Electronic Cylinder Lock Market to Grow at CAGR of 9.8% through 2024

Beefing up personal security, especially at home and other residential spaces is a global concern, which has signified the use of advanced locking systems. Electronic cylinder lock credentials are...

Beefing up personal security, especially at home and other residential spaces is a global concern, which has signified the use of advanced locking systems. Electronic cylinder lock credentials are among the most sophisticated and hard-to-breach type of security systems, and are gradually gaining prominence globally. By the end of 2016, the global market for electronic cylinder lock credentials is expected to register substantial growth and reach US$ 351.0 Mn revenue at a y-o-y growth of 10.1% over 2015. Furthermore, the growing adoption of RFID key cards will continue to drive the demand for electronic cylinder lock credentials in hotels, MNCs and other commercial settings.

In terms of market revenue, the global electronic cylinder locks credentials market is projected to expand at a CAGR of 9.8%, and procure US$ 740.4 Mn during forecast period 2016–2024. North America and Europe will continue to collectively dominate the global market during the forecast period.

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Research Report Insights (RRI) provides key insights on the trends and growth opportunities of the market in the report titled, “Global Market Study for Electronic Cylinder Lock Credentials: Industry Analysis and Forecast 2016-2024.” The report will also illustrate how low-frequency RFID cards will continue to dominate as the largest technological segment in the global electronic cylinder lock credentials market.

Besides the mounting need for enhanced security solutions in global residential sector, the demand for electronic cylinder lock credentials is considerably high in industrial and commercial spaces as well. Occurrence of unlawful activities, security breach by miscreants and improving standard of living will boost the demand for electronic cylinder lock credentials in companies, industries, hospitality sector and educational institutions. However, cybernetic hacking is expected to be a prime factor that will hamper adoption of electronic cylinder lock credentials in banks and other wealth regulatory organisations.

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On the basis of product-type, the global market for electronic cylinder lock credentials will exhibit higher growth in the consumption of RFID key cards. Easy access, smooth deployment and wireless connectivity are some of the key features attributed for the growth of RFID segment. Meanwhile, the demand for contact-based access keys will also witness boost, owing to the rising use of electronic key cards in government offices.

On the basis of technology, the global electronic cylinder lock credentials market will demonstrate high adoption of low-frequency RFID technology. In terms of market revenue, the low-frequency RFID keys are expected to account for US$ 297.6 by the end of 2016. Electronic cylinder locks designed for NFC technology used in smartphones and other hand-held gadgets is also predicted to increase in terms of adoption, inciting consumers to shift to high-frequency RFID technology.

In 2016, Europe will continue to dominate by being the largest revenue contributor and accounting for more than 35% of the global electronic cylinder lock credentials market. By the end of 2016, North America will contend with Europe by accounting to revenues worth US$ 89.8 Mn, which will register an annual growth rate of 8.4% over 2015.  ASSA ABLOY, AIT Ltd., SimonsVoss Technologies GmbH, CES Group, and Salto Systems, S.L, among others, are observed as the leading industrial contributors in the global market for electronic cylinder lock credentials.

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