Consumers across the globe have become more aware of the importance of home security solutions in order to escape from the danger of property crimes. Consumers are looking for technologically advanced and robust home security solutions that can provide impenetrable security options for residential, commercial, as well as in industrial sectors. An electronic cylinder lock is a smart device that has a built-in authentication mechanism. Electronic cylinder locks can be opened by passing an access card over it, which contains a chip with encrypted data that can be read by these locks.
Trends Market Research published a study on the global electronic cylinder lock credentials market, which predicts that the market will witness exponential growth during the forecast period 2017-2025. The report estimates that the market will grow from US$ 380.2 Mn in 2017 to reach US$ 803.2 Mn by the end of 2025. The global market for electronic cylinder lock credentials can be broadly segmented according to the geographical regions, product type, technology, and end users. With the increasing demand for high-security digital locks and rapid growth of the construction sector, the global electronic cylinder lock credentials market will grow at an impressive CAGR throughout the review period.
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Rise in the Adoption of Enhanced Security Solutions in the Residential Sector
Increasing popularity of the trends of globalization and urbanization, the construction industry has gained a momentum since past few years. Rise in the construction activities and infrastructural developments are expected to boost the growth of the residential sector across the globe. With the mounting rates of urbanization coupled with growth in the property crime incidences, consumers are becoming more conscious about the safety of their home and family. There is a strong association between the demand for electronic locks and growth of the construction industry. Owing to the consumer needs for highly efficient home security solutions, most real estate developers around the world are providing electronic cylinder locks in new buildings.
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Lack of Awareness About Advanced Electronic Cylinder Locks in Developing Countries
Emerging economies in the world such as China and India are witnessing the rapid growth of the construction industry. However, consumers in these countries are less aware of the availability of high-tech door lock solutions, which limits the widespread adoption of electronic cylinder locks. Rates of burglary and property crimes are significantly high in developing countries and it creates an ideal window of opportunities for manufacturers to improve sales in these countries. Manufacturers are leveraging on innovative marketing strategies to capture untapped opportunities in the emerging economies in the world.
Manufacturers Providing Technologically Advanced Locks for Smart and Connected Homes
According to the market report by TMR, the global electronic cylinder lock credentials market is broadly segmented according to the technologies used such as low-frequency RFID and high-frequency RFID. Taking into consideration the increasing popularity of smart or connected homes, manufacturers are coming up with the technologically advanced electronic cylinder locks that are compatible with other devices in smart homes. Increased use of smartphones and tablets coupled with growth in the number of smart homes is expected to boost the growth of the global electronic cylinder lock credentials market during the forecast period.