Mechanical and Electromechanical Locks Market to Generate Revenue Worth $30,816.2 Million by 2030

The global mechanical and electromechanical locks market is expected to generate $30,816.2 million in revenue by 2030, advancing at a CAGR of 6.2% during 2021–2030. This will be on account of the rising demand for digital locks from coworking spaces, the surging need for electronic access control from the hospitality sector, and the increasing focus on safety and convenience.

The need for effective, efficient, and safe solutions is significantly rising, as a result of a high level of unpredictability. People are becoming more worried about their safety, due to the increase in theft and burglary incidents. Mobile applications are used to access smart electromechanical locks, which notify homeowners if the actual or virtual security of their doors is compromised. Some locks let the changing of code after each entry. Thus, due to the high level of security, the demand for smart electromechanical locks in several nations is surging.

Increasing Number of Product Launches Is a Key Market Trend

Companies have been actively involved in the launch of various advanced products in the mechanical and electromechanical locks market. For instance, in October 2020, Mul-T-Lock announced the launch of MTL300, which is a high-security and cost-effective locking solution for residential and various SMEs. The MTL300 provides an entry-level locking solution that offers advanced protection, obeying international standards.

Demand for Electromechanical Locks To Register a Higher CAGR

The demand for electromechanical locks is expected to witness a higher CAGR, of around 6.6%, in the forecast period. This can be because electromechanical locks are employed to secure structures, residences, and other valuable assets, due to the improvements in door and window production and locking systems. Small electromechanical and digital locks have widely replaced traditional mechanical locks, as these locks may now gather and share data on the security of spaces, and users can even remotely control them using Bluetooth or their smartphones.

Furthermore, networked access control and cloud-based digital locking systems are expected to witness rising adoption in developed countries, thus driving the revenue potential of electromechanical locks. These systems are capable of monitoring movement and unauthorized trials to unlock and alert homeowners and premise security managers about the same. The emergence of smart lock kits, including electronic locking panels, which can fit over existing mechanical locks, is also gaining traction in several countries, including the U.S., the U.K., China, Japan, Singapore, Australia, the U.A.E., and Mexico.

Acquisitions and Partnerships Are the Most-Effective Strategic Measures

Companies operating in the market have been involved in acquisitions and partnerships to remain competitive. For instance, in March 2020, Kwikset Door Hardware signed a partnership agreement with Microban. Under this partnership, Kwikset uses Microban SilverShield technology to develop doors having the ability to inhibit bacterial growth on frequently touched door hardware surfaces, and also expand the keyless entry and smart lock lines.

The major players operating in the mechanical and electromechanical locks market are Assa Abloy AB, dormakaba Holding AG, Allegion, GEZE, WSI Industries Inc., Gretsch-Unitas (G-U), Hager Group, DOM Security, ISEO, and Lawrence Hardware.