Global Electronic Cylinder Lock Credentials Market By Type (Electronic Key (Contact based), RFID Key (Cards), Key Fob & Badge, By Technology, Low Frequency RFID, High Frequency RFID (NFC), and Others), By Application (Commercial Sector, Residential Sector, Industrial Sector, and Government), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

Market.us announces publication of its most recently generated research report titled, “Global Electronic Cylinder Lock Credentials Market by Product Type (Electronic key, RFID key, and key fob and badge), By Technology (Low Frequency RFID, High  Frequency RFID and Other Technologies) By Application (Commercial sector, Residential Sector, Industrial Sector and Government), and by Region – Global Forecast to 2029.”, which offers a holistic view of the global electronic cylinder lock credentials market through systematic segmentation that covers every aspect of the target market.

The global electronic cylinder lock credentials market is projected to be US$ 416.3 Mn in 2019 and is projected to reach US$ 1,180.7 Mn by 2029 at a CAGR of 11.1%.

Electronic Cylinder Lock Credentials are used for safety purpose mainly at commercial complexes, government facilities as well as for residential complexes. These locks are easy to install and takes very less time as compared to mortise locks. ANSI which stands for American National Standards Institute has a grading system for door locks. Their standard helps in determining the quality and durability of locks. ANSI has three grades depending on the level of security the product offers. Grade 3 is for basic residential safety, grade 2 is for moderate security, and grade 1 provides the highest level of security.

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RFID keys are also quite standard amongst other types of credentials for Electronic cylinder locks. These are very easy to carry for occupants as well as hotel staff and hence widely used in hotel rooms. Some electronic locks offer a feature that displays a number of occupants in a room. This feature is very useful in large conference halls or ballrooms as it makes it easy for the management to serve better. Usually Electronic cylindrical locks are battery operated as it has dial-pad or sometimes even touchscreen. Many products offer option for mechanical key as if any person forgets the code set for the lock. Mechanical key override option is provided by many product manufacturers keeping in mind forgetfulness. A key fob is also being recently for unlocking doors. It is a comparatively new method for unlocking doors.

Global Electronic Cylinder Lock Credentials Market Revenue (US$ Mn), 2019–2029 

As crime rate fluctuates from time to time but is on the rise currently due to increasing unemployment and no wages by the government for unemployed youngsters. Incidences of a break-in at banks, homes, etc. are growing, which fuels need for better and secure locks to protect facilities. It is a major driver for Electronic Cylinder Lock Credentials market.

Demand for smart home devices is growing owing to better reliability, enhanced user-friendliness, etc. which in turn increases demand for electronic cylinder locks. In addition, increasing demand for these locks due to advancements in lifestyle, coupled with high purchasing power are factors that help in the progression of the electronic cylinder lock credentials market.

Mechanical locks dominate the market due to the invention of these long back in the early 19^th century. Mechanical locks have been used for an extended time, and introduction of these electronic cylinder locks is comparatively new in the market. Also, mechanical locks are sturdy and don’t require to be replaced for several years. These factors could hinder the growth of the Electronic Cylinder Lock Credentials market.

Global electronic cylinder lock credentials market is segmented based on product type, technology, application, and region. Based on type, the market is segmented into electronic key, RFID key, and key fob and badge. The RFID key accounts for the majority share and is expected to register the highest growth over the forecast period. Based on application, the market is segmented into commercial sector, residential sector, industrial sector, and government. The commercial sector segment accounts for a majority share in the global electronic cylinder lock credentials market.

Global Electronic Cylinder Lock Credentials Market Attractiveness Analysis by Product Type, 2013–2019

On the basis of region, Europe leads in the use of electronic cylinder lock credentials market, followed by North America. Asia-Pacific is growing at the highest growth rate amongst all regions.

The research report on the global Electronic Cylinder Lock Credentials Market includes profiles of some of the major companies such as ASSA ABLOY AB, Allegion, Dormakaba, Videx Security Ltd. (CyberLock, Inc.), SALTO Systems, Iseo Serrature (Locken), iLOQ Ltd, Ningbo Shengjiu Cabinets Locks Co. Ltd., C.Ed. Schulte and Ningbo Hengchieh Locking Technology Co., Ltd.

Key Market Segments

Type

• Electronic Key
• Rfid Key
• Key Fob And Badge

Application

• Commercial Sector
• Residential Sector
• Industrial Sector
• Government

Key Market Players included in the report:

• ASSA ABLOY AB
• Allegion
• Dormakaba
• Videx Security Ltd. (CyberLock Inc.)
• SALTO Systems
• Iseo Serrature (Locken)
• iLOQ Ltd
• Ningbo Shengjiu Cabinets Locks Co. Ltd.
• C.Ed. Schulte and Ningbo Hengchieh Locking Technology Co.Ltd

For the Electronic Cylinder Lock Credentials Market research study, the following years have been considered to estimate the market size: