The global market for Safes and Vaults is projected to exceed US$6.1 billion by 2024, driven by the growing popularity of biometric safes; and the critical need to safeguard and secure assets and valuables amid rising security concerns such as thefts, vandalism and natural disasters such as fire and floods. Given that businesses are always at an increased risk of loss of important documents, there is strong demand for safes and vaults among public agencies, banks, retailers, and private enterprises. Growing adoption in the hospitality industry and favorable demand for home safes are also benefiting growth in the market. A key trend in the market is the growing demand for gun safes in North America and Europe, where the gun culture remains stubbornly prevalent due to factors such as absence of stringent gun laws; significance of gun ownership in assertion of individual freedom; lack of political will to reform gun ownership laws; rise in illegal firearms possession; constitutional protection of gun culture in countries like U.S; and ownerships patterns undeterred by cost of household gun ownership. Other major factors also driving growth in the market include healthy demand for safes and modular vaults for pharmaceuticals against the backdrop of growing awareness over the importance of safe storage to prevent drug misuse and accidental poisoning; growing popularity of biometric safes in the banking sector due to high reliability benefits; construction of smart homes and the ensuing security installations that favor use of wall safes valued for their space saving benefits. Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 9.5% over the analysis period led by factors such as increasing trade flows within Asia and the resulting expansion of the financial and banking sector; growing number of SMBs in emerging Asian economies; rising disposable incomes, robust investments in valuables, increase in crime rates and the resulting rise in demand for small safes among the expanding base of middle class population.
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Company and Industry News & Stories
- NationalLink and Intimus Enter into Partnership to Introduce Smart Safes in North America
- ARA Security Takes Over Australasian Vaulting Industries in a Move to Explore New Opportunities and Build upon the Significant Synergy Between the Businesses
- Royal England Launches Vault in Hong Kong in a Move to Deliver High-End Storage and Deposit Box Solutions
- Digipulse Introduces Decentralized Digital Asset Vault Designed for Ensuring Safe, Encrypted and Decentralised Storage and Transfer of Crypto Wallets and Other Digital Assets
- Bitcoin Suisse Launches Swiss Crypto Vault Designed for Offering Best-in-Market Solution for Hyper Secure Storage of Crypto Assets
Outlook in Key Market Segments
- Through 2024, Safes will remain the largest market, followed by Vaults.
- Safes are projected to witness the fastest growth driven by innovations and improvements with biometric technology and other electronic locking features and functions.
Product Definition & Scope
- Safes are effective security devices principally available in two varieties: fire-resistant safes and burglary-resistant safes. However, safes can be engineered according to desired needs and preferences. The segment ‘Safes’ as analyzed in the study covers fire and document safes, media and data safes, depository (drop) safes, jewelry safes and home safes. Vaults are enclosed walk-in-structures, which protect key business records and merchandise from damage or destruction by fire or other dangers. The segment covers graded and un-graded as well as traditional and modern vaults. This includes vaults equipped with a wide array of alarms, anti-theft devices and electronic high security locking systems. The segment also covers modular vault solutions and controlled environment vaults.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
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, and Latin America (Brazil & Rest of Latin America)
Market Segmentation & Classification
- Product Segments:
- Safes, and Vaults.
- Alpha Safe & Vault, Inc.
- ASSA ABLOY Hospitality
- Bode-Panzer GmbH
- Bordogna S.r.l
- Brown Safe Manufacturing, Inc.
- dormakaba Holding AG
- Firelock Fireproof Modular Vaults
- Gunnebo AB
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