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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.
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The occupancy sensor market for residential building types is expected to register the highest CAGR between 2019 and 2024. Several house owners prefer their residences installed with the latest technologies, which also helps them manage energy usage and minimize the cost. Moreover, growing awareness of home automation and smart homes among occupants is expected to drive the market for residential buildings. Passive infrared (PIR) occupancy sensors is dominating the residential building market in terms of technology.
The occupancy sensor market for dual technology, by technology, is expected to register a higher CAGR between 2019 and 2024. Dual technology sensors (hybrid sensors) include PIR and ultrasonic technologies in one single sensing module. Due to the implementation of 2 technologies, occupancy detection becomes reliable and expands the coverage area. Dual technology-based occupancy sensors decreases the probability of false alarms which is higher in other technologies.
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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Legrand (France), Eaton (Ireland), Schneider Electric (France), Signify (Netherlands), Johnson Controls (US), Actuity Brands (US), Lutron Electronics (US), Leviton Manufacturing (US), Hubbell Incorporated (US), Honeywell (US), Texas Instruments (US), SIEMENS (Germany), OSRAM LICHIT AG (Germany), Enerlites (US), Alan Manufacturing (US), Crestron Electronics (US), Functional Devices (US), Pyrotech- Tempsens Group (India), Hager Group (Germany), and Brück Electronic (Germany).
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