Hospitality sector to represent approximately 45 percent of global electromechanical (EM) lock sales in 2011 according to latest access control research published by IMS Research.
In an uncertain economic climate where financial markets are in constant flux, EM locks have carved out a niche in the hospitality sector with revenues forecast to top $220 million in 2015. Report author and senior analyst Blake Kozak comments, “There are a number of subtle differences that are key to understanding the growth potential of this market. While luxury hotels have shown a preference toward proximity and smart card technology with EM locks, the majority of hotels still incorporate magnetic stripe technology due to the costs associated with rip-and-replace”.
Kozak continues, “More than 200 hotels are scheduled to be built in Brazil in the run up to the Olympic Games and World Cup. These hotels will equate to more than 150 thousand new rooms, each requiring EM locks. In regions such as Latin America, Eastern Europe, Middle East and Asia, new construction is the biggest factor for growth. Developed regions such as North America and Western/Central Europe rely more on RevPAR (revenue per available room). RevPAR is a measure that relates to the financial return of the hotel industry. When this reaches a certain range, considered $55 to $70, the hotel industry begins to gain confidence in terms of expansion and renovation.”
From a regional perspective, although the Americas is the largest market for EM locks in hospitality, EMEA offers a greater opportunity for EM locks in other sectors, where about 70 percent of EM locks are shipped into sectors other than hospitality. Further analysis of the access control market is available from the 6th edition of IMS Research's recently released Electronic Physical Access Control report.