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The global safes and vaults market is poised to hit US $5.7 billion by 2017. The growing need for sound security systems is one of the major factors expected to drive growth in the market.
Improvement in economic scenario, resurgence in consumer spending, technological advancements, and integration of biometrics with security systems, are some of the other factors propelling growth in the safes and vaults market.
Developing nations such as Asia, Latin America, Africa, and the Middle East especially, are expected to drive market acceptance of security products in the years to come. Europe, led by advancements from developed Western European markets of Germany, France and the UK, dominates as the largest regional market worldwide for safes and vaults.
In the Eastern European region, physical security products, particularly in the manufacturing and industrial sectors will continue to sustain steady demand. Asia-Pacific fuelled by incessant demand from developing markets of China and India will drive home large gains at a strong CAGR of 4.3% through 2017.
Demand for home safes, which have been relatively resilient to the recession, has been one of the few bright spots for the safes and vaults market in the midst of the difficult business environment. Although limited in its ability to offset the current weakness in the market, in contrast, in the consumer market, home safes interestingly have witnessed a relatively cushioned impact of the recession.
The outlook for the post recession period 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. Crime in the form of theft and break-ins will always provide the need for securing vulnerable documents and possessions such as passports, personal identification number and passwords, money, jewellery, thus translating into a sound business case for safes and vaults.
For more information on the safes and vaults market, see the latest research: Safes and Vaults Maket Report
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