Although smart electronic locks are becoming increasingly popular today, the role of valve locks has gradually evolved from a traditional safety device to one that adapts to various development trends. Nevertheless, at the present stage, valve locks will still occupy a dominant position. On the other hand, traditional valve locks cannot simply be regarded as obsolete. In ancient times, combination locks were designed mainly to challenge thieves intellectually, whereas modern mechanical locks incorporate considerable artistic creativity in their design.
The Future of Valve Locks
According to a research report by IHS, electronic locks are becoming more popular in automatic access control systems. However, it is expected that the demand for valve locks will remain relatively stable. For valve locking devices, forecasts indicate a compound annual growth rate of 3.8% between 2013 and 2017.
Although many electronic locks, such as magnetic locks, fail-secure locks, and electronic locking devices, are designed for access control systems, the application software still relies on mechanical design principles. This allows secondary unlocking in the most common failure scenarios, such as power outages or system malfunctions. Therefore, locks are still necessary. As a result, the development trend of automatic access control systems remains closely tied to mechanical lock technology, which will not necessarily be replaced.
In addition, for many end-users, the cost of electronic access control solutions remains a limiting factor. Because of this, these users may continue to rely on mechanical locking solutions. On the other hand, although electronic access control solutions are relatively expensive, more and more users are recognizing the value of safer and more efficient key management in electronic access control systems. These systems can monitor entry and exit status in real time and allow authorization, tracking, and locking operations during emergencies. Therefore, on a global scale, the revenue and forecast analysis for enterprise-level electronic access control solutions from 2013 to 2017 still show a higher growth rate than that of mechanical equipment.
Valve Locks
The mechanical lock industry itself has also seen an increasing number of Chinese suppliers entering overseas markets. These low-cost distributors are gradually gaining market share in EMEA and Latin America. A potential challenge is the rising cost of raw materials, while the average market price of valve locks is declining. In other price-sensitive regions such as Eastern Europe and South America, more Chinese suppliers are entering the market, while companies in other overseas and European markets have established stronger strategic partnerships with their affiliated companies. Between 2013 and 2017, the average global selling price of mechanical locks is expected to decline by 0.6%.
In summary, with infrastructure and engineering projects in emerging economies and BRICS countries continuing to stimulate demand for mechanical locking solutions, China’s valve lock market is expected to maintain strong growth in the near future. However, in more mature markets such as the United Kingdom and other parts of Europe, electronic access control systems are likely to face greater competition, and the demand for related mechanical components may gradually decrease in the later stages.