The need for security in places such as gyms, shopping malls, parking lots, etc., is driving the demand for electronic locks.
New York, NY -- (SBWIRE) -- 07/25/2017 -- According to the latest study by Persistence Market Research (PMR), in terms of revenue generated from sales, global electronic locks market is anticipated to exceed $3000 million by 2025, registering 13.9% CAGR during the forecast period.
Increase in deployment of electronic locks in public and private places to drive the growth of market in North America
With increasing number of electronic locks providers focusing on innovation in North America, there has been a rise in a number of public and private places such as gyms, parking lots, malls, etc. in North America. However, North America is expected to dominate electronic locks market by the end of 2025. North America is projected to reach $859.1 million in terms of value by 2025.
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While Latin America is also witnessing an increase in electronic locks due to the growing application of access control system in commercial & residential buildings and furniture locks. Vendors are also using strategies such as acquiring local manufacturers, launching new products in order to set footprints in this region.
Attractive profit margins being gained by suppliers and distributors is resulting into the growth of electronic locks market in Europe. However, increasing number of small and large-scale electronic locks manufacturers in Europe is posing a challenge for pricing the solution and innovation. Moreover, lack of knowledge of advanced technology among the customers is making them opt for less complex and easy to use security system.
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Electronic strikes to generate $1,210.3 million revenue by the end of 2025
On basis of product in electronic locks, electronic strikes is expected to be the most preferred product, moreover, the electronic strikes is anticipated to gain $1,210.3 million revenue from sales. However, electromagnetic locks is anticipated to register highest CAGR during 2017-2025.
In terms of an authentication method in electronic locks, fingerprint scanning system is projected to be the fastest-growing by the end of 2025.
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High criminal offenses in North America to drive the growth of electronic locks market in the region
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. Due to this, the electronic locks market is witnessing a significant growth.