Global Electronic Locks Market: Overview
Locking systems have been in use since time immemorial to keep precious articles safe in Electronic locks are locking systems that utilize electric current to engage and disengage. Said electric supply is passed through on entry of an electronic passcode or proximity to a Bluetooth device. Some of these locks use magnetic energy to operate in beams and key systems.
An increasingly automated world demands efficient infrastructure. Electronic locks are better than conventional locks for their specificity and relative ease of operation. Also, crude methods of disengaging such locks do not work and ensure better security for items entrusted to them. As the world moves into the electronic age, demand for such efficient technology will continue to rise, notes TMRR. The electronic locks market should benefit from this growth trend, especially over the period of 2019 to 2029.
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Global Electronic Locks Market: Competitive Landscape
A number of manufacturers are involved in the production of electronic locks. This makes the market scenario fragmented. Most known and revered players in the global electronic locks market include-
- Kwikset (Spectrum Brands, Inc.)
- ASSA ABLOY Group
- Kaba Holding AG
- CDV Group Company
- DynaLock Corporation
- Schlage (Allegion Company)
- Onity (United Technologies Corp.)
- Salto Systems
- SimonsVoss Technologies GmbH (Allegion Company)
- Videx Security Ltd and Seoul Commtech Co., Ltd.
These players realize the potential global markets hold for their product. They are expected to increase productivity by acquiring smaller production facilities for subparts and increasing operational footprint by advertisements and bringing awareness to people. Industrial automation plans should also be invested in along with innovations to better integrate current technology of electronic locks with existing conventional industrial infrastructure.
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Global Electronic Locks Market: Key Trends and Drivers
- The industrial automation industry is an industrial sector on its own. To reduce the inefficiency of human labor and divert human efforts to planning, automation is being employed in industries. This has not only led to reduction in resource wastage but also in working hours. The global process automation market was valued at USD 76.83 billion in 2019 and is expected to reach USD 114.17 billion by 2025, at a CAGR of 7.23% over the forecast period 2020-2025. As per the global worker wages annual report, an estimated 2 trillion USD can be protected on by automating about 45% of current activities that are paid. These trends hold promise for the electronic locks market.
- In 2018, production of electricity across the world was 3.9% more than in the previous year. This growth is seen owing to the high and growing reliance of the current population on electrical processes adopted in every day life. Fossil fuels and renewable energy sources are being increasingly expended to cater to this demand for electricity. Automation depends heavily on electricity and hence production of this energy source is bound to increase in the future. More electronic locks should be employed in lieu of this trend in the coming years.
- A hindrance to the growth of this market could be the skepticism around trusting automation with security coupled with relatively higher costs. Moreover, magnetic lock systems have flaws which currently make them less than desirable. Increasing innovation and ease of use should make this technology more acceptable in the future.
Global Electronic Locks Market: Regional Analysis
North America and Europe are at the top of growth charts in the electronic locks market. This can be attributed to quick adoption of innovations in this region by people. Also, automation industry reaps heavy benefits here because of an abundant supply of clean electrical energy and a demand for efficiency among industrial sectors.
The Asia Pacific region (APAC) is expected to register the rapid rate of growth in this market in the coming years. Growing electrical output and outsourcing of industrial production to these regions makes them ideal hubs for future growth of automation. As the importance of efficiency is realized above the need for traditional production methods, innovations like electronic locks should be increasingly brought into the foray.
Product Type Outlook
- Deadbolts and Latches
- Lever Locks
Distribution Channel Outlook
- North America
- The U.S.
- Asia Pacific
- Central & South America
- Middle East & Africa
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