Electronic Latching Systems Market

Electronic Latching Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027

Electronic Latching Systems: Introduction

An electronic latching system is a locking device which operates through electric current. Electronic latching systems are remotely controlled and monitored, both to lock and unlock the door.
Electronic latching systems are connected to an access control system. Electronic latching systems have advantages such as transaction logging, where activity is recorded; key control, where keys can be removed and added without re-keying the lock cylinder; and fine access control, where place and time are factors.
Electronic latching systems have solenoids, motors, and magnets, to actuate the lock by either supplying or removing power.
Electronic latching systems operate on the basis of two mechanisms: preventing mechanism and operation mechanism.
Electronic latching systems are activated and deactivated by authentication methods such as security tokens, passwords, numerical codes, passphrases, biometrics, and RFID.
Electronic latching systems occupy less space and are more secure as compared to manual locks.
The global electronic latching systems market is projected to expand at a rapid pace during the forecast period, owing to increased demand for electronic latching systems from end-users.

Global Electronic Latching Systems Market: Dynamics

Global Electronic Latching Systems Market: Key Drivers and Restraints

Increasing demand for smart security systems due to rising trend of smart homes and smart cities plays an important role in augmenting the global electronic latching systems market.
Rise in disposable income of consumers, increasing industrialization, and rapid urbanization are some of the major factors anticipated to boost the global electronic latching systems market in the next few years.
Integration of advanced technologies, which includes face recognition and Bluetooth is a major factor anticipated to fuel the global electronic latching systems market in the next few years.
Rise in number of smartphone users is also expected to propel the global electronic latching systems market during the forecast period.
Electronic latching systems offer wireless connectivity, sends security alerts to the user on connected devices, and provides remote access. This is expected to boost the demand for electronic latching systems during the forecast period.
Increasing need to enhance security solutions are estimated to contribute to the market growth in the upcoming years.

Lack of Awareness about Electronic Latching Systems to Hamper the Market

High cost of electronic latching systems is the major factor expected to hinder the growth of the market in the next few years.
Lack of awareness about availability and advantages of electronic latching systems is another major factor anticipated to hinder the market growth across the globe.

North America to Hold Major Share of the Global Electronic Latching Systems Market

In terms of region, the global electronic latching systems market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America dominated the global electronic latching systems market in 2018, accounting for a significant share due to technological advancement and presence of well-established manufacturers in the region, particularly in the U.S. The U.S. is a key market in North America due to the increasing number of smart homes which generates demand for electronic latching systems in the country.
Furthermore, supportive regulatory infrastructure for the development of new diagnostic products will push the need for more electronic latching systems, which is expected to indirectly influence the demand for electronic latching systems in this region.
The electronic latching systems market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing awareness, increased government initiatives, rise in disposable income of consumers, increasing industrialization and rapid urbanization, and high demand for advanced security solutions in the region.

Global Electronic Latching Systems Market: Competitive Landscape

Key Players Operating in the Global Electronic Latching Systems Market

Several local, regional, and international players operating in the market manufacture electronic latching systems. Thus, the market is fairly fragmented and bargaining power of suppliers is low. The degree of competition among market players is also high. Rapid technological advancements have led to threat of substitution in the global electronic latching systems market. Key players operating in the global electronic latching systems market are: