Report Details the Future of Mechanical Locks:

Despite the growing popularity of access control systems driving the adoption of electronic locking devices, mechanical locks are not projected to falter any time soon.

Mechanical locks are forecast to have a positive compound annual growth rate (CAGR) of 3.8 percent from 2013 to 2017, said a recent report by IHS Inc.

While access control is driving the penetration of electronic locking devices such as electromagnetic locks, electric strikes and electronic locks, most applications still require a mechanical lock override in the case of a power failure or system error, the report said. Consequently, the trend toward more access control systems only limits the growth of mechanical locks in the medium-term; it does not necessarily replace them.

Additionally, for many end users, the cost of an online electronic access control solution remains cost prohibitive, so these end users must continue to rely on mechanical solutions. Although electronic access control solutions remain expensive, more end users are seeing the value of being able to control access rights securely and efficiently, monitor door status in real time, create audit trails and the ability to lockdown all doors immediately in the case of an emergency. As a result, electronic access control solutions are still forecast to have stronger growth rates than mechanical globally from 2013 to 2017 both in terms of revenues and units, said the report.