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The global safes and vaults market reached a value of US$ 3.6 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Safes and vaults refer to secure storage systems that are used for safekeeping valuable commodities under high-risk situations. They are containers manufactured using thick metal panels that are hard to cut or damage by applying force or external pressure. They are primarily used for protection against exposure to fire, moisture and chemicals, extreme weather conditions, theft, burglary, robbery and other forms of intrusion and unauthorized access. They can secure and protect monetary assets, arms and ammunition, sensitive documents, critical records, medial files and other items. Safes and vaults are available in a wide variety of shapes and sizes and are usually opened through passwords, passcodes or numerical pins.
A significant increase in the crime rate and rising concerns regarding the safety of valuable assets among the masses are one of the key factors driving the growth of the market. In line with this, there is an increasing preference for safes and vaults that can be used for cash dispensing, storing media data, and laptops and are resistant to fire, shock and water. Furthermore, widespread product adoption by the healthcare industry is also driving the market growth. Pharmacists and healthcare institutions are increasingly utilizing password-protected safes and vaults to minimize prescription-related thefts and drug burglaries. Additionally, the increasing demand for technologically advanced variants that are integrated with alarms, video monitoring systems, seismic detectors, finger-print scanners and auto-locking mechanisms, is acting as another growth inducing factor. These systems aid in monitoring access to the safes and provide timely alerts in case of unauthorized access in the banking, non-banking and residential sectors.
IMARC Group provides an analysis of the key trends in each sub-segment of the global safes and vaults market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on type, function type, application, end user and region.
Breakup by Type:
Breakup by Function Type:
Breakup by Application:
Breakup by End User:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being Access Security Products Ltd., ADT Inc., Alpha Safe & Vault, Inc., American Security Products Co., BJARSTAL, Bode-Panzer GmbH, Diebold Nixdorf, Dormakaba Holding AG, Godrej & Boyce Mfg. Co. Ltd. and Gunnebo Group.
Key Questions Answered in This Report:
The Indian LED lighting market was valued at US$ 3.58 Billion in 2020.
We expect the Indian LED lighting market to exhibit a CAGR of 28.3% during 2021-2026.
The elevating levels of urbanization, along with the launch of several government initiatives that encourage the use of LED lights are some of the factors driving the Indian LED lighting market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations in India resulting in temporary halt in numerous construction and remodeling activities, thereby limiting the demand for LED lights.
Based on the product type, the Indian LED lighting market has been bifurcated into bulbs and tube lights, panel lights, street lights, down lights, and others. Currently, bulbs and tube lights hold the majority of the total market share.
Based on the application, the Indian LED lighting market can be divided into commercial applications, residential applications, institutional applications, and industrial applications. Among these, commercial applications currently represent the largest segment.
On a regional level, the market has been classified into North India, West and Central India, East India, and South India, where North India dominates the Indian market.
Some of the major players in the Indian LED lighting market include Philips, Surya, Crompton, Bajaj, Halonix, HQ Lamps, Osram and Havells, etc.
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