According to a new study by The Freedonia Group, global demand for locks is projected to increase 2.6% per year to US$48.4 billion in 2027.
Average lock prices are expected to decline with metal prices falling from 2021-22 levels. However, electromechanical locks will become more common, states Freedonia.
Global demand for door locks is forecast to rise 3.0% per year to US$42.9 billion in 2027, says Freedonia. Gains will be fueled by growth in building construction activity in lower and middle-income countries.
Lock demand in North America and Western Europe will be supported by increased market penetration of higher-value electromechanical locks. These products are becoming increasingly common in both nonresidential and residential settings, states Freedonia, reflecting greater use of access control systems as app-driven building management and smart home systems gain popularity.
However, according to Freedonia, electromechanical locks sold on their own will face increasing competition from packaged systems that incorporate locks and access control into a single product.
Access the Global Access Controls & Locks report here.
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