Mechanical Security Products

Report Overview

US demand to rise 5.4% annually through 2020

Sales of mechanical security products are expected to rise 5.4 percent annually through 2020 to $6.1 billion. Growth will be driven by the large lock segment, which will benefit largely 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 that are used with electronic access control systems. The need for electrified versions of mechanical security products will continue to rise as access control and other such systems are installed at more entry points.

Locks & door security hardware to see above average gains

Mechanical Security Products, a study from The Freedonia Group, states that locks accounted for more than 70 percent of mechanical security product sales in 2015. Sales of door locks dominate this segment and alone accounted for 60 percent of total mechanical security demand in 2015. Door locks are also expected to see the fastest growth of any mechanical security product, driven by rising demand for doors both in new construction and repair and renovations.

Door security hardware to also do well

Sales of door security hardware, including panic hardware and exit devices, represented 10 percent of mechanical security sales in 2015 and will also generate above average sales gains. Freedonia projects that, much like door locks, sales of these products will benefit from the strong demand for doors and the increasing use of access control systems and related, more expensive electrified hardware.

Security storage equipment to see slower gains

Security storage equipment, such as safes and vaults, was the second largest segment in 2015 with 14 percent of sales will see slower gains going forward. The primary market for many security storage products is the financial sector, and the declining number of banking and credit union offices will restrain sales of these products. 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 jewelry stores and in the quickly growing marijuana industry. Safes are expected to post better growth, as they benefit from a wider pool of customers and rising interest in gun safes.

Study coverage

Mechanical Security Products presents historical demand data (2005, 2010, 2015) plus forecasts (2020, 2025) by product and market. The study also considers market environment factors, assesses the industry structure, analyzes company market share and profiles 24 US industry participants, such as Allegion, ASSA ABLOY, dorma+kaba, Gunnebo, Diebold, Fortune Brands Home & Security, Spectrum Brands, & Stanley Black & Decker.

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