The safes and vaults market is in its growth phase and is expected to grow at a CAGR of 6.0% during the forecast period.
Portland, OR -- (SBWIRE) -- 11/22/2017 -- The global safes and vaults market was valued at $4,727 million in 2016 and is projected to reach $6,907 million by 2023, growing at a CAGR of 6.0% from 2017 to 2023. The non-banking sector segment is anticipated to grow at the highest rate during the forecast period.
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Europe generated the highest revenue in 2016 due to adequate the presence of retail industry and banking sector for the adoption of safes and vaults. The Asia-Pacific safes and vaults market is expected to grow at the highest rate during the forecast period, owing to the remarkable economic growth in Southeast Asia, India, & other economies and growth in the trend of advanced safety needs to protect valuable assets in highly cash-intensive environments.
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The cash management safes segment contributed the highest share in 2016. This segment accounted for $2,090 million in 2016 and is projected to grow at the CAGR of 5.1% during the forecast period. However, the safes and vaults market for media safes is projected to grow at the highest rate of 7.9%. The banking sector segment accounted for the highest revenue share in 2016, while the non-banking sector segment is anticipated to grow at the highest rate of 6.8%.
Key Findings of the Safes and Vaults Market:
-The cash management safes segment accounted for the highest share of the global safes and vaults industry in 2016, growing at a CAGR of 5.1% from 2017 to 2023.
-The banking sector of the safes and vaults market generated the highest revenue share in 2016, and is projected to grow at a rate of 5.2%.
-The Europe safes and vaults market generated the highest share, valued at $2,004 million, in terms of revenue in 2016.
-The safes and vaults market for non-banking sector segment is expected to witness the highest growth rate during the forecast period.
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Safes and Vaults Market Key Segments:
-Cash Management Safes
-Gun safes and vaults
-Vault and vault doors
By End User
-Rest of Europe
-Rest of Asia-Pacific
The key players profiled in the report are as follows:
-American Security Products Co.
-Godrej & Boyce Manufacturing Co. Limited.
-Diebold Nixdorf, Incorporated.
-Gunnebo Industries AB
-Access Security Products Ltd.
-Alpha Safe & Vault, Inc.
-Acme Security Systems.