Safes and Vaults Market in Europe 2017-2021
About Safes and Vaults
Safes and vaults are secure storage items used for the protection of valuables from threats, such as fire breakouts and burglar attacks. In many cases, they are used to prevent unauthorized access to potentially valuable items placed in them. With the advance of technology, safes and vaults are being electronically integrated to create smart systems. In Europe, the manufacturers of safes and vaults have a wide variety in their product portfolio to meet the needs of different customers. The key end customers for this segment are the banking sector, retail sector, industrial and high-risk sector, and individual customers.
Technavio’s analysts forecast the safes and vaults market in Europe to grow at a CAGR of 6.12% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the safes and vaults market in Europe for 2017-2021. To calculate the market size, the report covers the detailed analysis of major vendors and a brief about other prominent vendors of safes and vaults market in Europe.Technavio's report, Safes and Vaults Market in Europe 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Safes and Vaults Market in Europe 2017-2021
Technavio recognizes the following companies as the key players in the safes and vaults market in Europe: BJARSTAL s.a.r.l., Gunnebo, L'ITALIANA CASSEFORTI, and Paritet-K.
Other Prominent Vendors in the market are: Bravarija Piljek, Door System, Ferocon, Hexa, Morichini Sicurezza, and Stark.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is growth of biometric safes. The growth of biometric safes in the European market is witnessing a regular annual advance. The consumers in this region are urging for secure ways of handling documents or valuables. About 52% of the European consumers prefer fingerprint scanning as the most secure way of biometric. Remaining consumers prefer facial, voice, and behavioral biometric.”
According to the report, one driver in market is growing demand from retail sector. The organized retail industry in Europe is highly fragmented into different sectors, such as food, fashion, electronics, and others. The growth of the organized retail sector in Germany, Russia, and Sweden is booming. In Russia, about 60% of the people spending is through the retail sector. After the Euro crisis, the Netherlands is also focusing on its retail sector since this sector can renew easily compared with other sectors. This growth in the organized retail sector will accelerate the growth of the safes and vaults market in Europe. Moreover, the organized retail sector follows an organized way of product and service delivery to the customers. This includes proper cash management, uniform garments for the staffs, customer satisfaction, and others.
Further, the report states that one challenges in market is high total cost of ownership and low repeat purchase. High total cost of ownership and high product useful life are the major threats for safes and vaults manufacturers. The costs start mounting at the time of installation due to the movement of heavy iron parts to assemble the safe. Maintenance costs are also escalated during the lifetime of a safe. A brand new or even a used replacement, high-security safe can cost more than $15,000, which in the case of vaults can cost as high as $100,000. In addition, the safes and vaults are durable, thereby offering them an extended lifespan. High durability eliminates the need for changing these systems on a periodic basis, leading to a decline in the repeat purchase of the product. The repeat purchase happens only in case of long-term contracts between buyers and suppliers.
BJARSTAL s.a.r.l., Gunnebo, L'ITALIANA CASSEFORTI, Paritet-K, Bravarija Piljek, Door System, Ferocon, Hexa, Morichini Sicurezza, and Stark.