Mechanical Locks market is poised to reach US$ 7,160 Mn value towards the end of 2022, and register a subpar CAGR.
Albany, NY -- (SBWIRE) -- 12/22/2017 -- Mechanical locking systems are among the most secure and most convenient in the world. Recently, a study titled "Mechanical Locks Market Global Industry Analysis (2012 - 2016) & Opportunity Assessment (2017 - 2022)" has been broadcasted to the wide repository of Market Research Hub (MRH), which offers in-depth research and detailed insights on the global market for mechanical locks for a five-year assessment period. In addition, 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.
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According to the study key findings, the global mechanical locks market predicted to grow at a moderate pace of 4.6% CAGR during the period, 2017-2022. Also, the market is poised to reach US$ 7,160 Mn value towards the end of 2022. For this growth, the report has considered a range of factors influencing the dynamics of mechanical locks market. As per the study, one of the prime factors behind this market growth is the rising demand for interconnected and tubular locks.
In the present time, standard duty interconnected locks are designed for commercial applications, particularly for securing residential facilities such as apartments, buildings, and military housing. Solid feel, multiple architectural grade finishes, easy installation & construction, and compatibility with handicapped requirements are some features of interconnected mechanical locks that give them the competitive lead over other product-types. Other product types present in the market are mortice, cylindrical and deadbolt.
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 summary of market size evaluations and annual growth rates. Further, the global market for mechanical locks has been segmented on the basis of type, material, application, grade and region. The regional outlook offered in the report present insights on the markets in Japan, North America, Europe, Latin America, APEJ and MEA. Of these, Europe is predicted to become the largest market for mechanical locks used in external security applications.
In terms of product type, 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, the report adds.
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The report also identifies lucrative applications for mechanical locks, in which external facility security is expected to record solid revenue growth. By the end of 2017, door locking applications will contribute one-fifth of global revenues.
By material type, the study covers aluminum, steel, copper, stainless steel and others. Of these, higher resistance of stainless steel locks against fire or heat, corrosion, and abrasive impact continues to influence their sales in the global market.
Later, the research has profiled companies which are expected to remain active in the expansion of global nonfat dry milk market throughout 2022. They are ECO Schulte GMBH & Co. KG, Dormakaba Holdings AG, Serrature Meroni Spa, Picard-Serrures, ASSA ABLOY AB (key subsidiary - Mul-T-Locks), The Eastern Company, Yale Security Inc., Winkhaus Austria Gmbh, Allegion Plc, and Dom Ronis.
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