The “Global Electronic Cylinder Lock Credentials Market, By Product Type (Electronic Key (Contact based), RFID Key (Cards), Key Fob & Badge), by Technology (Low Frequency RFID, High Frequency RFID (NFC) and Others), and By End-use (Commercial Sector, Residential Sector, Industrial Sector and Government) by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 979.46 million by 2027, witnessing a CAGR of 9.8 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
An electronic lock is a locking device that operates by means of electric current, which can act as standalone with an electronic control assembly mounted directly to the lock. Electronic locks can be remotely controlled and monitored to both lock and unlock. Moreover, an electronic key is a digitally encoded key that provides assurance of high-level security. Electronic fob is a type of smart security token that comprises an in-built authentication mechanism. These are typically used in condominium buildings and apartment buildings and for access to common areas such as lobby doors and storage areas.
The global electronic cylinder lock credentials market was valued at US$ 473.86 Mn in 2019 and expected to grow at a CAGR of 9.8% during the forecast period.
Increasing incidence of home invasions, burglaries, and property crimes is expected to propel the global electronic cylinder lock credentials market over the forecast period
Home robberies, invasions, burglaries, and property crimes have increased significantly in the recent past. According to the 2017 Federal Bureau of Investigation (FBI) crime statistics, on average, every 23 seconds a burglary takes place in the U.S., which is the second-most frequent crime behind larceny-theft. Advanced electronic security solutions such as electronic door locks have shown effective results against breaking and burglaries. These security solutions are difficult to break, which makes the burglary challenging task. Consumers are increasingly adopting high-end security solutions at their residents, in order avoid burglary attempts, which in turn, is expected to increase the demand for electronic door locks and thereby drive growth of the global electronic cylinder lock credentials market during the forecast period.
Research and development activities by key players, in order to provide novel products is expected to pose lucrative business opportunities
Key companies in the market are focused on research and development activities, in order to innovate novel, high-end, and affordable products. Manufacturers are emphasizing adding novel features such as smartphone connectivity and remote control, in order to expand their revenue generation and gain competitive edge in the market. For instance, in March 2016, iLOQ Limited introduced iLOQ S10 online extension, which combined locking and access control functions at a lower cost. The company introduced this system for applications in commercial premises, industrial buildings, residential homes, administrative buildings, and hospitals.
Higher demand for mechatronic locks than for electronic cylinder locks is expected to restrain growth of the global electronic cylinder lock credentials market over the forecast period
Many consumers are preferring mechatronic locks instead of electronic door locks, especially in industrial sectors globally. This is owing to ability of mechatronic locks to perform in cold and harsh weather without malfunctioning, unlike electronic cylinder locks. Hence, growing preference towards mechatronic locks over electronic cylinder locks is expected to hinder the global electronic cylinder lock credentials market over the forecast period.
Rapid urbanization in the region has increased the demand for electronic cylinder locks
The rate of urbanization in Latin America is relatively higher than in other regions around the globe. This is typically characterized by high IT literacy among the population, which in turn, increases the demand for effective security solutions for related infrastructure. This, in turn, is increasing the demand for digital security solutions rampantly in the region. According to the United Nations (UN) report, around 90% of Brazil and the rest of the Southern Cone’s population are expected to live in urban areas by the end of 2020.
Launch of latest security solutions by key players in the region is a major trend
Europe electronic cylinder lock credentials market is becoming increasingly competitive, owing to presence of large number of major market players. In order to sustain the intense competition, key players are focused on introducing novel products, in order to attract consumer base and gain competitive edge in the market. For instance, in June 2016, Salto Systems, S.L—Spain-based innovative access control systems provider—presented its latest innovations for the hospitality sector at Hospitality Industry Technology Exposition & Conference (HITEC) conference.
Middle East and Africa (MEA)
In Dubai, accreditation document states that door locks, knobs, knockers should have – IEC (International Electro technical Commission) 60730-1 standardization and metrology.
IEC 60730-1:2013 applies to automatic electrical controls for use in association with equipment for household and similar uses. This standard is also applicable to control systems for equipment intended for use in shops, offices, hospitals, and other commercial and industrial applications.
Key companies operating in the global electronic cylinder lock credentials market are iLOQ Limited, SimonsVoss Technologies GmbH, AIT Ltd. (Altman Integrated Technologies Limited), ASSA ABLOY, WFE Technology Corp., Salto Systems, S.L, CES Group, Legrand, and Kaba Group.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.