Report: U.S. Sales of Mechanical Security Products to Exceed $6B
Door locks are expected to see the fastest growth of any mechanical security product, increasing 6.9% annually through 2020.
CLEVELAND – Sales of mechanical security products in the United States are expected to rise 5.4% annually through 2020 to $6.1 billion, according to a new report by Freedonia Group, an industry research firm base here.
Growth will be driven by the large lock segment, which will benefit from continued gains in building construction spending. Advances in value terms will be aided by the ongoing shift to higher value electrified products, particularly door locks and door security hardware, which are used with electronic access control systems.
These and other trends are presented in the new study, titled “Mechanical Security Products.” In 2015, locks accounted for more than 70% of mechanical security product sales. Sales of door locks dominate this segment and alone accounted for 60% of total mechanical security demand in 2015.
Door locks are also expected to see the fastest growth of any mechanical security product, increasing 6.9% annually through 2020. Gains will be driven by rising demand for doors in both new construction and repair and renovations and further supported by routine replacement and upgrade sales.
“Electromechanical door locks will continue to generate double-digit annual gains, rising to account for 17% of all door lock sales,” says Freedonia Group Analyst Katherine Brink.
Sales of door security hardware, including panic hardware and exit devices, represented 10% of mechanical security sales in 2015. As with locks, this segment is projected to generate above average sales gains, rising 5.7% per year to nearly $600 million in 2020. Sales of these products will benefit from the strong demand for doors, as well as the increasing use of access control systems and related, more expensive, electrified door security hardware.
Security storage equipment, such as safes and vaults, was the second largest segment in 2015 with 14 percent of sales. This segment will see slower gains going forward. The primary market for many security storage products is the financial sector. Here, sales are forecast to be restrained by the declining number of banking and credit union offices.
Demand for vaults will be particularly limited, as replacement sales are rare; however, some opportunities exist in new installations in other smaller applications, such as the quickly growing marijuana industry. Safes are expected to post better growth, as they benefit both from a wider pool of potential customers and rising interest in gun safes.
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