Security solutions are a necessity in today’s world, where the number of criminal cases is rising day by day. As people are getting more aware of the aspects of security products, they are investing a lot in a wide range of solutions.
The Security Solutions Market majorly consists of Mechanical Locks, Smart Locks, and Surveillance Devices. The Door Locks Market developed mechanical products which were the basis for the development of the whole market. Be it Home, Office, or any other establishment, locks are a premier security solution.
This blog features an overview of the Security Solution Market, which is followed by an in-depth analysis of the Door Locks Industry. It showcases the current trends in the Door Lock Market and reflects upon the significant industrial aspects as well.
As per many analysis, the Global Security Solutions Market is projected to grow with a 9% CAGR (Compounded Annual Growth Rate) during 2019-2024, accounting for a growth of the market to be worth USD 397.6 billion. The Indian Security Solutions Market is growing at a pace of 25% annually.
Opportunities in Security Solutions Market
- The industry is currently worth USD 257.9 billion and will be worth USD 397.6 billion by 2024 and is expected to grow even larger in the years later.
- Growing insecurities and theft activities are a major concern enabling the surge of demand for the residential and commercial lock products along with surveillance systems.
- Smart Home Initiatives and technology enablement such as the Internet of Things will be the potential areas of growth for the market.
- America and Asia Pacific Region will see the highest contributors to growth for the industry in the year 2019-2024.
Door Lock Market: An Integral Part of the Security Solutions Market
The Door Lock Market has been positively impacted due to the growing demand for security solutions products which are not just limited to surveillance cameras. In the application and usage sphere, mechanical locks are still considered as a prime product for any type of security.
As people want to ensure the utmost security nowadays, locks need to be well built and durable. This is the reason why a stronger demand for security solutions products, is giving a surge of growth, for premium products in the Door Lock Market as well.
Door Lock Market Overview and Trends
The Door Lock Market is quite vast in terms of market size, and its requirements are diverse within the national and international markets. The locks used in both commercial and domestic segments vary as per the design, cost, and application.
The major contributors to the door lock industry are Commercial workspaces, IT Sector, Hospitality, Hospitals, Residential, etc. The commercial sector accounts for 58.95% of share in the market.
“The Door Locks Market is expected to grow at 6% by the year 2021, seeing the demands and trends of the requirements in the global market.”
A) Increased Demand for Locks in Real-Estate Sector
The modern architecture and real-estate sector are achieving new heights day by day and introducing affordable housing and technology-equipped commercial spaces to serve the diversified population. The needs of door locks are now seen as a complement to the design and decor.
The design planning now actively looks towards offering safety by the inclusion of the right locking mechanism for the buildings. As per the trends, the construction sector could fuel the demand for different types of door locks to be installed in their current or upcoming projects.
B) Risk Aversion Buying Pattern in the Indian Market: Surging the Demand for Door Locks
The regional markets in countries like India see a very high potential of demand for the door lock products. In terms of focusing on the aspects of insecurities and growing concerns, Indian households face a large number of cases of burglary.
As per the reports, the number of these cases are increasing by 10% every year since 2018. Due to this fact, security and door locks are seen as a priority to secure the belongings. The regional market sees demand for affordable padlocks to expensive mortise locks, and now people are also investing in digital door locks.
C) Quality of Life & Ensuring Safety
In metropolitan and top-tier cities, the demand and trend for digital and advanced door locks are growing day by day. People usually don’t mind buying expensive locks if it offers them an advanced mechanism and better assurance of safety.
There is a wide range of digital locks available in the market which work with mobile apps or biometric features. It has also changed the definition of access control as family members can easily pass on the access without the hassles of keys.
D) Technology & AI Powering New Trends in Door Locks
As technology is getting advanced day by day, new innovations are also taking place in the Security Solutions Market. The door locks can now be seen as technology-driven products with biometrics and AI influencing the market.
Since traditional times, the Door Locks Market has progressed a lot in various ways. Beginning with Padlocks, to Main Door Locks, to Mortise Locks, to RFID Locks, then Digital Keypad Locks and now Fingerprint, Wifi, and Bluetooth operated locks.
Key Players in the Door Lock Industry
Major players in the door lock industry offering a wide range of products focused on different target consumers are:
- Godrej Locks
- Jainson Locks
- Yale
- Dorset
- Europa Locks
- Harrison Locks
- Link Locks
Post Covid-19 Scenario: Forecast of Global Door Lock Market
The Global Door Lock market was a progressive industry before the COVID Era. But, the impacts of Covid-19 on the real estate and construction sector have negatively influenced the demand for locks. The hiccups faced by the manufacturing sector due to multiple lockdowns can also act as a reason for operational inefficiencies.
As the lockdown relaxations will get in place, and the supply chain restores, the industry can get back to its full potential. The demand for door locks will still be relevant as it was before the COVID era. Also, due to a rise in demand for local products, the respective economies can get a boost through their domestic markets.
At Jainson Security Solutions, we offer an extensive range of high-quality security solutions. For any query, give us a call at +91-90010 77861 or mail at sales@jainsonlocks.com.