The Global Market for Safes and Vaults is Projected to Exceed $4.7 Billion by 2022

Rising Asset Safety Concerns and Increasingly Security-Conscious Society Drives Demand for Safes and Vaults, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Safes and Vaults market. The global market for Safes and Vaults is projected to exceed $4.7 billion by 2022, driven by the critical need to safeguard and secure assets and valuables amid growing security concerns, and growing popularity of biometric safes.

Safes and vaults present secure and reliable storage options to protect valuable items from external threats or calamities. These products are also used for preventing unauthorized access to some of the potentially dangerous items such as firearms and legal documents. Over the last several years, the global market for safes and vaults has been experiencing healthy growth due to rising asset safety concerns and increasingly aware and security conscious society. Driven by technological advancements, these products are being increasingly integrated with sophisticated electronic devices for creating smart systems. Safes continue to witness a perpetual state of technological innovations and product advancements in terms of usage of stronger composites and materials as well as thicker walls and door; ability to survive intense heat or fire exposure; and improving the connectivity between commercial safes and homes for enabling users to control and monitor valuables remotely. The outlook for the safes and vault market remains bright as safety and security of valuable assets against possible thefts, vandalism, and in cases of natural disasters such as fire and floods will always remain vital.

Future growth of the safes and vaults market is expected to be bolstered by demand for products embedded with the biometric technology. Biometric identification is perceived to be an effective approach to restrict unauthorized access to next-generation automatic safes, particularly those that are used to store firearms. Based on their high reliability, biometric safes are gaining rapid traction in the banking and pharmaceutical sectors. The market will also benefit from the fact that security installations will continue to remain a key feature in modern housing constructions. Recovering housing construction, increased infrastructure spending and continued urbanization are thus expected to foster growth in the market. Other important factors poised to support market expansion include growing popularity of smart safes in retail outlets; increasing ATM deployments that require small cash vaults; growing adoption in the hospitality industry; and favorable demand for home safes, among others. Steep rise in consumption of digital media globally is also expected to bode well for the digital media safes market in the coming years.

As stated by the new market research report on Safes and Vaults, Asia-Pacific represents the largest and fastest growing market worldwide with a CAGR of 8.4% over the analysis period. Market growth in the region will be driven by increasing demand for safes and vaults from public agencies, banks and individuals. Growing disposable incomes, rising investment in valuables, and increase in crime rates are likely to push up the market demand. Moreover, the continuous expansion in physical banking infrastructure coupled with installation of ATMs across the region is anticipated to provide the required impetus to the market.

Key players covered in the report include Access Security Products Ltd., Acme Safe Company, Allied Fire & Security, ASSA ABLOY Hospitality, Brown Safe Manufacturing, Inc., Dean Safe, Diebold, Inc., FireKing Security Group, Fort Knox, Gardex Safes Inc., Godrej & Boyce Mfg. Co., Ltd., Gunnebo AB, Chubb Safes Ltd., Hamilton Safe, Fichet-Bauche SA, GunVault, Hall’s Safe Company, Hayman Safe Company, Inc., Kaba Holding AG, Liberty Safe and Security Products, Inc., Phoenix Safe, Securifort Inc., Sentry Group, Inc., and Technomax Srl, among others.

The research report titled “Safes and Vaults: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, mergers, acquisitions, and other strategic industry activities of major players worldwide. The report provides market estimates and projections in dollars for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Segments analyzed in the report include Safes, and Vaults.

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