Mechanical and Electromechanical Locks Market Size to Reach Revenues of over $23 Billion by 2025 - Arizton
CHICAGO, July 30, 2020 /PRNewswire/ -- The mechanical and electromechanical locks market is expected to grow at a CAGR of over 4% during the period 2019-2025.
Key Highlights Offered in the Report:
Mechanical and Electromechanical Locks Market – Segmentation
Mechanical and Electromechanical Locks Market by Installation
Mechanical and Electromechanical Locks Market by End-user
Mechanical and Electromechanical Locks Market – Dynamics
The emergence of smart homes driving the adoption of smart locks in the global market. As smart home technologies improve along with greater security and privacy, these technologies will provide valuable resources for consumers who are conscious about environmental sustainability and reducing the cost of utility bills. Millennials are strongly willing to adopt smart home technologies, as the number of millennial homeowners is increasing rapidly. Millennials accounted for the largest population adopting smart home appliances at 43%, followed by GenX at 33% and baby boomers at 24%. About 38% of the millennials within the age group of 27–36 years already own smart technology products as of 2019. Among the remaining millennials, 58% are highly interested in smart home technologies.
Key Drivers and Trends fueling Market Growth:
Mechanical and Electromechanical Locks Market – Geography
APAC and Europe are the leading markets in terms of installation of fenestration solutions in new buildings and demand for doors in renovation and retrofit projects. The demand for doors in new construction projects, especially from the corporate office and hospitality segments, is expected to constitute for almost 34% of the global mechanical and electromechanical locks market. As the major current stock of commercial buildings is energy inefficient, institutions and industries are increasingly adopting eco-friendly or green technologies to reduce the risk of environmental pollution and carbon footprint from buildings.
Mechanical and Electromechanical Locks Market by Geography
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