Persistence Market Research (PMR), in its report, projects the global electronic locks market to register an impressive 13.9% CAGR during the forecast period 2017 to 2025. Global revenue generated from sales of electronic locks was worth US$ 1,036.5 Mn in 2016; by 2025, this number is projected to surpass US$ 3000 Mn. Robust expansion of IT and BFSI sectors will create opportunities for digital door lock security solution providers across the globe.
Adoption of Electronic Locks in Public & Private Places to Drive Market Growth in North America
With advancements in technology, companies offering electronic lock solutions are focusing on innovation in North America. Adoption of electronic locks in this region has surged among public and private places such as shopping malls, metro platforms, gyms, and parking lots. These factors are driving growth of the market in North America. Electronic locks are gaining traction in Latin America with increasing application of access control systems in furniture locks, and residential & commercial buildings. Key market strategies adopted by vendors including new product launches, acquisition of local manufacturers and strengthening their footprint in the market are further expected to propel growth.
Adoption and penetration of electronic locks in Europe is being driven by attractive profit margins gained by distributors & suppliers, and increasing market competitiveness among players. However, there are over thousand small as well as large-scale manufacturers of electronic locks in Europe. This poses a challenge for companies in continuous innovation and pricing of solutions. In addition, consumers are unaware of about advanced technologies and opt for alternative security systems which are less complex and easy to use & access. These factors are expected to restrain growth of the market in Europe during the forecast period.
North America to be the Largest Market for Electronic Locks by 2025-End
North America is projected to be the largest market for electronic locks by 2025-end. In terms of value, electronic locks market in North America was evaluated at nearly US$ 300 Mn in 2016, and is further estimated to reach US$ 859.1 Mn by 2025. Market growth in Latin America is estimated to witness fastest expansion, followed by Middle East & Africa (MEA) and Asia Pacific (APAC). This market growth in Latin America is attributed to increasing focus of key market players to increase their presence in this region.
Electronic strikes will remain preferred product in the global electronic locks market. Revenues from sales of electronic strikes is expected to reach US$ 1,210.3 Mn by 2025-end. Demand for electromagnetic locks is expected to exhibit highest CAGR the forecast period. In contrast, demand for electronic deadbolts and latches is expected to register a comparatively low CAGR during the forecast period.
Wired Electronic Locks will Remain Preferred in the Market
By interconnectivity type, although wired electronic locks will account for largest revenues in the global market, demand for wireless electronic locks is projected to exhibit a relatively faster growth during the forecast. On the basis of authentication method, fingerprint scanning is expected to be the largest as well as fastest growing segment in the global electronic locks market by 2025-end.
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In terms of value, commercial sector is expected to be the most lucrative end-use sector by the end of 2025. Demand for electronic locks from this sector is projected to expand at 14.5% CAGR during the forecast period.
Key market players identified in PMR’s report include Honeywell International, Inc., Spectrum Brands Holdings, Inc., Assa Abloy, Cisco Systems, Inc., United Technologies Corporation, Salto Systems S. L., Panasonic Corporation, Vanderbilt Industries, Kiekert Aktiengesellschaft, iLOQ Limited.
There has been massive demand for smart applications and homes in the last five years in North America that is driven by the pervasive use of smartphones and other smart devices. Residential security is a critical concern of people who were early adopters of smart home technology.