Freedonia Group
Demand for hardware in residential structures is projected to grow 1.7% yearly to $6.3 billion in 2021, the Freedonia Group forecast in a new study released earlier this month.
“Sales will be driven by continued rebound-fueled growth in building activity, including new construction as well as improvement and repair,” the Cleveland-based research organization said. “In addition, ongoing security concerns will continue to support demand for mechanical and electromechanical locks and other access control equipment in most types of buildings, including educational, commercial, industrial, institutional, office, residential, and transportation.”
Demand for hardware in all types of buildings is forecast to reach $11 billion by 2021.