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Sep 4, 2019 4:16 PM ET

Occupancy Sensor Market worth $3.9 billion by 2024 with a growing CAGR of 12.3%


Occupancy Sensor Market worth $3.9 billion by 2024 with a growing CAGR of 12.3%

iCrowd Newswire - Sep 4, 2019

According to the new market research report “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”, published by MarketsandMarkets™, the Occupancy Sensor Market is projected to reach USD 3.9 billion by 2024 from USD 2.2 billion in 2019 at a CAGR of 12.3%. The increasing demand for energy-efficient devices and government policies towards energy saving are factors driving the growth of the global occupancy sensors market.

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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).

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.

Browse in-depth TOC on “Occupancy Sensor Market

87 – Tables 
52 – Figures
181 – Pages

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North America to account for the largest share of occupancy sensor market by 2019

North America is expected to lead the occupancy sensor market by 2019. The market in North America is projected to experience an increase in traction during the forecast period due to the presence of several leading players such as Johnson Controls (US), Actuity Brands (US), Leviton Manufacturing (US). The other reasons attributed to the growth include supportive government plans, laws, programs, and associations.

Legrand (France), Schneider Electric (France), Eaton (Ireland), Johnson Controls (US), Signify (Netherlands), Actuity Brands (US), Leviton Manufacturing (US), Lutron Electronics (US), Honeywell (US), Hubbell Incorporated (US), Texas Instruments (US), OSRAM LICHIT AG (Germany), SIEMENS (Germany),  Alan Manufacturing (US), Enerlites (US), Functional Devices (US), Crestron Electronics (US), Hager Group (Germany), Brück Electronic (Germany), and Pyrotech- Tempsens Group (India) are among the major companies operating in the occupancy sensors market.

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/occupancy-sensor-market.asp
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Contact Information:

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com






Keywords:    Occupancy Sensor Market

Tags:    Extended Distribution, Wire, Research Newswire, English