Electronics Locks Market Estimated to Grow at a CAGR of 19.6% During the Forecast Period 2022-2027
Research Reports
Feb 21, 2022
Electronics Locks Market Overview
The Electronics Locks Market size is analyzed to grow at a CAGR of 19.6% during the forecast 2022-2027 to reach $2,175 Million by 2027. The Electronic lock, powered by electric or battery-operated is the best alternative to the conventional mechanical lock, integrated with additional automation features, including remote locking, RFID tag, and various other Biometrics Authentication solutions. The Electronics Locks Industry is majorly driven by the significant demand for security in various sectors, such as residences, industries and commercial locations. The need for robust and reliable access control for generating security, leads to the increasing demand for the wide range of cost-effective smart locks and Electromagnetic Locks. In addition, rapid innovations in electronics and semiconductor technologies, the rise of Internet of Things (IoT), along with the promising penetration of smartphones and GSM modem across the world are some of the major driving factors for the extensive growth of the Electronics Locks Market. Therefore, the mass adoption of the high security smart locks systems worldwide, and the increasing consumer awareness regarding the associated merits and convenience, as well as incorporation of the various innovative techniques such as Electronic Strike, Bluetooth-based (BLE) and Wi-Fi-enabled locking/unlocking, and Security Token using smartphones and other digital devices are expected to result in considerable growth of the Electronics Locks Market.
Electronics Locks Market Segment Analysis – By Interconnectivity
By Interconnectivity, the Electronics Locks market share is segmented into Wired and Wireless connectivity. Wireless connectivity is analysed to hold the highest share and grow at the highest CAGR of 15% during the forecast period 2022-2027, owing to the growing demand of the seamless and intelligent way to upgrade the existing door with smart lock solutions. The promising introduction of the standardised interface capability for controllability and security level among end users further accelerated the growth of the Electronics Locks Market. In June 2021, ASSA ABLOY announced the launch of the HESES100 Wireless Electric Strike, integrated with the industry-leading features of the HES 1500 and 1600 Series electric strikes with Aperio® wireless technology. The HES offers electric strikes for any kind of lockset application and also, available in a battery-powered option. Thus, the growing introduction of the affordable retrofit solution, and the potential demand of the simple way to update the access control systems with any user credentials are contributing to the growth of the Electronics Locks Market.
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Electronics Locks Market Segment Analysis – By Industry Vertical
By Industry Vertical, the Electronics Locks market share is segmented into Residential, Commercial and Automotive Sector. The Commercial sector held the major share of 54% in 2021 in the Electronics Locks Market, due to the emergence of the Internet of Things (IoT) that enables the integration into the network and alarm systems for monitoring and audition across office, school and other commercial premises. The advent of the Smart locks are considered as the next frontier, which provides user experience, enhanced performance of lock solution and the overall security. In October 2021, Allegion, Gallagher launched the First FIPS 201-2 Electronic Lock for government. The integrated solution provided by the FIPS 201-2 Electronic Lock is recorded as the successful extensive government?security, which mitigate vulnerability and interoperability across infrastructure. Therefore, the advent of the various policies by the National Institute of Standards and Technology (NIST) and governing bodies for securing and unified solution are accelerating the growth of the Electronics Locks Market.
Electronics Locks Market Segment Analysis – By Geography
North America is estimated to be the major region with a share of 40% in 2021 for the Electronics Locks Market. The growth of the market in this region is primarily due to the promising demand for smart and connected homes advancements, availability of a plethora of high-end wireless control products, and a constant hypermodernity culture across the U.S.A. and Canada. In June 2021, the company redefining the smart home, Level Home Inc. launched Level Lock, which is also known as the smallest smart lock. The latest addition to the Level Home family, this Level Lock provides a complete smart lock solution, combining with the powerful Bolt platform with amazing lock design at an affordable package. Presently, more consumers are aware of the home security and automation features and also, seeking to adopt IoT & AI enabled solutions to manage a better and quality life. In January 2020, the leading provider of smart and secure front door solutions, August launched New Wi-Fi Smart Lock™ with the advanced functionality and security packages that enable customers to monitor and manage their home security from their phone, from anywhere in the world. Therefore, the advent of the leading home automation vendors and the growing demand for customized smart home solutions to address security, comfort and convenience are influencing the Electronics Locks Market size in these regions immensely.
Electronics Locks Market Drivers
Growing demand for Home Automation is promoting the growth of the Electronics Locks Market
The rising installation of customized and high-end technology to ensure luxurious living and other associated features such as the safety and security, is contributing to the growth of the Electronics Locks Market. The Home Automation Industry is an exclusive domain for the uber-rich community in recent years, which directly leads to the growth of the smart lock systems and other connected devices through a remotely controllable network. In January 2020, Swedish conglomerate Assa Abloy subsidiaries August and Yale announced the launch of the new smart lock products at the 2020 Consumer Electronics Show. According to the company’s estimation there have been 14 billion smart home devices sold so far, and thus, to take advantage of this, the next generation of the August Smart Lock is 45% smaller than the previous version and offers versatile features at $229. Hence, these factors such as unprecedented demand for the improved lifestyle, and high concerns about safety and security significantly driving the growth of the Electronics Locks Market share, firmly.
Rising concern for security and other industrial access are accelerating the growth of the Electronics Locks Market
The phenomenon of security and seamless integration, which offers security from various unauthorized access across restricted areas, including school, banks, airports, industrial sectors and others are promoting the growth of the Electronics Locks Market. Moreover, for supreme identification capacity, several industry verticals are deploying radio-frequency identification solutions, and other smart phone biometric technology for aiming controlled office infrastructure. In September 2021, ASSA ABLOY signed a business agreement and acquired the Hardware and Home Improvement (HHI) division of Spectrum Brands at $4.3 billion. The acquisition helped the two companies to launch dLine door access system that is integrated with a touch sensor from FPC. The solution enables the door to be unlocked by fingerprint biometrics sensor, which is embedded into the door itself. Hence, the advent of such breakthrough commercial Access Control systems and the elevated demand of the Industrial Access Control systems have accelerated the growth of the Electronics Locks market.
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Electronics Locks Market Challenges
Relatively expensive to invest that arises a huge hindrance to the growth of the Electronics Locks market
The Electromagnetic Locks, Smart lock or any other Biometrics solution for security is considered as the most required investment to mitigate any crisis across the commercial or residential perimeters. However, there are definite limitations for investing in the Electronics Locks Systems, which are much advanced and need constant reliance on internet connection. The more advanced electronic lock and the added security system eventually comes with extravagant investments and thus, it is difficult for many end-users to invest or upgrade to better security solutions. Hence, the high price of such enhanced versions of Electronics Locks hinder the possible growth of the Electronics Locks market.
Electronics Locks Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Electronics Locks. The Electronics Locks Market top companies 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
Level Home Inc
Acquisitions/Technology Launches/Partnerships
In October 2019, the company redefining the smart home, Level Home Inc., launched the Level Lock, the world’s first invisible smart lock. The latest solution by the Level Home is designed for the house as well as offices that transforms any standard deadbolt into a modern day smart lock in just minutes.
In November 2021, the Smart-lock startup, Level Home acquired Dwelo, the device management platform and raises $100M to advance a vertical integration of the business and develop in-home smart tech, such as electronic locks and other integrated hardware-software product.
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Key Takeaways
North America is estimated to be the major region with a share of 40% in 2021 for the Electronics Locks Market. The growth of the market in this region is primarily due to the promising demand for smart and connected homes advancements, availability of a plethora of high-end wireless control products.
The Commercial sector held the major share of 54% in 2021 in the Electronics Locks Market, due to the emergence of the Internet of Things (IoT) that enables the integration into the network and alarm systems for monitoring and audition across office, school and other commercial premises.
The rising installation of customized and high-end technology to ensure luxurious living and other associated features such as the safety and security, is contributing to the growth of the Electronics Locks Market.
Relevant Report Titles:
Smart Home Automation Market
https://www.industryarc.com/Research/Smart-Home-Automation-Market-Research-504094
Wireless Sensor Network for Building & Home Automation Market
https://www.industryarc.com/Report/16343/wireless-sensor-network-for-building-home-automation-market.html
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