A recent report by Freedonia shows that electronic security access equipment will grow in demand 7.8 percent every year through 2012. It is also predicted that electronic security products will have stronger sales growth than the mechanical equivalents. (Read the full story here.)
This growth will mainly register in the markets of Asia, Eastern Europe, Africa and the Middle East, and Latin America. The demand for security products is rising in these locations–due to strong economic growth, urban expansion, and foreign investment activity.
Currently the US is the largest security equipment market in the world. Over the next four years, China is predicted to become number 2, surpassing Japan for the first time.
Falling prices of the electronic access locks (for example Kaba’s E-Plex series locks) is resulting in the shift from the mechanical counterparts. This trend can already be seen online, as e-commerce sites offer a greater variety of models and manufacturers of electrified hardware.
Electronic access equipment also offers more capabilities, and the market is partly driven by improvements in the equipment designs. Take for example the gaining popularity of exit devices commonly available with battery powered alarms (Arm-A-Dor panic exit devices).
Governments and institutions are turning to electronic security devices world-wide, spurred by a more security-conscious post 9/11 mindset.