About the Safes and Vaults Market
Safes and vaults are secure storage systems used for the protection of valuables from external calamities such as fire breakouts and burglar attacks. In many cases, they are also used to prevent unauthorized access to potentially dangerous items or materials placed within them. The growing crime rates coupled with the affluence of people are necessitating the use of such systems. With the advent of technology, safes and vaults are increasingly being electronically integrated to create smart systems. Manufacturers of safes and vaults have a wide variety in their product portfolio to meet the needs of different customers. The key end-customers of safes and vaults are the banking sector, retail sector, pharmaceutical sector, individual consumers, and other sectors such as logistics, hospitality, and chemicals.
Technavio’s analysts forecast the global safes and vaults market to grow at a CAGR of 5.52% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global safes and vaults market for 2016-2020. The market size is calculated based on the revenue generated from the sales of safes and vaults in APAC, Europe, and the Americas. The report includes all types of safes and vaults that are used for different applications and for protecting materials from burglary, fire, and other calamities.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Safes and Vaults Market 2016-2020
Technavio recognizes the following companies as the key players in the global safes and vaults market: American Security Products Co., Diebold, Godrej & Boyce, Gunnebo, and Kaba Group.
Other Prominent Vendors in the market are: Access Security Products, ACME Security Inc., Alpha Safe & Vault, Bjarstal, Bode-Panzer, Bordogna Group, Bricard, Brown Safe Manufacturing, Bumil Safe Manufacturing, Cannon Safe, Cisa, Citysafe, CompX International, Fire King, Firelock Fireproof Modular Vaults, Format Tresorbau, Gardall Safe, Hall’s Safe, Hamilton Safe, Joli Safe, Juwel, Kale Celik Esya, Phoenix Safe Co., Securifort, Stark Safes, and Technomax.
Commenting on the report, an analyst from Technavio’s team said: “A trend which is playing a role in boosting market growth is digitization of safes and vaults. There has been a major shift in the adoption patterns of safes with increasing popularity of digital electronic safes and vaults in comparison to manual key-operated ones. The inefficiencies related with manual safes are eliminated with the use of digitized ones. These safes have properties such as motorized shooting bolts for extra protection, low battery indicators, non-volatile memory, digital locking mechanisms, and password protected locking. They also have options such as mechanical overrides, LED displays, and touchscreen operated and remote controlled.”
According to the report, a key growth driver is demand from the banking sector. There is a strong demand for safety vaults and safes from the banking sector for the storage of valuables. To make vaults more immune to burglar attacks, they are constantly being fitted with an array of alarms and anti-theft devices. These devices have characteristics such as low maintenance, emergency ventilators, integrate light switches with electrical boxes, and ventilators.
Further, the report states that one challenge that could curtail market growth is the high total cost of ownership and low repeat purchases.
American Security Products Co., Diebold, Godrej & Boyce, Gunnebo, Kaba Group, Access Security Products, ACME Security Inc., Alpha Safe & Vault, Bjarstal, Bode-Panzer, Bordogna Group, Bricard, Brown Safe Manufacturing, Bumil Safe Manufacturing, Cannon Safe, Cisa, Citysafe, CompX International, Fire King, Firelock Fireproof Modular Vaults, Format Tresorbau, Gardall Safe, Hall’s Safe, Hamilton Safe, Joli Safe, Juwel, Kale Celik Esya, Phoenix Safe Co., Securifort, Stark Safes, Technomax.