Electronic locks market

Electronic locks can be deactivated or opened by authentication such as passwords and passphrases, numerical codes, security tokens, Radio-frequency identification (RFID), and biometrics, among others. They are becoming one of the primary and msot cost-effective ways of preventing unauthorised access.

Electronic locks find application in luxury apartments, office projects, government projects adn so on. Developers in the market are ensuring electronic lock’s compatibility with technologies such as Wi-Fi or ZigBee, Z-Wave or Bluetooth or NFC, online wireless, semi-online wireless, and data on card.

The electronic locks market can be segmented by type into mechatronic, electromechanical and digital categories.

Digital door locks are further segmented by type into biometrics and keypad locks.

On the basis of geography, the global electronic locks market can be segmented as North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Increasing adoption of electronic locks in mature markets such as Western Europe and the U.S. is driving the growth of electronic locks market. In the coming years, Asia Pacific is expected to be the fastest growing electronic locks market mainly driven by expanding sales in China.

Electronic locks for doors are configured to an access control central command or a stand-alone system. Currently, traditional locks can also be converted to stand-alone access control systems. Electronic locks enable affordable upgrades and bring long service life, offsetting initial investment. Electronic locks can track the traffic to and from the site, recording when the doors have been opened and by whom.

The key driver of electronic locks market growth is high demand in the construction industry; this creates a demand for new locks which are installed directly into new buildings and also creates an additional demand for retrofit business due to the large number of companies that move to new premises.

The high profit for electronic locks is attracting more suppliers in the supply chain, leading to more severe pricing competition. Declining prices and enhanced convenience feature in new electronic lock models.

The key players in the global electronic locks market include Kwikset (Spectrum Brands, Inc.), ASSA ABLOY Group, Kaba Holding AG, CDV Group Company, DynaLock Corporation, LockState, Schlage (Allegion Company), Onity (United Technologies Corp.), Salto Systems, SimonsVoss Technologies GmbH (Allegion Company), Videx Security Ltd and Seoul Commtech Co., Ltd.