Global electronic lock market to breach $1 billion in 2015

Research firm IHS recently released a report predicting that the global electronics lock market will exceed $1 billion this year. Overall, electromechanical locks are expected to dominate the market, accounting for 77 percent of sales. Indeed, electromechanical locks will be the dominant market segment over the next five years, outpacing the mechatronic and digital cylinder markets.

Meanwhile, mechatronic locks, often used in more remote and difficult to access locations where battery life is a major factor, are seen to grow faster than other segments. Mechatronic locks require no battery, just a special key. Despite its novel use accounting for quick growth, the segment is not expected to become dominant any time soon, though global shipments are expected to triple between 2014 and 2019.

IHS expects electronic locks to exceed the revenue of the readers and panels markets combined by 2019. Reasons for this include enhanced security and audit trails, especially in the utility and telecom segments. In addition, MSOs and monitoring providers are predicted to increasingly integrate them into existing packages in the next few years.