Meticulous Research®, a leading name in global market research, has released its latest report, “Smart Lock Market by Lock Type (Deadbolt, Lever Handles, Others), Connectivity, Operating Mode, Application (Access Control & Authentication, Asset Control), End User (Residential, Commercial, Others), and Geography—Global Forecasts to 2029.”

The report from Meticulous Research® highlights that the smart lock market is expected to grow significantly, reaching a market value of $5.53 billion by 2029, with a compound annual growth rate (CAGR) of 14.7% from 2022 to 2029. In terms of units, the global smart lock market is projected to achieve 49.9 million units by 2029, with a CAGR of 15.3% during this period.

The primary drivers of this market's growth include rising safety and security concerns, greater consumer awareness of the benefits and ease of use of smart locks, increased penetration of smart homes, and the adoption of advanced access control and authentication technologies. Furthermore, the expanding adoption of IoT-based security systems, the growing development of smart cities, and the integration of biometric technologies into smart locks are anticipated to open up significant opportunities for market growth. Nonetheless, challenges such as the high cost of smart locks, perceptions of unreliability, and lack of consumer awareness could hinder the market's expansion.

The smart lock market is segmented by lock type, operating mode, connectivity, application, and end user, with the report providing an in-depth analysis of industry competitors and market trends at both regional and national levels.

The market is divided by lock type into deadbolt locks, lever handles, knob locks, and other types. Deadbolt locks are expected to hold the largest share of the global smart lock market in 2022 and are forecasted to register the highest CAGR during the forecast period. This segment's market leadership is attributed to the low installation cost, high durability, and superior protection that deadbolt locks provide in both residential and commercial settings.

In terms of connectivity, the market is split into single connectivity and multi connectivity. The single connectivity segment is further categorized into RFID, Bluetooth, Wi-Fi, and others. In 2022, the multi-connectivity segment is anticipated to dominate the market and is expected to register the highest CAGR during the forecast period. Smart locks with multi-connectivity offer diverse wireless networking options, including Wi-Fi, Bluetooth, Zigbee, Z-Wave, Thread, and LoRa, enhancing their usability and appeal.

The operating mode segment of the market is categorized into single operating mode and multi operating mode. Single operating modes include keypad, smart card, touch-based, key fob, and smartphone-based systems. The multi-operating mode segment is expected to lead the market in 2022 and register the highest CAGR over the forecast period, driven by the rising demand for secure, customizable, and easy-to-use smart lock solutions.

When segmented by application, the market includes access control & authentication and asset control. The access control & authentication segment is expected to account for the largest market share in 2022 and is forecasted to grow at the highest CAGR over the forecast period. Growth in this segment is fueled by the increasing adoption of advanced access control technologies such as fingerprint, facial recognition, IRIS, voice recognition, and smart cards, along with the growing demand for modern access control devices.
The market is also segmented by end user into residential, commercial, and industrial segments. In 2022, the commercial segment is projected to hold the largest share of the global smart lock market, driven by rising awareness of safety and security, the need for advanced access control systems across multiple locations, and the increasing use of smart locks in commercial properties. The residential segment, however, is expected to register the highest CAGR during the forecast period, driven by the rising adoption of smart homes, the growth of new construction and renovation projects, and the affordability of modern security solutions.
Geographically, the smart lock market is divided into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is anticipated to lead the market in 2022 and to experience the fastest growth during the forecast period. The region's growth is driven by the presence of rapidly growing economies, continuous technological innovation, and government initiatives to integrate advanced access control and authentication technologies into public services. The adoption of advanced technologies like AI, IoT, and biometric recognition is also expected to boost the smart lock market in Asia-Pacific.

Key Players:

Some of the key players operating in the metal powder market are Höganäs AB (Sweden), GKN Powder Metallurgy (U.K.), Advanced Technology & Materials Co., Ltd. (China), Sandvik AB (Sweden), AMETEK Inc. (U.S.), Tekna Holding ASA (Canada), BASF SE (Germany), Aubert & Duval (France), Alcoa Corporation (U.S.), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), RusAL (Russia), Rio Tinto (U.K.), Kymera International (U.S.), and Praxair S.T. Technology, Inc. (U.S.)

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Key questions answered in the report-
• Which are the high-growth market segments based on metal type, application, source, production, and end user?
• What was the historical market for metal powder?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the metal powder market?
• Who are the major players, and what shares do they hold in the metal powder market?
• What is the competitive landscape like in the metal powder market?
• What are the recent developments in the metal powder market?
• What are the different strategies adopted by the major players in the metal powder market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the metal powder market, and how do they compete with the other players?

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