Stubborn Prevalence of Gun Culture in the West Coupled With Rising Security Concerns in Other Parts of the World to Spur Global Demand for Safes & Vaults

Prevalence of gun culture in North America and Europe and the need for better gun-management and storage; and increased security threats that demand greater protection of physical assets like valuables and documents especially in the banking sector are poised to drive the global Safes and Vaults market to exceed US$6.1 billion by 2024.    

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, Europe represents the largest regional market worldwide, followed by Asia-Pacific. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 9.5% over the analysis period. Growth in the region is driven by strong economic development, increasing bank and Automated Teller Machine (ATM) networks, as well as increasing personal wealth. Latin America and the Middle East & Africa also present above average growth opportunities for market players. By segment, Safes represent the largest as well as the fastest growing segment.

Major players in the market include Access Security Products Ltd., Acme Safe Company, Allied Fire & Security, Alpha Safe & Vault, Inc., ASSA ABLOY Hospitality, BJARSTAL sarl, Bode-Panzer GmbH, Bordogna S.r.l, Brown Safe Manufacturing, Inc., Bumil Safe Mfg. Co., Ltd., Cannon Safe, Inc., Citysafe, Diebold Nixdorf, dormakaba Holding AG, Firelock Fireproof Modular Vaults, FireKing Security Group, Format Tresorbau GmbH & Co. KG, Fort Knox Inc., GARDEX Inc., Godrej & Boyce Mfg. Co., Ltd., Gunnebo AB, Hall’s Safe Company, Hayman Safe Company, Inc., Juwel Srl, KASO Oy, Liberty Safe and Security Products, Inc., Onity, Phoenix Safe Company Limited, Sentry Group, Inc., Stark Safes Srl, and Technomax Srl among others.

The research report titled "Safes and Vaults – Market Analysis, Trends, and Forecasts" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, innovations and launches, and strategic industry activities various players. The report provides market estimates and projections in US$ thousand for Safes and Vaults for all major geographic markets including the US, 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, Latin America (Brazil, and Rest of Latin America), and Rest of World. Product segments analyzed include Safes, and Vaults.

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