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IHS: Electronic locks pass readers in terms of installed hardware
According to research from IHS Markit, the total installed base of access control readers, panels, credentials and electronic locks is expected to reach 2.3 billion this year up from 1.8 billion in 2012.
August 16, 2016 By SP&T Staff
“About 95 percent of the installed base in 2016 was credentials, which is not surprising due to the requirement that each user have a card or pass,” says Alexander Derricott, IHS Markit analyst in a research note. “However, the growth of credentials is slowing, even though it makes up a majority of the market, because the turnover of credentials is much higher, as employees move jobs and people accidentally misplace them.”
While panels account for the smallest proportion of hardware (less than one per cent), they comprise 32 per cent of revenue in 2016. Readers are more numerous due to the requirement that they be at each entry point.
This year, electronic locks have surpassed readers in terms of hardware — IHS estimates that electronic locks make up 16.7 per cent of the installed base, edging out readers slightly at 16.6 per cent.
“The growth of electronic locks, especially in the residential and utilities sector, will continue its upward trend,” says Derricott. “The installed base growth may start to slow, as the mechanical nature of the locks shorten their life cycles, in comparison to readers.”
In terms of marketshare, commercial is the largest segment of the installed base (based on 2016 numbers) with 21.6 per cent; government is second with 17.1 per cent.
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