Electric Strikes Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 2.5 Billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.

Unlocking the Future: A Comprehensive Analysis of the Electric Strikes Market

The electric strikes market is experiencing significant growth, driven by advancements in security technologies and the increasing demand for automated access control systems. This article delves into the key market insights, trends, and forecasts for the electric strikes industry, providing a detailed overview of its current state and future prospects.

Understanding Electric Strikes

Electric strikes are electromechanical devices installed in door frames to control access. They function by releasing the door latch when an authorized credential—such as a key card, keypad code, or biometric scan—is presented. This mechanism allows for secure and efficient entry, making electric strikes a vital component in modern access control systems.

Market Overview

The global electric strikes market was valued at approximately USD 0.1 billion in 2023 and is projected to reach USD 0.62 billion by 2032, growing at a compound annual growth rate (CAGR) of about 25.86% during the forecast period. This robust growth is attributed to several factors, including the rising demand for automated and smart security systems, the increasing installation of access control systems across commercial and residential sectors, and the widespread adoption of electric door locks by consumers. Additionally, technological advancements and significant developments in the electronics sector are expected to further propel market growth.

Market Segmentation

The electric strikes market is segmented based on type, application, and voltage range:

By Type

• Holding Force: Under 500kg – Expected to dominate the market due to its widespread use in various applications.
• Holding Force: 500-750kg – Gaining traction in sectors requiring moderate security levels.
• Holding Force: 750-1250kg – Preferred in high-security environments.
• Others – Includes specialized electric strikes catering to niche requirements.

By Application

• Commercial – Anticipated to hold the largest market share, driven by the need for enhanced security in offices, retail stores, and hotels.
• Industrial – Projected to grow significantly, with applications in factories and warehouses requiring robust security solutions.
• Residential – Experiencing steady growth as homeowners seek advanced security measures.

By Voltage Range

• 12V Electric Strikes – Expected to grow at a CAGR of 5.5% during the forecast period, suitable for residential and small commercial applications.
• 24V Electric Strikes – Predicted to hold the largest market share in 2023, accounting for around 40% of the global market, due to their widespread adoption in commercial and industrial settings.
• 48V Electric Strikes – Anticipated to grow at a CAGR of 4.5%, driven by the increasing demand in industrial applications.

Market Drivers

Several factors are propelling the growth of the electric strikes market:

• Advancements in Security Technologies – The integration of smart technologies and the Internet of Things (IoT) into security systems is enhancing the functionality and appeal of electric strikes.
• Increased Demand for Automated Access Control – Organizations are increasingly adopting automated systems to streamline operations and enhance security measures.
• Integration with Smart Home Systems – The growing trend of smart homes is driving the demand for electric strikes that can be seamlessly integrated with home automation systems.
• Wireless Connectivity – The adoption of wireless technologies like Bluetooth and Wi-Fi is making electric strikes more convenient and cost-effective to install and maintain.

Market Challenges

Despite the positive growth trajectory, the electric strikes market faces certain challenges:

• High Costs – The initial investment and maintenance costs of electric strikes can be higher compared to traditional locking mechanisms, potentially limiting adoption in cost-sensitive markets.
• Lack of Awareness – In some regions, there is a lack of awareness regarding the benefits and functionalities of electric strikes, hindering market penetration.
• Integration Complexities – Integrating electric strikes with existing security systems can be complex, requiring specialized knowledge and potentially leading to increased installation times and costs.

Regional Insights

The electric strikes market exhibits varied dynamics across different regions:

• North America – Anticipated to hold a significant market share due to the high adoption rate of advanced security systems in both commercial and residential sectors.
• Europe – Experiencing steady growth, driven by stringent security regulations and the increasing demand for smart building solutions.
• Asia Pacific – Projected to witness the highest CAGR, fueled by rapid urbanization, industrialization, and a growing emphasis on security in emerging economies.
• Latin America and Middle East & Africa – These regions are expected to see moderate growth, with increasing investments in infrastructure and security systems.

Competitive Landscape

The electric strikes market is characterized by the presence of several key players:

• Assa Abloy – A global leader in access solutions, offering a wide range of electric strikes catering to various market segments.
• BSI Hardware – Known for its innovative security solutions, including high-quality electric strikes.
• DynaLock Corporation – Specializes in electronic locking devices, providing reliable and secure electric strikes.
• SECO-LARM – Offers a diverse portfolio of security products, including electric strikes with advanced features.
• Shenzhen Nordson Electronic – A prominent manufacturer of electronic locks and electric strikes, catering to both domestic and international markets.

These

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Who are the largest Global manufacturers in the Electric Strikes industry?

• 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

By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.

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What are the factors driving the growth of the Global Electric Strikes Market?

Growing demand for below applications around the world has had a direct impact on the growth of the Global Electric Strikes Market

• Commercial
• Industrial
• Others

What are the types of Electric Strikes available in the Market?

Based on Types the Market is categorized into Below types that held the largest Electric Strikes market share In 2023.

• Holding Force: Under 500kg
• Holding Force: 500-750kg
• Holding Force: 750-1250kg
• Others

Which regions are leading the Global Electric Strikes Market?

• Global (United States, Global and Mexico)
• Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
• South America (Brazil, Argentina, Columbia, etc.)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Detailed TOC of Global Electric Strikes Market Research Report, 2024-2032

1. Introduction of the Global Electric Strikes Market

• Overview of the Market
• Scope of Report
• Assumptions

2. Executive Summary

3. Research Methodology of Verified Market Reports

• Data Mining
• Validation
• Primary Interviews
• List of Data Sources

4. Global Electric Strikes Market Outlook

• Overview
• Market Dynamics
• Drivers
• Restraints
• Opportunities
• Porters Five Force Model
• Value Chain Analysis

5. Global Electric Strikes Market, By Type

6. Global Electric Strikes Market, By Application

7. Global Electric Strikes Market, By Geography

• Global
• Europe
• Asia Pacific
• Rest of the World

8. Global Electric Strikes Market Competitive Landscape

• Overview
• Company Market Ranking
• Key Development Strategies

9. Company Profiles

10. Appendix

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