Panic & Emergency Exit Devices Market Analysis and Latest Trends
Panic & Emergency Exit Devices are safety devices that are installed in buildings to provide a quick and easy exit in case of emergencies such as fires or other dangerous situations. These devices include panic bars, emergency exit locks, and other mechanisms that allow occupants to quickly exit a building in case of an emergency.
The Panic & Emergency Exit Devices Market is expected to grow at a CAGR of 11.2% during the forecast period. The market growth is driven by factors such as increasing safety regulations, growing awareness about fire safety, and the rise in construction of commercial buildings. Additionally, the increasing focus on enhancing building security and the growing adoption of smart building technologies are also contributing to the growth of the market.
One of the latest trends in the Panic & Emergency Exit Devices Market is the introduction of smart exit devices that integrate with building automation systems to provide real-time monitoring and control of emergency exits. These smart devices offer features such as remote locking and unlocking, emergency alarm notifications, and integration with access control systems. This trend is expected to drive the demand for advanced panic and emergency exit devices in the market.
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Panic & Emergency Exit Devices Major Market Players
The Panic & Emergency Exit Devices market is highly competitive with key players such as Dormakaba Group, Allegion plc, and ISEO Serrature Spa leading the market. Dormakaba Group is a global provider of security and access solutions, with a wide range of panic and emergency exit devices. The company has a strong presence in the market and has been focusing on product innovation and strategic partnerships to expand its market share. In 2020, Dormakaba reported a revenue of $3.8 billion.
Allegion plc is another major player in the Panic & Emergency Exit Devices market, offering a range of door hardware and security solutions. The company has a strong global presence and has been expanding its product portfolio through acquisitions and partnerships. In 2020, Allegion reported a revenue of $2.7 billion.
ISEO Serrature Spa is a leading European manufacturer of security solutions, including panic and emergency exit devices. The company has a strong presence in the European market and has been focusing on innovative product development and expanding its distribution network. In 2020, ISEO Serrature Spa reported a revenue of $500 million.
Overall, the Panic & Emergency Exit Devices market is expected to witness steady growth in the coming years, driven by increasing focus on building safety and security regulations. Companies like Dormakaba Group, Allegion plc, and ISEO Serrature Spa are expected to continue their market dominance through product innovation, strategic partnerships, and geographical expansion strategies.
What Are The Key Opportunities For Panic & Emergency Exit Devices Manufacturers?
The Panic & Emergency Exit Devices market is experiencing steady growth, driven by increasing awareness of safety and security measures in both residential and commercial buildings. The market is expected to witness a CAGR of around 5% during the forecast period. Technological advancements, stringent regulations regarding building safety, and the rising number of installations in new constructions are key factors contributing to the market growth. Moreover, the increasing demand for smart exit devices and the adoption of wireless technology are anticipated to further propel market expansion. Overall, the Panic & Emergency Exit Devices market shows promising opportunities for growth in the coming years.
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Market Segmentation
The Panic & Emergency Exit Devices Market Analysis by types is segmented into:
Panic devices are designed for quick and easy exit in emergency situations, such as fire or active shooter scenarios. These devices typically consist of push bars or touch bars that, when pressed, release the door latch to allow people to quickly escape. On the other hand, emergency escape fittings are designed for buildings with specific safety regulations, such as schools or healthcare facilities, to ensure a safe and efficient evacuation during emergencies. Both panic devices and emergency escape fittings play a crucial role in ensuring the safety of building occupants during crisis situations.
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The Panic & Emergency Exit Devices Market Industry Research by Application is segmented into: