Latest Report Titled On:- Global Occupancy Sensor Market – Segmented by Network Type (Wired, Wireless), Technology (Ultrasonic, Passive Infrared, Microwave), Building Type (Residential, Commercial), Application, and Region – Growth, Trends and Forecasts (2018 – 2023)
Global “Occupancy Sensor Market” report provides a detailed analysis of the market from 2018 to 2023. Occupancy Sensor market report focuses on market capacity, share, current market trends and upcoming future predictions. Global Occupancy Sensor Market is expected to register a CAGR of approximately 18.07% during the forecast period of (2018 – 2023).
360 MARKET UPDATES Report provides a 360-degree overview of the global Occupancy Sensor Market with special emphasis on all aspects including CAGR Status, drivers, restraints, and opportunities, market and regional segmentation.
Occupancy Sensor Market Report Covers Leading Manufacturers: Honeywell International, Eaton Corporation, Schneider Electric, Legrand Inc, Leviton Electronic Co. Ltd., Philips Ltd, Hubbel Automation Inc, Johnson Controls GmbH, Pammvi Group, Lutron Electronics, General Electric, Texas Instruments Incorporated
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The global occupancy sensor market was worth USD 1.731 billion in 2017, and is projected to reach USD 4.823 billion by 2023, recording a CAGR of 18.07% over the forecast period, 2018-2023. The scope of the report is limited to the network type and application of sensors in commercial and residential buildings. The regions considered in the scope of the report include North America, Europe, and Asia-Pacific, among others. The study also focuses on how the increasing demand for energy-efficient devices and favorable government policies regarding energy efficient procedures are driving the market.
Occupancy sensors have a wide range of applications. It is used to save energy, comply with building codes, provide automatic control, and various other such application. One of the most-used technologies among the occupancy sensors is the passive infrared, which detects occupancy within a specific field and activates lighting and is extremely useful in small spaces. This technology is widely used in residential and commercial sectors for lighting and security applications. Moreover, advent of advanced occupancy sensors, such as micro-phonics, intelligent occupancy sensor, image processing occupancy sensor, and the new vision-based intelligent occupancy sensor for HVAC systems are fuelling the growth of the occupancy sensor market. In addition, surging government investment in infrastructure and facilities is driving the growth in the construction sector, which in turn, augments the demand for occupancy sensors.
Rising Demand for Energy-Efficient Devices expected to Drive the Market
Power companies are struggling to meet the consumer demand, as well as the rising demand for energy. Hence, the ideal solution is the adoption of more energy-efficient devices. Occupancy sensors play a vital role in reducing energy consumption. This is achieved through the sensors, which shuts down devices and other equipment on the basis of occupancy. These sensors help in reducing light pollution. Moreover, they can be used for indoor and outdoor spaces.
Also, adoption of energy-efficient devices helps in reducing carbon emissions, thus extending the life of equipment and saving a lot of funds, thereby aiding the countrys economy. These devices have become a common feature in commercial buildings, such as offices, healthcare centers, and others. The aforementioned concerns, along with support from the latest technological advancements, has produced efficient devices, which help in reducing energy consumption, thereby fuelling the demand for occupancy sensors.
Passive Infrared Technology expected to have the Largest Market Share
The demand for passive infrared is expected to continue in the future, due to the low cost, demand for energy-efficient devices, and less power requirement. The demand for this technology is augmented by the increasing number of energy-efficient devices and the integration of passive infrared sensors across various types of buildings, especially residential and commercial ones. It has a range of applications, such as lighting, spectrometers, gas & fire detection systems, security devices, cameras, pyrometers, and many others. Some of the major benefits of passive infrared sensors are accurate movement detection, reliable triggering, and cost efficiency.
In addition, dominant trends of industrial development and the escalating demand for home automation are driving the market. Other factors, such as low power consumption and surging usage in wireless applications, are further boosting the growth of the passive infrared sensor market.
North America expected to Dominate the Market
The demand in North America is mainly driven by a higher focus on innovations obtained from R&D, and technological advancements in developed economies, like Canada and the United States. This growth is also supported by the established players presence in this region. Other factors, such as climate change initiatives taken up by the governments in the region are also driving the growth. In addition, the growth of smart homes and home automation products in the region is also expected to increase the demand for occupancy sensors. Similarly, the growing demand for HVAC systems in the region is anticipated to play a crucial role in this market.
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Reasons to Purchase Occupancy Sensor Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
“We also can offer customized report to fulfill special requirements of our clients. Regional and Countries report can be provided as well.”
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