Growth opportunities fueled by the construction boom
3 min read
The global construction industry is expected to reach an estimated $10.5 trillion by 2023 with the greatest expansion in residential, non-residential and infrastructure segments. The major drivers for the growth are demands for housing and rising infrastructure requirements due to increasing urbanization and an ever-expanding world population.
Within the global construction industry, the residential segment is expected to continue to be the largest, with the Asia Pacific region set to remain the principal market due to increasing urbanization, higher expenditure on infrastructural development and affordable housing projects.
Keeping pace with the growth in the residential construction sector is the development of the residential security market. Digitalization and advances in technologies, such as the Internet of Things, cloud-based security and a demand for alert systems and wireless locks, are driving the security market.
For the last 15 years, iLOQ has focused on transforming mechanical locking systems into digital access management solutions. Our revolutionary products enable electronic locking without the need for batteries or cables.
In 2007, we introduced iLOQ S10 – the world’s first and only electronic locking cylinder that generates the energy it needs for unlocking from the motion of inserting the key into the lock. And in 2018, we took another leap forward in access management by launching the iLOQ S50 which utilizes the latest NFC technology and your smart phone to replace the key altogether.
Added value for customers
Technological innovations can only be called great when they create added value for the customer. iLOQ’s solutions are economical, ecological and, perhaps most importantly, offer a great user experience to installers, building owners and managers and key-holders alike. With no wiring and no batteries, our solutions are easy to commission. And with no energy consumption or maintenance and offering fast, flexible access management, they increase the value of properties and guarantee considerable lifecycle savings. And, on top of all that, they create the feeling of added safety and security for key-holders, even if they lose their keys.
With population growth and urbanization putting pressure on our environment, we are happy to say that we are doing our small part to alleviate that pressure by continuing to develop digital solutions that require no external power sources, wiring or batteries. This means zero energy consumption and zero emissions from daily use. And, because our locks and keys can be easily reprogrammed and reused, we can definitely say that we are providing long-term and sustainable solutions.
You can read more about iLOQ’s solutions for residential properties here. And don’t hesitate to put a comment in the box below to let us know what challenges you are facing and how we can help you overcome them.