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Electronic locks have come a long way since the 1970s, when they were largely used in the hospitality industry.
Electronic locks are now one of the biggest segments in the access-control industry, growing at a faster pace in comparison to the industry average.
The product range has also expanded to include online wireless, semi-online wireless, data on card, Wi-Fi or ZigBee, Z-Wave or Bluetooth or NFC compatible.
The global market for electronic locks, which is broadly segmented by IHS into mechatronic, electromechanical and digital cylinder categories, is expected to breach the $1bn mark in 2015, according to IHS.
Of all the categories, the IHS’ outlook favoured electromechanical locks with the most potential for the next 5-8 years, despite already commanding a global market share of almost 77%.
The residential market in North America, meanwhile, will likely fuel electromechanical growth over the next 3-5 years as more multi-system operators (MSOs) and traditional monitoring providers consider making them a part of their existing packages.
But mechatronic locks are expected to clock most growth in relative terms over the period of next five years. A threefold increase is expected in global unit shipments for mechatronic locks from 2014 to 2019, which is based on an IHS estimate that utilities and telecommunications may likely adopt more electronic security soon.
Electronic locks are expected to become the biggest segment under access control by 2019, leaving behind both the readers and panels market.
Other trends in access control likely to gain ground in the coming five years include TCP/IP (IT integration), logical access control and open standards, suppliers and channel partners that embrace wireless lock integration with traditional wall readers.
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The Global Market for Electronic Locks in 2015: A Snapshot by IHSElectronic locks are now one of the biggest segments in the access-control industry, growing at a faster pace than the industry average.
Bhavesh Kumar
IFSEC Insider | Security and Fire News and Resources
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