Europe RFID Locks Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Access Device, End-User

The Europe RFID locks market is expected to grow from US$ 1,168.95 million in 2019 to US$ 3,165.39 million by 2027; it is estimated to grow at a CAGR of 13.8% from 2020 to 2027. Technical innovations, strong economy, and emerging technologies facilitates development of latest & convenient solutions for the end users. The scope of using advanced access solutions such as RFID looks is gaining high traction. The inclination toward procurement of electromechanical products over traditional locking systems has increased drastically; and is expected to continue and give various growth opportunities to the users of smart locking system. Factors such as growing hospitality sector especially hotel and tourism industry across the different parts of the world is contributing toward the construction of new commercial buildings including hotels. Growth in government funding to boost hospitality sector and plans to make hotels with larger number of rooms is directly driving the growth of the RFID locks; thereby stimulating the market growth. Also, urbanization is among the major factor generating demand for advanced access solutions. Due to the fact urbanization is resulting into added conurbations and more cities with above million inhabitants, demand for more advanced and sophisticated infrastructure solutions is expanding. This factor is further making substantial contribution towards the market growth.

The hospitality segment led the Europe RFID locks market based on end-user in 2019. The hospitality industry is witnessing widespread use of RFID technology in their equipment that takes care of the security and service levels. For a tourist or any guest, secure accommodation is of paramount importance and if that can be given, there would be an increase in use of such accommodation amongst the ever-expanding indigenous tourists. While the major players operating in the 4 and 5-star categories have security locking equipment from the leading Europe hotel lock manufacturers such as Assa Abloy AB, Dormakaba Group, and Onity Inc; no such standardization exists for the budget hotels. However, a traditional security lock has a weak spot, which is the key. If it is lost, the finder can easily get access to the hotel room. Moreover, lock replacement is expensive and time-taking task. Adopting more advanced technologies such as RFID technology helps hotel industry to avoid such problems. The RFID lock key cards are increasingly becoming a centralized means to access the services of the hotel.

The overall Europe RFID locks market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe RFID locks market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe RFID locks market. Some of the key players operating int the Europe RFID market are Assa Abloy AB; Digilock, Dormakaba Group; Euro-Locks SA NV; Onity Inc.; Qilocks Equipment Ltd.; Samsung Group and Senseon (Accuride International Inc.)