Global Mechanical and Electromechanical Locks Market Report 2023: Sector to Reach $26.2 Billion by 2028 at a CAGR of 5.4%

DUBLIN, June 26, 2023 /PRNewswire/ -- 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 & LockingElectronic or digital access control system accessories and products, which were earlier dedicatedly 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 HomesSmart 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.

Competitive LandscapeThe global mechanical and electromechanical locks market is highly competitive, with many public and private companies. These vendors typically compete on key ranges such as product design, reliability, quality, support services, and price.

The instant technological advancements adversely impact the market vendors as consumers anticipate the continuous innovations and upgrades of products. The present scenario drives vendors to alter and enhance their unique value proposition (UVP) to achieve a strong market presence.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

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 Topics Covered: 1 Research Methodology2 Research Objectives3 Research Process4 Scope & Coverage4.1 Market Definition4.1.1 Inclusions4.1.2 Exclusions4.1.3 Market Estimation Caveats4.2 Base Year4.3 Scope of the Study4.1 Market Segments4.1.1 Market Segmentation by Type4.1.2 Market Segmentation by Installation4.1.3 Market Segmentation by End-User4.1.4 Market Segmentation by Geography5 Report Assumptions & Caveats5.1 Key Caveats5.2 Currency Conversion5.3 Market Derivation6 Premium Insights6.1.1 Driving Factors6.1.2 Product Segments - Lock Type6.1.3 Segmentation by Installation Type6.1.4 Segmentation by End-user6.1.5 Competitive Landscape7 Market at a Glance8 Introduction8.1 Overview8.2 Driving Factors8.2.1 Advances in Wireless Access Control System8.2.2 Rising Global Construction Push the Demand for Digital Locking System8.2.3 Fabricator Doors from Residential Sectors Boost Immense Growth for Electromechanical Locks Market.8.2.4 Mechanical & Electromechanical Locks Global Market Review8.2.5 Key Highlights of Global Residential Construction Sector8.3 Value Chain Analysis8.3.1 Raw Material Supplier8.3.2 Manufacturer8.3.3 Distributor/Wholesaler8.3.4 Integrator/ Installer8.3.5 End-User8.4 Impact of Covid-19 and Russia Invasion8.4.1 Pandemic Impacts in 2020 - 20228.4.2 Russia & Ukraine Global Impact9 Market Opportunities & Trends9.1 Increasing Demand for Wireless Access Control & Locking9.2 Rising Housing Investments9.3 Rising Emergence of New Technologies (Iot, Ai/Ml)9.4 Increasing Number of Smart Homes10 Market Growth Enablers10.1 Growing Construction in Commercial Sector10.1.1 Manufacturing Industry:10.1.2 Hospitality:10.1.3 Corporate Offices:10.2 Increasing Demand for Digital Locks from Coworking Spaces10.3 Immense Demand for Electronic Access Control from Hospitality Sector10.4 Increasing Demand for Safety & Convenience11 Market Growth Restraints11.1 Growing Security Risks in Smart Devices11.2 Increasing Restraints in Construction Industry11.2.1 Interrupted Global Building Construction Industry11.2.2 Non-Profitable Cost Trade-Off11.3 Volatility in Raw Materials11.4 Rising Turbulent Political & Trade Relations11.5 Competitive Marketplace12 Market Landscape12.1 Market Overview12.2 Geographic Insights12.3 Market Size & Forecast12.4 Five Forces Analysis12.4.1 Threat of New Entrants12.4.2 Bargaining Power of Suppliers12.4.3 Bargaining Power of Buyers12.4.4 Threat of Substitutes12.4.5 Competitive Rivalry13 Product Type13.1 Market Snapshot & Growth Engine13.2 Market Overview13.3 Mechanical Locks13.3.1 Market Overview13.3.2 Market Size & Forecast13.3.3 Market by Geography13.4 Electromechanical Locks13.4.1 Market Overview13.4.2 Market Size & Forecast13.4.3 Market by Geography14 Installation14.1 Market Snapshot & Growth Engine14.2 Market Overview14.3 Replacement14.3.1 Market Overview14.3.2 Market Size & Forecast14.3.3 Market by Geography14.4 New Construction14.4.1 Market Overview14.4.2 Market Size & Forecast14.4.3 Market by Geography15 End-User15.1 Market Snapshot & Growth Engine15.2 Market Overview15.3 Hospitality15.3.1 Market Overview15.3.2 Market Size & Forecast15.3.3 Market by Geography15.4 Corporate15.4.1 Market Overview15.4.2 Market Size & Forecast15.4.3 Market by Geography15.5 Retail15.5.1 Market Overview15.5.2 Market Size & Forecast15.5.3 Market by Geography15.6 Healthcare15.6.1 Market Overview15.6.2 Market Size & Forecast15.6.3 Market by Geography15.7 Residential15.7.1 Market Overview15.7.2 Market Size & Forecast15.7.3 Market by Geography15.8 Education15.8.1 Market Overview15.8.2 Market Size & Forecast15.8.3 Market by Geography15.9 Others15.9.1 Market Overview15.9.2 Warehouses15.9.3 Government Sector15.9.4 Transport & Logistics15.9.5 Market Size & Forecast15.9.6 Market by Geography16 Geography17 APAC18 Europe19 North America20 Latin America21 Middle East & Africa22 Competitive Landscape22.1 Competition Overview22.1.1 New Doors Need New Locks23 Key Company Profiles24 Other Prominent Vendors

25 Report Summary26 Quantitative Summary27 Appendix

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