Electronic Cylinder Lock Credentials Market

Introduction

Electronic Cylinder Locks are high security electronic locks designed to track and control access throughout the facility. As the cylinder needs no power or wiring for installation, it is ideal for securing remote and mobile assets. Some of the examples of it are electronic fob which is a type of smart security token with built-in authentication mechanism.

Access card is a plastic card with a chip containing encrypted data that can be read by an electronic lock, when passed over it. An electronic key segment is a digital encoded key that ensures high level of security. This key can be sent to recipient anytime and anywhere via smartphone or tablet using mobile app. The recipient can unlock the electronic lock during the time specified by the sender.

The global electronic cylinder lock credentials market was valued at US$ 380.2 Mn in 2017 and is expected to expand at a CAGR of 9.8% during the forecast period (2017–2025). This market is expected to arrive at a valuation of US$ 803.2 Mn in 2025. Demand for electronic cylinder lock credentials is expected to be driven by requirement for enhanced security in residential sector and robust growth of construction and real estate sectors.

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Requirement for enhanced security in residential sector

Due to the increasing rates of crimes committed in residential properties, burglaries and cases of home invasion in the last few years, demand for advanced home security solutions has increased. There is increased concern amongst the people regarding the safety of their property and family, and for fulfilling this purpose, they are willing to adopt advanced and high-level security solutions that are easily available in the market.

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Robust growth of construction and real estate sectors

As the construction and real estate markets are experiencing high levels of growth, the market of electronic cylinder lock credentials market is being boosted consequently.

Demand for electronic cylinder locks is strongly associated with the growth in the construction sector globally. In order to attract more customers, real estate developers are concentrating on providing high-end security solutions in new buildings, and are projecting this as their USP.

The global construction market is experiencing a robust growth and this is expected to have a positive impact on the growth of the electronic lock cylinder credentials market globally during the forecast period.

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Low penetration of product in developing economies

There is a low penetration of electronic cylinder locks in some of the developing economies. This is expected to offer market growth opportunities to the manufacturers of electronic locks.

For example, in Latin America, there is a low adoption of electronic door lock systems. Currently, such kind of locks are only being used in some selected high-end housing projects in tier 1 and tier 2 cities. This presents significant growth opportunities for the key market players in order to consolidate their presence in this untapped market.

Zaid Sheikh
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Growth of smart homes and gadgets

There is a high demand for smart home and related applications during the past five years all over the world, which is triggered by increasing penetration of smartphones and tablets. Security is the main concern of people who are adopting such smart home applications.

Smart home applications include advanced security aspects such as security alarms, sensors, electronic locks, and cameras along with other smart features such as extensive control over home living environment such as self-powered lighting, climate controls, fire alarms, and power managements. People are adopting advanced security features embedded in their smart home application and considering as a value added service for better quality of living.

Global Electronic Cylinder Lock Credentials Market Analysis and Forecast, By End User

The commercial sector in the global electronic cylinder lock credentials end user category was estimated to be valued at US$ 148 Mn in the year 2017 and is forecasted to reach a value of nearly US$ 290 Mn in the year 2025 and exhibit a CAGR of 8.6% during the period of assessment.

The government sector was estimated to be valued at US$ 72.2 Mn in the year 2017 and is anticipated to touch a value of nearly US$ 170 Mn in the year 2025, displaying a CAGR of 11.0% during the period of forecast.

Market Taxonomy