Electric Strikes Market REPORT OVERVIEW
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The global electric strikes market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.
Electronic strikes are advanced device used to provide power to a latch or electric lock. The strikes are battery-powered device used to opens and closes door by transmitting a signal from the access control system.
The growth factors of the strikers are growing demand for automated and smart security system. Rise in installation of access control systems in both commercial and residential sectors. And, huge adoption of electric door locks by consumers is anticipated to fuel market growth. Rise in advancement of technology and huge development in electronic sector is estimated to foster market growth. Further, presence of several market players and increased spending capacity of consumer is anticipated to propel market growth in the forthcoming years. Growing development in automotive sector and huge need to protect vehicles from stolen. The advanced product helps to secure and keep it safe from stealing. The product is used to secure windows, doors, gates, and other entry points to residential and commercial areas. Growing awareness about safety and securing belonging is anticipated to accelerate market growth. Huge need for the product in automotive sector and ongoing innovations is creating great opportunities for the market progress. On the contrary, higher costs and lack of awareness about the product is expected to limit market growth.
COVID-19 Impact: Lower Production Rate and Closure of Manufacturing Units to Harm Market Growth
Closure of manufacturing units and lockdown restriction hamper market growth. Also, social distance protocols and other factors created challenges in market growth. Lack of production and disturbance in economic growth to affect market growth.
LATEST TRENDS
"Huge Adoption in Residential Areas to Boost Market Growth "
The use of the product is extensively used in residential areas to secure entrances. The adoption of the product will add extra layer of security. It will help to prevent unauthorized access and protect people and their belongings. Growing awareness about safety and huge number of luxury items is anticipated to boost market growth in the coming years. Further, it is also used as a part of an alarm system to provide high security for belongings or property. In addition, growing disposable income and rapid urbanization is anticipated to accelerate market growth.
Electric Strikes Market SEGMENTATION
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- By Type
Based on type, the market is divided into holding force: under 500kg, holding force: 500-750kg, holding force: 750-1250kg, and others.
Holding force: under 500kg is expected to be the top part of type segmentation.
- By Application
Based on the application, the market is divided into commercial, industrial, and others.
Commercial is expected to be the top part of application segmentation.
DRIVING FACTORS
"Growth in Automotive Sector and Rapid Technology Advancement to Foster Market Progress "
Growing demand for automated and smart security system. Rise in installation of access control systems in both commercial and residential sectors. And, huge adoption of electric door locks by consumers is anticipated to fuel market growth. Rise in advancement of technology and huge development in electronic sector is estimated to foster market growth. Further, presence of several market players and increased spending capacity of consumer is anticipated to propel market growth in the forthcoming years. Growing development in automotive sector and huge need to protect vehicles from stolen. The advanced product helps to secure and keep it safe from stealing. Huge sales of vehicle across the globe and the product is mounted on the door jambs and prevents thieves from breaking cars. These factors are anticipated to drive market growth in the coming years.
"Increased Demand from Commercial Sector to Propel Market Growth "
The use of electronic strikes is high in commercial areas to provide security for employees and businesses. The product is used to deterrent against crime and its strong securing process makes difficulties for criminals to gain access to a business. Huge need to secure business and ensure relaxing working areas is anticipated to attract more consumers. The product is used to secure windows, doors, gates, and other entry points to residential and commercial areas. Growing awareness about safety and securing belonging is anticipated to accelerate market growth. Huge need for the product in automotive sector and ongoing innovations is creating great opportunities for the market progress in the coming years.
RESTRAINING FACTORS
"Lack of Awareness and High Costs to Limit Market Growth "
The higher costs and lack of awareness about the product is expected to limit market growth.
Electric Strikes Market REGIONAL INSIGHTS
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"Rise in Installation of Advanced Security Software in Business and Residential Areas in North America to Drive Market Share "
North America is anticipated to hold significant electric strikes market share owing to rise in installation of access control systems in both commercial and residential sectors. And, huge adoption of electric door locks by consumers is anticipated to fuel market growth. Rise in advancement of technology and huge development in electronic sector is estimated to foster market growth. Further, presence of several market players and increased spending capacity of consumer is anticipated to propel market growth in the forthcoming years. Growing development in automotive sector and huge need to protect vehicles from stolen. The advanced product helps to secure and keep it safe from stealing. The product is used to secure windows, doors, gates, and other entry points to residential and commercial areas. Growing awareness about safety and securing belonging is anticipated to accelerate market growth. Huge need for the product in automotive sector and ongoing innovations is creating great opportunities for the market progress
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Openers & Closers
- Assa Abloy
- BSI Hardware
- DynaLock Corporation
- Dorcas
- Hartte
- Security Door Controls
- FSH Fire & Security Hardware
- Vsionis
- IDTECK Co. Ltd
- SECO-LARM
- Dorma
- Sprint Locks
- YLI Electronic
- Shenzhen Nordson Electronic
- Foshan City LCJ Electric Locks Factory
- Shenzhen VIANS Electric Lock
- Shenzhen Gomeit Co.
- Zhongshan Anxing Lock
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
Frequently Asked Questions
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What is the leading region in the electric strikes market?
The leading region in the electric strikes market is Asia Pacific.
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What are the driving factors help pushing the electric strikes market?
The drivers of the electric strikes market are growth in automotive sector and rapid technology advancement and increased demand from commercial sector.
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Which are the key player or most dominating companies functioning in the electric strikes market?
Openers & Closers, Assa Abloy, BSI Hardware, DynaLock Corporation, Dorcas, Hartte, Security Door Controls, FSH Fire & Security Hardware, Vsionis, IDTECK Co. Ltd, SECO-LARM, Dorma, Sprint Locks, YLI Electronic, Shenzhen Nordson Electronic, Foshan City LCJ Electric Locks Factory, Shenzhen VIANS Electric Lock, Shenzhen Gomeit Co., and Zhongshan Anxing Lock are the key player or most dominating companies functioning in the electric strikes market.
