Occupancy Sensor Market By building type, residential to grow at the highest CAGR during the forecast period

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Occupancy Sensor Market By building type, residential to grow at the highest CAGR during the forecast period

February 27
23:48 2020
Occupancy Sensor Market by Technology (PIR, Ultrasonic, Dual), Network Connectivity (Wired & Wireless), Coverage Area (Less than 89°, 90-179°, 180-360°), Application, Building Type (Residential, Commercial) and Geography – Global Forecast to 2024

The occupancy sensor market to grow from USD 2.2 billion in 2019 to USD 3.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period (2019–2024). The major factors that are expected to be driving the market are include increasing demand for energy-efficient devices and favorable government policies regarding energy saving as well as the development of accurate and efficient sensors that can be configured and programmed for HVAC systems. The objective of the report is to define, describe, and forecast the occupancy sensor market size based on technology, building type, network connectivity, operation, coverage area, application, and region.     

Passive infrared-based occupancy sensors led the occupancy sensor market in 2019.

Passive infrared-based sensors accounted for the largest share of the occupancy sensor market in 2019. The passive infrared-based sensors are ideal and the oldest among the occupancy detection and cheaper as compared with other sensors because of which their adoption is higher than other technologies. Passive infrared-based sensors are utilized widely in places where there are fewer hindrances and interruptions, such as small offices, corridors, and meeting. Moreover, leading players offering passive infrared-based occupancy sensors include Legrand (France), Schneider Electric (France), Johnson Controls (US), and Actuity Brands (US).

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Lighting system to account for the largest share of occupancy sensor market by 2019

The lighting system application is expected to lead the occupancy sensors market by 2019. Lighting control is the prime application area of occupancy sensors, and with the help of these sensors, over 60-70% of the costs related to lighting can be saved. Apart from saving energy costs installing occupancy sensors for lighting and HVAC controls, consumers can also minimize installation and maintenance costs, which will help in the adoption of occupancy sensors for lighting system application.

Occupancy Sensor Market in RoW to grow at the highest CAGR during forecast period

The occupancy sensor market in RoW is projected to grow at the highest CAGR between 2019 and 2024. This growth can be attributed to the government policies that encourage the conservation of energy and growth of the construction and real estate sectors. Ongoing construction activities in South America and the Middle East are expected to drive the occupancy sensors market in these regions significantly.

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