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2024 Cam Locks Market Report: Growth Trends and Forecast Through 2033
Cam Locks Global Market Report 2024
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According to The Business Research Company's, The cam locks market size hasgrown strongly in recent years. It will grow from $2.34 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 6.6% The growth in the historic period can be attributed to evolution of security standards, increase in demand for customizable locking system, expansion of industrial and commercial sectors, globalization of trade facilitating market growth, and historical shifts in consumer preferences.
The cam locks market size is expected to see strong growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to expanding e-commerce industry, growing adoption of smart locks in residential and commercial sectors, propelling demand for high-security locking systems, surge in industrial automation, and expanding applications in industries. Major trends in the forecast period include rising adoption of electronic and smart locking systems, growing emphasis on product innovation and customization, surging popularity of cloud-based access control solutions, integration of IoT capabilities for remote monitoring, and advancements in keyless entry technology .
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Market Drivers and Trends:
The rise in clinical trials is expected to propel the growth of the biomarker clinical phase outsourcing services market going forward. Clinical trials are research studies conducted with human participants to evaluate the safety and effectiveness of new medical treatments, interventions, or diagnostic procedures. The surge in clinical trials is facilitated by advancements in medical research, rising prevalence of chronic diseases, increased funding from both governmental and private sources, and the growing demand for innovative treatments and therapies. Outsourcing providers often have specialized knowledge and experience in biomarker discovery, validation, and analysis. This expertise can enhance the quality and reliability of the biomarker data collected during the trial. For instance, in May 2023, according to the United States National Library of Medicine, registered clinical trials increased from 399,499 in 2022 to 437,533 in all 50 states and across 221 countries. Furthermore, it was reported that 140,492 studies (31%) are registered in the United States only, whereas 241,498 studies (53%) are recorded in non-U.S. locations. Therefore, the rise in clinical trials will drive the growth in the biomarker clinical phase outsourcing services market forward.
Major companies operating in the cam lock market are adopting technologically advanced cam locks such as biometric authentication cam locks, to enhance security and meet the growing demand for sophisticated locking solutions. Biometric authentication in cam locks utilizes individual biological characteristics, like fingerprints or eye scans, for identity verification prior to access authorization. For instance, in December 2023, Godrej Security Solutions, an India-based manufacturer and marketer of security solutions, launched the NX Pro Plus, NX Advanced, and Verge Series home lockers, featuring digital and biometric access options. These lockers can store up to 30 fingerprints, offer a stylish modular design, and fit easily in residences. They combine advanced technology with classic design, providing dual-mode access, voice guidance, and a built-in alarm for enhanced security and convenience. This technology is designed to improve convenience and safeguard valuables.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Assa Abloy AB, Allegion, Rittal, Southco Inc., Richelieu Hardware, Häfele America Co., Master Lock, Emka Inc., The Eastern company, Keyline USA, Sugatsune Kogyo, CompX Security Products, Olympus Lock Inc., Dira Inc., Capitol Industries Inc., Lowe & Fletcher Ltd, Camlock Systems Ltd., Sinox company Ltd, Zephyr Lock, VanLock, Ningbo Wangtong Locks Co. Ltd., Industrilas, JK Lock Co. Ltd, American Lock Company
Cam Locks Market 2024 Key Insights:
• The cam locks market size is expected to see strong growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Construction Industry Driving Cam Lock Market
• Adoption of Biometric Authentication in Cam Locks
• North America was the largest region in the cam locks market in 2023
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