Ecstasy Encapsulated Innovation To Drive The Wireless Door Lock System Market

The growing proliferation of the Internet of Things (IoT) and connected homes continues to influence the demand and sales of wireless door locking systems. With increasing digitization, the scope of electronic locks is expected to increase, in turn providing an optimistic growth path for the wireless door lock system around the world.

Persistence Market Research considers that the demand for wireless door locking system is expected to grow at an impressive 9.7% CAGR in terms of value during the forecast period, 2018-2026. In addition, sales of wireless door lock systems are expected to exceed US $ 1,700 million by the end of the evaluation period, according to the report.

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Company Profiles:

  • ASSA ABLOY Group
  • Robert Bosch GmbH
  • Godrej locking solutions and systems
  • Johnson Controls Plc
  • Centurion Systems
  • Honeywell International, Inc.
  • Salto KS Systems
  • Dormakaba Holding AG
  • SentriLock, LLC
  • Hanman International Pte Ltd. (Samsung)
  • Spectrum Brands, Inc. (Kwikset)
  • Allegion plc (Schlage brand)
  • Others.

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Wireless Door Lock Systems Market

Direct correlation between macroeconomic growth and the system of locking doors to fuel sales

Sales of door locking systems are heavily influenced by macroeconomic aspects including urbanization, GDP per capita and economic growth. According to the OECD analysis, global GDP has reflected a steady increase since last year and the ascendancy is expected to remain persistent in the long run. In addition, the United Nations Department of Economic and Social Affairs has revealed that by 2050, around 68% of the world’s population is likely to live in urban areas, up from 55% in 2017.

The direct correlation between the wireless door lock system and the macroeconomic expansion is expected to bode well for the stakeholders of the global market, due to the increasing demand from the construction sector and the booming electronics industry. . The stability of residential and commercial construction projects, especially in emerging Asia-Pacific economies and developed countries in Europe, is likely to open up potential growth avenues for manufacturers of wireless door lock systems. .

Towards smart homes with potential opportunities for wireless door lock manufacturers

Sales of wireless door lock systems are expected to increase with the growing demand for smart homes. As the demand for smart homes continues to resurface in developed countries, regions such as North America and Europe are expected to become lucrative markets for the wireless door lock system. This growth in demand is also reinforced by the increasing use of smartphones. Given the growth in GDP per capita, individuals are more inclined to use systems with enhanced security features built into their smart homes. In this context, electronic lock manufacturers are focusing on product innovations, in turn fueling the demand for wireless door lock systems.

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Innovation as a livelihood Leading innovations in wireless door locking systems

In the wake of technological advancements, manufacturers of wireless door lock systems are innovating their products with the goal of improving the customer experience. The significant increase in demand for wireless door lock systems has prompted companies to invest heavily in development initiatives to launch new product additions. For example, in 2017, Brinks Incorporated introduced a wireless door lock system that uses solar power and is integrated with the Amazon Echo voice command feature.

Commercial sector wireless door lock system sales are expected to increase at a significant rate during the forecast period. The report predicts that commercial wireless door lock system sales are expected to exceed US $ 900 million by the end of the valuation year. However, the demand for wireless door lock systems in the residential sector is expected to increase at a relatively high rate compared to other end-use sectors. Developed countries in Europe – especially Germany and the UK – are likely to show increased adoption of the wireless door lock system. Sales of wireless door lock systems in this region are expected to reach US $ 615 million by the end of 2026, followed closely by North America.

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Keywords: Effect of Covid-19 on Wireless Door Locking Systems Market Industry, Major Key Players of Wireless Door Locking Systems Market, SWOT Analysis of Wireless Door Locking Systems Market, Wireless Door Lock System Market Outlook, Wireless Door Lock System Market Sales

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