Technavio analysts forecast the safes and vaults market in Europeto reach USD 1,439.99 million by 2021, according to their latest report.
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Technavio has published a new report on the safes and vaults market in Europe from 2017-2021. (Graphic: Business Wire)
This research report titled 'Safes and Vaults Market in Europe 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Organized retail sectors contribute majorly to the growth of safes and vaults market in Europe. The e-commerce sector also contributes a reasonable share to it. Gunnebo is a prominent vendor for the safes and vaults market in Europe, followed by Paritet-K, L'ITALIANA CASSEFORTI, and BJARSTAL. Safes and vaults are used to securely store valuables, cash and documents in the banking sector, and expensive items and important documents in other sectors.
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Technavio's analysts categorize the safes and vaults market in Europe into the following segments by product type. They are:
- Cash management safes
- Gun safes and vaults
- Depository safes
- Vault and vault doors
- Media safes
- Other safes
The top three revenue-generating product segments are discussed below:
Cash management safes
Cash management safes are highly demanded by cash-in-transit (CIT) operators, large retailers, and banks. These safes form an integral part of a cash-intensive environment. Cash management safes help to reduce redundancy as their usage makes the users spend less time in counting the cash. Also, they help to eliminate both internal and external theft by reducing cash touch points. Software systems imbibed in these safes helps to keep track of the safe's activity from a web-based device.
According to Sharan Raj, a lead warehouse and storage research analyst from Technavio, "Owing to the financial turbulence, the banking business in Europe had to go for a consolidation and this, in turn, had an impact on the safes and vaults market in the region. The banks cut down on their ATM-related expenses. Also, the increase in electronic money transfer also reduces the demand for ATM safes. However, the demand for these ATM safes is restricted to a minimum range compared with the demand for retail and financial institution safes. All these above demands can make the market grow at a CAGR of over 6% through 2021
Gun safes and vaults
The strict arms possession law in Europe has perpetrated the growing adoption of gun safes in Europe. The features imbibed in these safes include increased fire temperature tolerance, smooth cam driven locking system with greater handle rotation, and premium door organizer features like see-through pouches and zippered pockets. Other features include mirrored walls for interior visibility, adjustable ball bearing hinges, and lock-out penalties if an incorrect lock combination is entered. These features will drive the growth of the gun safes market.
"The average price for gun safes ranges from USD 450 to USD 500, making it affordable for buying. The demand for gun safes will rise among government organizations, military, and banks to keep security guns," adds Sharan.
Depository safes find its usage in various end-users such as retailers, armored car companies, and restaurants. These safes are made up of heavy-duty steel and have combinational locks fitted in them. Also, these safes are drawer-equipped and integrated with anti-phishing devices to protect the contents. The growth in the armored car production in Germany is expected to boost the demand for depository safes.
The top vendors highlighted by Technavio's research analysts in this report are:
- BJARSTAL s.a.r.l.
- LITALIANA CASSEFORTI
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