Global Panic Device Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Panic Device Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Panic Device, also known as an exit device, is designed to provide fast and easy egress to allow building occupants to exit safely in an emergency. It is mechanical door hardware operated from the inside of an outswing exit door through the use of a crossbar or push rail and extends at least halfway across its width. According to life safety code, an exit device must always release the door without prior knowledge of how to operate the device. Any horizontal force on the cross bar or push rail will release the door. The names panic device was coined to indicate the way people when panicked in a mass evacuation due to emergency crashed into the doors in order to exit.

Market Overview:

The latest research study on the global Panic Device market finds that the global Panic Device market reached a value of USD 1174.68 million in 2022. It’s expected that the market will achieve USD 1525.37 million by 2028, exhibiting a CAGR of 4.45% during the forecast period.

Challenges and Restraints

Fluctuations in raw material prices Fluctuations in the price, availability and quality of the commodities, raw materials and components used in manufacturing panic deviceproducts could have an adverse effect on costs of sales, profitability and the ability to meet customers' demand. The price of commodities, raw materials and components have been volatile in prior years, and the cost, quality and availability of such commodities have been significantly affected in recent years by, among other things, changes in global supply and demand, changes in laws and regulations (including tariffs and duties), changes in exchange rates and worldwide price levels, natural disasters, labor disputes, terrorism and political unrest or instability. These factors could lead to further price increases or supply interruptions in the future. As discussed above, in the short term, rapid changes in raw material costs can be very difficult for manufactures to offset with price increases because, in the case of many of contracts, suppliers have committed to selling prices for goods and services for periods of one year, and occasionally longer. Manufactures' profit margins could be adversely affected if commodity, raw material and component costs remain high or escalate further, and, manufactures are unable to pass along a portion of the higher costs to customers. Price variance caused by fluctuations in raw material prices, which is not conducive to the development of the industry.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Allegion is one of the major players operating in the Panic Device market, holding a share of 18.96% in 2022.

Allegion is a global pioneer in safety and security, with leading brands like CISA®, Interflex®, LCN®, Schlage® and Von Duprin ®. Focusing on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions.

ASSA ABLOY Group was formed by the merger of Sweden's ASSA and Finland's Abloy. The Group's flagship brands cover customers in four different markets: HID in the access control, security card issuance and identification technology market, Yale in the residential market, Mul-T-Lock in the locksmith industry, and ABLOY in the high security lock market.

Segmentation Overview:

Among different product types, Rim Exit Devices segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Commercial and Industrial segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Panic Device market covered in Chapter 3:

I-TEK Metal Manufacturing
KCC Group
Hager Companies
Taiwan Fu Hsing
Allegion
ISEO Ultimate Access Technologies
ASSA ABLOY
Camax
Dormakaba
ECO Schulte GmbH & Co. KG
Gallery Group of Companies
Glutz Deutschland GmbH

In Chapter 4 and Chapter 14.2, on the basis of types, the Panic Device market from 2018 to 2029 is primarily split into:

Rim Exit Devices
Vertical Rod/Cable Devices
Mortise Exit Devices
Alarmed Exit Devices
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Panic Device market from 2018 to 2029 covers:

Transportation
Healthcare
Commercial and Industrial
Education
Government
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)