Electronic Cylinder Lock Credentials Market: Europe to Remain Largest Market with Near 30% Share

Revenue from the global electronic cylinder lock credentials market is anticipated to increase from US$ 351.0 Mn in 2016 to US$ 740.4 Mn by 2024, expanding at a 9.8% CAGR during the forecast period (2016–2024). Increasing demand from various end-use industries such as commercial sector, residential sector, industrial sector, and government sector is anticipated to drive growth of the global electronic cylinder lock credentials market over the forecast period. Requirement of enhanced security in the residential sectors, with robust growth of the construction and real estate sectors are further expected to fuel demand for electronic cylinder lock credentials globally over the forecast period.

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However, factors such as higher demand for mechatronic locks than for electronic cylinder lock credentials, high cost of security systems, and low IT literacy are factors expected to hamper large-scale adoption by consumers during the forecast period.

The overall global electronic cylinder lock credentials market is segmented on the basis of product type, technology, end user, and region.

The report analyses the market on the basis of product type, and presents an in-depth analysis of market size in terms of value for 2016–2024. In 2015, with more than half of total revenue share, the RFID key (cards) segment dominated the global electronic cylinder lock credentials market, followed by the electronic key (contact based) and key fob and badge segments respectively. The electronic key (contact based) segment is anticipated to expand at the fastest CAGR of 11.4% over the forecast period in terms of revenue, followed by the key fob and badge segment.

The report offers in-depth insights on the basis of analysis by technologies used in these electronic cylinder lock credentials across various industries and data is provided both in terms of value and volume for 2016–2024. The high frequency RFID (NFC) segment is expected to expand at the highest CAGR of 13.1% in terms of value during the forecast period. The RFID key (cards) segment accounted for more than half revenue share of the overall market in 2015, and is expected to remain the dominant segment in the global electronic cylinder lock credentials market throughout the forecast years.

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The market analysis section by region includes an in-depth country level analysis of markets in North America, Latin America, Europe, Asia Pacific, and MEA on the basis of product type, technology, end user, and countries, and provides market data in terms of value for 2016–2024. In 2015, Europe dominated the overall global electronic cylinder lock credentials market, accounting for more than one-third of total market share. The electronic cylinder lock credentials market in Latin America is forecast to expand at the highest CAGR in value terms over the forecast period.

Key players covered in this study include SimonsVoss Technologies GmbH, ASSA ABLOY, Salto Systems, S.L, Kaba Group, iLOQ Limited, WFE Technology Corp., AIT Ltd. (Altman Integrated Technologies Limited), and CES Group.

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