Occupancy Sensor Market Worth $2.78 Billion by 2020
Increasing demand in the residential and commercial building sectors
PUNE, India — The global occupancy sensor market is forecast to grow from $1.14 billion in 2015 to $2.78 billion in 2020, expanding at a compound annual growth rate (CAGR) of 19.5 percent to 2020, according to a new market research report published by MarketsandMarkets.
One of the major growth drivers for occupancy sensors is the increasing demand in the residential and commercial building sectors for the energy-saving devices. Energy efficiency is considered to be among the most important factors in the development of the occupancy sensors market. Applications including HVAC systems, lighting control, and security utilize occupancy sensors to reduce the level of energy consumption.
On the basis of technology, passive infrared sensor (PIR) technology is widely utilized. PIR-based sensors are the oldest among the occupancy detection technologies and cheaper as compared to other sensors; therefore, they are used extensively in almost all the major applications such as HVAC and lighting control.
Supportive government efficiency programs are also contributing to the development of the occupancy sensors market. Occupancy sensors have been highlighted as a way to reduce energy consumption. Both private firms and government bodies are implementing the devices in most building types.
North America is expected to hold the largest market share between 2015 and 2020, while the European region is expected to grow at the highest rate.
According to the report, the market is witnessing new product developments and partnerships and agreements across the value chain between companies.
More information is available here.
Publication date: 1/7/2016