Electronic Locks Market on Pace to Grow 13.9% Annually, Report Says
A new study by Persistence Market Research suggests the electronic locks market will be valued at more than $3 billion by the end of 2025.
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NEW YORK CITY — The global electronic locks market is forecast to exceed $3 billion by 2025 and post a 13.9% compound annual growth rate (CAGR) through 2025, according to a report by Persistence Market Research (PMR).
With an increasing number of electronic locks providers focusing on innovation in North America, there has been a rise in the deployment of these products at public and private venues such as gyms, parking lots and shopping malls, according to PMR. North America is expected to dominate the market by the end of 2025, exceeding $859 million in terms of value.
Around 8.7 million property crime offenses were recorded in North America in 2013, according to the U.S. Department of Justice. Hence, the demand for door security including electronic and mobile operated door locks, electronic alarm sensors has increased in the region.
Latin America is also witnessing an increase in electronic locks due to the growing application of access control systems in commercial and residential buildings. Vendors are also using strategies such as acquiring local manufacturers to launch new products in order to establish footprints in the region.
Attractive profit margins being gained by suppliers and distributors is resulting in the growth of the electronic locks market in Europe.
However, an increasing number of small and large-scale electronic locks manufacturers in Europe is posing a challenge for pricing these solutions, according to PMR. Moreover, a lack of knowledge of advanced technology among the customers is making them opt for less complex and easy-to-use security systems.
Electronic strikes are expected to be the most preferred product, with a projected gain in sales amounting to $1.2 billion in revenue from sales by the end of the forecast period. However, electromagnetic locks is anticipated to register the highest CAGR during by 2025.
In terms of an authentication method in electronic locks, fingerprint scanning systems are forecast to be the fastest-growing category by the end of 2025.
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