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.
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.
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.
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.
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.
This report offers a 4-year trend analysis for 2012 to 2016 and 8-year forecast for electronic cylinder lock credentials market between 2017 and 2025. This study demonstrates the market dynamics and trends globally across five regions North America, Latin America, Europe, Asia Pacific, and Middle East and Africa which influence the current nature and future status of the electronic cylinder lock credentials market over the forecast period.
This research report provides detailed analysis of electronic cylinder lock credentials market and offers insights on the various factors driving popularity of these systems. The market study provides comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. The report segregates the market based on product type, technology, end-user, and regions using electronic cylinder lock credentials across different regions globally.
The report starts with an overview of the global electronic cylinder lock credentials market in terms of value. In addition, this section includes analysis of macro-economic factors, opportunity analysis and technology trends which are influencing the end-point security market. Impact analysis of key growth drivers and restraints, based on the weighted average model and PMR analysis and recommendation is included in this report to facilitate clients with crystal clear decision-making insights. A detailed analysis has been provided for every segment in terms of market size analysis for electronic cylinder lock credentials across the different regions. The section provides a detailed analysis covering key drivers, restraints and trends and key regulations in the region. This section also highlights market presence (intensity map) for key representative market participants.
The next section highlights detailed analysis on of electronic cylinder lock credentials market across various countries in the region. It provides a market outlook for 2017–2025 and sets the forecast within the context of the electronic cylinder lock credentials including latest technological developments as well in the market. This study discusses key trends within countries contributing to growth of the market, as well as analyses degree at which drivers are influencing this market in each region. Key regions and countries assessed in this report include North America (U.S., Canada), Latin America (Brazil, Mexico, and Rest of Latin America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, India, South Korea, Indonesia, Japan), Middle East and Africa (North Africa, South Africa, GCC, Rest of Middle East and Africa).
This report evaluates historical trends, present scenario and the growth prospects of the electronic cylinder lock credentials market across various regions globally for the period 2017 –2025. 2016 has been considered as the base year and provide data for the trailing 12 months. In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the market.
In the final section of the report, PMR has included a competitive landscape to provide clients with a dashboard view, based on categories of provider in the value chain, presence in electronic cylinder lock portfolio and key differentiators. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in electronic cylinder lock value chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the electronic cylinder lock credentials market space.