DUBLIN, May 07, 2015 /PRNewswire/ --Research and Markets
(http://www.researchandmarkets.com/research/hx54ld/global_safes_and) has announced the addition of the "Global Safes and Vaults Market 2015-2019" report to their offering.
The Global Safes and Vaults market to grow at a CAGR of 5.32% over the period 2014-2019
Safes and vaults provide security from threats such as fire and burglary. In many cases, they are used to prevent unauthorized access to potentially dangerous items placed within them. An increase in crime rate, coupled with the growing affluence of people, is making them a necessity. With the advent of technology, they are increasingly being integrated with electronic devices to create smart systems. Manufacturers of safes and vaults have a wide variety in their product portfolio to meet the needs of different customers.
One key trend emerging in this market is the digitization of safes and vaults. The inefficiencies related to manual safes are eliminated with the usage of digitized ones. These safes have properties such as motorized shooting bolts for extra protection, low battery indicators, non-volatile memory, digital locking mechanisms, and password protected locking. They also have options such as mechanical overrides, LED displays, touchscreen operation, and remote control.
According to the report, one of the major drivers of the market is the increased demand from the Banking sector for safes and vaults. Bank vaults are secure spaces where valuables, cash, and documents are stored. They contain doors, panels, and locks, which should have preferable characteristics such as low maintenance, emergency ventilators, integrated light switches with electrical boxes, and ventilators.
Further, the report states that one of the key challenges in the market is the fragmentation of the same. The market is characterized by a handful of international corporations that account for a low share of the global market, while the rest of the market is split between many players operating worldwide. The larger companies are capital-intensive and concerned with value-added activities such as material production, innovation in products, and high-volume supplies. This increases the per unit cost of production for these companies.
The Global Safes and Vaults market can be divided into seven segments based on the type of product:
- Media Safes
- Gun Safes
- Floor and Wall Safes
- Cash Management Safes
- Depository Safes
- Vaults and Vault Doors
- Other Safes
The key end-consumers of safes and vaults are:
- Banking sector
- Retail sector
- Individual consumers
- Others: Pharmaceuticals, Hospitality, and Chemicals.
- American Security Products
- Godrej & Boyce Manufacturing
- Kaba Group
For more information visit http://www.researchandmarkets.com/research/hx54ld/global_safes_and
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SOURCE Research and Markets