Electronics Locks Market Reflecting A CAGR Of 13.9% During The Forecast Period 2017-2025

Persistence Market Research, in its report, projects the global electronic locks market to register an impressive 13.9% CAGR during the forecast period 2017 to 2025. Global revenue generated from sales of electronic locks was worth US$ 1,036.5 Mn in 2016; by 2025, this number is projected to surpass US$ 3000 Mn. Robust expansion of IT and BFSI sectors will create opportunities for digital door lock security solution providers across the globe.

Adoption of Electronic Locks in Public & Private Places to Drive Market Growth in North America

With advancements in technology, companies offering electronic lock solutions are focusing on innovation in North America. Adoption of electronic locks in this region has surged among public and private places such as shopping malls, metro platforms, gyms, and parking lots. These factors are driving growth of the market in North America. Electronic locks are gaining traction in Latin America with increasing application of access control systems in furniture locks, and residential & commercial buildings. Key market strategies adopted by vendors including new product launches, acquisition of local manufacturers and strengthening their footprint in the market are further expected to propel growth.

Interesting.? Apply For A Sample Report @ https://www.persistencemarketresearch.com/samples/10376

Adoption and penetration of electronic locks in Europe is being driven by attractive profit margins gained by distributors & suppliers, and increasing market competitiveness among players. However, there are over thousand small as well as large-scale manufacturers of electronic locks in Europe. This poses a challenge for companies in continuous innovation and pricing of solutions. In addition, consumers are unaware of about advanced technologies and opt for alternative security systems which are less complex and easy to use & access. These factors are expected to restrain growth of the market in Europe during the forecast period.

North America to be the Largest Market for Electronic Locks by 2025-End

North America is projected to be the largest market for electronic locks by 2025-end. In terms of value, electronic locks market in North America was evaluated at nearly US$ 300 Mn in 2016, and is further estimated to reach US$ 859.1 Mn by 2025. Market growth in Latin America is estimated to witness fastest expansion, followed by Middle East & Africa (MEA) and Asia Pacific (APAC). This market growth in Latin America is attributed to increasing focus of key market players to increase their presence in this region.

Electronic strikes will remain preferred product in the global electronic locks market. Revenues from sales of electronic strikes is expected to reach US$ 1,210.3 Mn by 2025-end. Demand for electromagnetic locks is expected to exhibit highest CAGR the forecast period. In contrast, demand for electronic deadbolts and latches is expected to register a comparatively low CAGR during the forecast period.

Wired Electronic Locks will Remain Preferred in the Market

By interconnectivity type, although wired electronic locks will account for largest revenues in the global market, demand for wireless electronic locks is projected to exhibit a relatively faster growth during the forecast. On the basis of authentication method, fingerprint scanning is expected to be the largest as well as fastest growing segment in the global electronic locks market by 2025-end.

Make An Inquiry To Customize This Report @ https://www.persistencemarketresearch.com/request-customization/10376

In terms of value, commercial sector is expected to be the most lucrative end-use sector by the end of 2025. Demand for electronic locks from this sector is projected to expand at 14.5% CAGR during the forecast period.

Key market players identified in PMR’s report include

Honeywell International Inc.
Spectrum Brands Holdings Inc.
Assa Abloy
Cisco Systems Inc.
United Technologies Corporation
Salto Systems S. L.
Panasonic Corporation
Vanderbilt Industries
Kiekert Aktiengesellschaft
iLOQ Limited.
For In-Depth Competitive Analysis, Buy Now @https://www.persistencemarketresearch.com/checkout/10376

Read More Trending "PMR Exclusive Article"- https://www.persistencemarketresearch.com/market-research/beauty-devices-market.asp

Global Market Study on Large Format Displays: LED Backlit Segment Projected to be the Most Attractive Backlight Technology Through 2027: https://www.persistencemarketresearch.com/market-research/large-format-displays-market.asp

305 Broadway, 7th Floor
New York City, NY 10007 United States
Ph.no. +1-646-568-7751
E-mail id- sales@persistencemarketresearch.com
Website: https://www.persistencemarketresearch.com

Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.

This release was published on openPR.