Electric Strike Market Size - Growth Trends, Statistics & Forecasts (2024 - 2031)
The global market overview of the "Electric Strike Market" provides a unique perspective on the key trends influencing the industry worldwide and in major markets. Compiled by our most experienced analysts, these global industrial reports offer insights into critical industry performance trends, demand drivers, trade dynamics, leading companies, and future trends. The Electric Strike market is projected to experience an annual growth rate of 5.5% from 2024 to 2031.
Electric Strike and its Market Introduction
An Electric Strike is an access control device used to secure doors and gates. It works by electronically controlling the locking mechanism to allow or restrict access. The purpose of an Electric Strike is to enhance security, convenience, and control over access to a building or property.
The advantages of Electric Strike include easy installation, compatibility with various access control systems, and the ability to integrate with other security devices. Additionally, Electric Strike offers remote access control and monitoring capabilities, making it an ideal choice for commercial and residential applications.
The Electric Strike Market is expected to grow at a CAGR of 5.5% during the forecasted period. This growth is driven by increasing security concerns, technological advancements in access control systems, and the rising demand for efficient and convenient security solutions. The impact of Electric Strike on the market is evident in its ability to provide reliable and flexible access control options for various industries.
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Electric Strike Market Segmentation
The Electric Strike Market Analysis by Types is Segmented into:
CylindricalDeadboltMortiseOthers
There are different types of electric strikes available such as cylindrical, deadbolt, mortise, and others. Cylindrical electric strikes are designed for cylindrical locksets, deadbolt strikes work with deadbolts, and mortise strikes are meant for mortise locks. Each type caters to specific lock designs, catering to a wider range of applications. This variety in electric strikes helps in meeting the diverse security needs of consumers, boosting the demand for electric strikes in the market as they offer flexibility, compatibility, and increased security options.
The Electric Strike Market Industry Research by Application is Segmented into:
IndustrialCommercial
Electric strikes are commonly used in industrial and commercial settings to secure doors and allow controlled access. In these applications, electric strikes are typically installed on doors to interface with the building's access control system. When a valid credential is presented, the strike releases the door latch, allowing entry. The fastest-growing application segment in terms of revenue is the commercial sector, where businesses are increasingly investing in robust access control systems to protect their assets and ensure the safety of employees and visitors. This trend is driving the demand for electric strikes in commercial settings.
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Electric Strike Market Trends
- Integration of smart technology: Electric strikes are now being equipped with smart features such as remote access, scheduling, and integration with home automation systems.
- Biometric access control: Increasing preference for biometric access control systems in residential and commercial settings is driving the growth of electric strikes with biometric capabilities.
- Energy-efficient solutions: Rising awareness about energy conservation has led to the development of electric strikes with energy-efficient features such as low power consumption.
- Customization options: Customers are increasingly looking for electric strikes that can be tailored to their specific needs and preferences, leading to the introduction of customizable options in the market.
- Industry disruptions: New players entering the electric strike market with innovative products and disruptive business models are challenging traditional market leaders and driving competition.
Overall, the Electric Strike Market is expected to witness significant growth driven by these cutting-edge trends.
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Geographical Spread and Market Dynamics of the Electric Strike Market
North America: United States Canada Europe: Germany France U.K. Italy Russia Asia-Pacific: China Japan South Korea India Australia China Taiwan Indonesia Thailand Malaysia Latin America: Mexico Brazil Argentina Korea Colombia Middle East & Africa: Turkey Saudi Arabia UAE Korea
The Electric Strike market in North America is driven by the increasing adoption of smart home and building security systems. The United States and Canada have a mature market with key players such as ASSA ABLOY, Allegion, and PDQ Locks leading the industry. In Europe, countries like Germany, France, and the U.K. are witnessing strong growth due to stringent security regulations. The market in Asia-Pacific is dominated by China and Japan, with companies like GU Group and FSH Locking expanding their presence. Latin America, Middle East, and Africa are emerging markets with opportunities for growth, especially in countries like Brazil, Saudi Arabia, and UAE. Key players like Dormakaba and BEA Americas are focusing on product innovation and strategic partnerships to drive growth in these regions.
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Growth Prospects and Market Forecast for the Electric Strike Market
The Electric Strike Market is expected to witness a strong CAGR of around 5-7% during the forecasted period, driven by innovative growth drivers such as the increasing adoption of smart homes and buildings, the rise in security concerns, and advancements in technology.
To increase the growth prospects of the market, companies can focus on deploying innovative strategies such as introducing wireless electric strikes, enhancing integration with smart home systems, and developing energy-efficient solutions. These strategies can help attract a wider range of customers and cater to the growing demand for secure and convenient access control solutions.
Moreover, trends such as the adoption of cloud-based access control systems, the rise of IoT in security systems, and the development of biometric access control solutions can further propel the growth of the Electric Strike Market. Companies that embrace these trends and tailor their offerings to meet the evolving needs of customers are likely to experience higher growth rates in the market.
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Electric Strike Market Competitive Landscape
ASSA ABLOYDormakabaAllegionBESTGU GroupBEA AmericasFSH LockingOPENERS&CLOSERSPDQ LocksSTEP
Some of the key players in the competitive electric strike market include ASSA ABLOY, Dormakaba, Allegion, BEST, GU Group, BEA Americas, FSH Locking, OPENERS&CLOSERS, PDQ Locks, and STEP.
ASSA ABLOY is a leading company in the electric strike market with a strong history of innovation and market growth. Dormakaba is another major player known for its innovative market strategies and revenue figures. Allegion is a key player with a focus on providing high-quality electric strikes to its customers. BEST, GU Group, BEA Americas, FSH Locking, OPENERS&CLOSERS, PDQ Locks, and STEP are also competitive players in the electric strike market.
Some of the sales revenue figures for the above-listed companies include:
- ASSA ABLOY: $10.1 billion
- Dormakaba: $3.19 billion
- Allegion: $2.74 billion
- BEA Americas: $350 million
- FSH Locking: $120 million
These companies have shown impressive past performance and are expected to continue their market growth in the future. Their innovative market strategies and focus on providing high-quality electric strikes set them apart from their competitors. As the electric strike market continues to grow, these players are well-positioned to capitalize on the opportunities available.
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