Global Market Study on Electronic Cylinder Lock Credentials: Europe to Remain Largest Market with Near 30% Share


  • Published On : Jul-2016 |
  • Pages : 184 Pages |
  • Format :

The report on the global electronic cylinder lock credentials market lists three types of credentials, namely, electronic key (contact based), RFID key (cards), key fob, and badge and studies and offers forecasts of the expected revenue contribution of each of these segments and applications across various verticals for the period 2016–2024.

The global electronic cylinder lock credentials market is anticipated to witness significant revenue growth over the forecast period, owing to rising demand for different end-to-end applications across various industries in the commercial, residential, industrial and government sectors globally.

Requirements for enhanced security and robust growth of construction and real estate sectors are major factors expected to fuel demand for electronic cylinder lock credentials globally. Demand for electronic cylinder lock credentials is strongly associated with the growth of the construction sector globally. Real estate developers are focused on providing high-end security solutions in new buildings as their unique selling point in order to attract more customers. Revenue from the global construction market is expected to expand at a significant CAGR by 2020. This is expected to drive demand for electronic cylinder lock credentials worldwide over the forecast period.

Higher demand for mechatronic locks over electronic cylinder locks is one of the major challenges faced by electronic cylinder lock credentials manufacturers globally. Major opportunities for growth in the global electronic cylinder lock credentials market lies in the expansion of IT and BFSI sectors. These sectors are expected to create the potential revenue opportunity for digital door lock security solution providers through business tie-ups with companies. In order to capitalize on lucrative growth opportunities globally, manufacturers are entering into regional markets through strategic partnerships with domestic players. Over the last few years, companies such as SimonsVoss Technologies GmbH, ASSA ABLOY, and Kaba Group have significantly increased their footprint in the global electronic cylinder lock credentials market.

To understand and assess demand and opportunities in this market, the report is categorically split into three major sections, namely market analysis – by product type, by technology, by the end user, and by region. The report analyzes the global electronic cylinder lock credentials market in terms of market value (US$ Mn).

The report starts with a market overview and provides market definition and analysis about drivers, restraints, opportunities, and key trends in the market. The sections that follow include analysis of the global market – by product type, by technology, by an end user, and by region. All three sections evaluate the market on the basis of various factors affecting the market, covering the present scenario and future prospects. For market data analysis, the report considers 2015 as the base year, with market numbers estimated for 2016 and 2017, and forecast provided for 2016–2024. 

The Global electronic cylinder lock credentials market is segmented as follows:

  • By Product Type
  • By Technology
  • By End User
  • By Region 

On the basis of Product type, the market is segmented into:

  • Electronic Key (Contact)
  • RFID Key (Cards)
  • Key Fob and Badge

The electronic key (Contact) segment is anticipated to expand at the fastest CAGR over the forecast period in terms of revenue, followed by the key fob and badge segment. This section comprehensively analyzes the market on the basis of product type and presents an in-depth detail of the market size in terms of value for 2016–2024.

On the basis of technology, the market is segmented into:

  • Low frequency RFID
  • High frequency RFID (NFC)
  • Others

Among aforementioned segments, high frequency RFID (NFC) segment is expected to expand at the highest CAGR of 13.1% in terms of value during the forecast period, followed by the others segment.

This section analyzes the market on the basis of regions and presents comprehensive market size details in terms of value over the forecast period.

Regions covered in the report includes:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • MEA

Revenue from the global electronic cylinder lock credentials market is anticipated to increase from US$ 351.0 Mn in 2016 to US$ 740.4 Mn by 2024, expanding at a 9.8% CAGR during the forecast period (2016–2024). Increasing demand from various end-use industries such as commercial sector, residential sector, industrial sector, and government sector is anticipated to drive growth of the global electronic cylinder lock credentials market over the forecast period. Requirement of enhanced security in the residential sectors, with robust growth of the construction and real estate sectors are further expected to fuel demand for electronic cylinder lock credentials globally over the forecast period.

However, factors such as higher demand for mechatronic locks than for electronic cylinder lock credentials, high cost of security systems, and low IT literacy are factors expected to hamper large-scale adoption by consumers during the forecast period.

The overall global electronic cylinder lock credentials market is segmented on the basis of product type, technology, end user, and region.  

The report analyses the market on the basis of product type, and presents an in-depth analysis of market size in terms of value for 2016–2024. In 2015, with more than half of total revenue share, the RFID key (cards) segment dominated the global electronic cylinder lock credentials market, followed by the electronic key (contact based) and key fob and badge segments respectively. The electronic key (contact based) segment is anticipated to expand at the fastest CAGR of 11.4% over the forecast period in terms of revenue, followed by the key fob and badge segment.

The report offers in-depth insights on the basis of analysis by technologies used in these electronic cylinder lock credentials across various industries and data is provided both in terms of value and volume for 2016–2024. The high frequency RFID (NFC) segment is expected to expand at the highest CAGR of 13.1% in terms of value during the forecast period. The RFID key (cards) segment accounted for more than half revenue share of the overall market in 2015, and is expected to remain the dominant segment in the global electronic cylinder lock credentials market throughout the forecast years.

The market analysis section by region includes an in-depth country level analysis of markets in North America, Latin America, Europe, Asia Pacific, and MEA on the basis of product type, technology, end user, and countries, and provides market data in terms of value for 2016–2024. In 2015, Europe dominated the overall global electronic cylinder lock credentials market, accounting for more than one-third of total market share. The electronic cylinder lock credentials market in Latin America is forecast to expand at the highest CAGR in value terms over the forecast period.

Key players covered in this study include SimonsVoss Technologies GmbH, ASSA ABLOY, Salto Systems, S.L, Kaba Group, iLOQ Limited, WFE Technology Corp., AIT Ltd. (Altman Integrated Technologies Limited), and CES Group.

electronic-cylinder-lock-credentials-market

Company Profiles

  • Simonsvoss Security Technologies (Asia) Pte. Ltd.
  • Assa Abloy Group
  • Salto Systems
  • Kaba
  • CyberLock, Inc.
  • iLOQ Ltd.
  • WFE Technology Corp.
  • CES-Gruppe
  • AIT Ltd
  • Other
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