Demand for the Locksmiths industry is tied to the performance of the construction and housing markets. Therefore, locksmiths benefited from steady business creation and a strong housing market over the five years to 2018. During this period, rising residential and commercial construction heightened industry demand, as locksmiths commonly install mechanical and electrical security systems for new homes, apartments and businesses. The industry continues to experience mounting competition from security monitoring companies, which provide similar security solutions for homeowners. Nevertheless, the Locksmiths industry is anticipated to benefit from sustained demand. Over the five years to 2023, revenue for the Locksmiths industry is projected to grow. An increase in the number of housing starts and existing home sales are expected to contribute to growth in industry demand alongside increases in nonresidential construction and corporate profit which will support demand from businesses.
This industry performs installation, repair, rebuilding and adjusting services for security systems, as well as lock management of keying and key control systems. Companies also sell locking devices, safes and security vaults.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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