver actionable insights that drive sustainable growth. We continuously track emerging trends and events in a broad range of end industries to ensure our clients prepare for the evolving needs of their consumers.
FMI’s team of over 200 research analysts provides market intelligence at global, regional, and country level. Our analysts are committed to provide independent insights, relying on our cognitive defusion training module, which conditions them to look at data objectively and unbiasedly.
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